Major companies operating in the negative pressure wound therapy market include Devon Medical Inc., Smith & Nephew plc, Talley Group Ltd., Prospera Technologies LLC, Kinetic Concepts Inc., Molnlycke Health Care AB, ConvaTec Inc., Genadyne Biotechnologies Inc., and ArjoHuntleigh International AB. In order to strengthen their market positions, prominent players are known to offer advanced and portable wound care products and devices that promote wound healing for a wide spectrum of chronic wounds, notes Transparency Market Research (TMR).
Increasing incidence of acute and chronic wounds is a key factor expected to create abundant growth opportunities in the market. Advanced negative pressure wound therapy products and devices include single-use systems that are portable and cost-effective as well. According to TMR’s estimation, the global negative pressure wound therapy (NPWT) market is anticipated to rise at an impressive CAGR of 10.20% between 2014 and 2020. The market is projected to increase to US$2.9 bn by 2020.
Developments across Single-use NPWT Devices to Contribute to Growth Momentum
Over the past decade, conventional negative pressure wound therapy systems accounted for the major share among different products segments and dominated the market. In the conventional NPWT disposables segment, pumps account for the leading market share, followed by dressing kits and canisters. According to statistics by the U.S. Department of Health and Human Services (HHS), reimbursement payments for NPWT pumps have increased dramatically at approximately 583% from US$24 mn to US$164 mn between 2001 and 2007. However, growing awareness of advanced wound care products have led patients across the globe to prefer single-use devices over conventional NPWT devices. Coupled with enhanced convenience and cost benefits offered by the latter, the single-use NPWT devices segment is anticipated to expand at a higher CAGR of about 17.0% over the forecast period.
High Prevalence and Increasing Incidence of Chronic Wounds to Spur Demand for NPWT Devices
The advanced therapeutic technique has emerged as a popular treatment modality of advanced wound care treatment of pressure sores, traumatic wounds, surgical wounds, and various chronic wounds. General rise in geriatric population, combined with increasing incidence of chronic diseases such as diabetes and cancer, have led to the prevalence of chronic wounds. This has stimulated the demand for negative pressure wound therapy products and devices.
Reluctance in Adopting Technologically Advanced Products Hinders Market Growth
Lack of awareness may lead to a reluctance in adopting technologically advanced wound care products among patients and healthcare providers in some regions. The negative pressure wound therapy market is also likely to witness slow growth on account of high cost involved in availing advanced wound care devices. Limited reimbursement policies in some countries may also impede the market growth to some extent. However, the rising awareness among patients and healthcare providers regarding advanced wound care treatment modalities, coupled with favorable reimbursement policies, is expected to create abundant growth opportunities for the market players.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Negative Pressure Wound Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global negative pressure wound therapy market is segmented into:
- Conventional NPWT Devices
- Dressing Kits
- Single Use NPWT Devices
- North America
- Asia Pacific
- Rest of the World
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