Pune, India, March 15, 2021 (GLOBE NEWSWIRE) — According to the report, Negative Pressure Wound Therapy market size is projected reach USD 2.74 Billion by 2026. Global Negative Pressure Wound Therapy market was USD 1.85 billion in 2018 and is anticipated to exhibit a CAGR of 5.1% during the forecast period set between 2019 to 2026.
As per the study, there is an increasing incidence of surgical site infections and chronic wounds amongst the masses worldwide. Thus, such factors would affect the market positively in the coming years.
Increasing Cases of Diabetic Foot Ulcer to Drive Growth
Nowadays, there exists a large patient pool across the world that are affected by chronic diseases, such as diabetes. Such conditions are further giving rise to diabetic foot ulcers. As per a published report by NHS, for instance, approximately 4.5 million people were affected by diabetes in the U.K. in 2017. Also, around 10.0% of that diabetic population developed foot ulcer at some point in their lives.
Additionally, as the geriatric population is rising, the cases of various conditions and diseases is also up surging. It is, in turn, causing reduced mobility amongst the affected populaces. These would contribute to the vacuum assisted closure devices market growth during the forecast period.
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The market houses several organizations of all sizes. They are at present, focusing on mergers and acquisitions, as well as bagging FDA approvals to gain maximum negative pressure wound therapy market share and strengthen their positions. Below are two of the key industry developments:
October 2019: 3M, a multinational conglomerate corporation based in the U.S., announced that it has completed the acquisition of Acelity, a privately held medical device company. 3M also acquired the latter’s KCI subsidiaries worth USD 6.7 billion. This acquisition would aid the former in enhancing its presence in surgical and advanced wound care.
October 2018: ConvaTec Group plc, an international medical products and technologies company, headquartered in the U.K., declared that it received FDA approval for Avelle NPWT system. It aids ConvaTec in entering the competitive U.S. NPWT market. Avelle can be used on a range of moderately-exuding to low wound types, consisting of surgically closed incisions, skin grafts, dehisced and sub-acute, traumatic, acute, and chronic wounds.
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North America to Grow Significantly Stoked by High Treatment Cost
In terms of region, the market is grouped into the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America. Out of these, North America had acquired USD 738.1 million NPWT market revenue in 2018 and is expected to expand steadily in the forthcoming years. This growth is attributable to the high treatment cost and rising incidence of chronic wounds in the U.S. Europe would showcase a slow growth owing to the inadequate reimbursement policies in countries, namely, Italy, Spain, and France.
Asia Pacific, on the other hand, is anticipated to grow significantly by exhibiting a high CAGR. It is likely to occur because of the rising patient pool affected by chronic wounds, as well as an increasing prevalence of chronic diseases. The Middle East & Africa and Latin America would show a moderate CAGR on account of the unavailability of favorable reimbursement policies and expensive nature of treatments.
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Key Companies Mentioned In Report:
- Medela AG
- KCI Licensing, Inc.
- Smith & Nephew
- Lohmann & Rauscher GmbH & Co. KG
- ConvaTec Inc.
- PAUL HARTMANN Asia-Pacific Ltd.
- Cardinal Health
- Talley Group Ltd.
- Mölnlycke Health Care AB
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Global Negative Pressure Wound Therapy Market Segmentations:
- Conventional NPWT
- Single-use NPWT
- Diabetic Foot Ulcers
- Pressure Ulcers
- Burns & Trauma
By End User:
- Homecare Settings
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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