The global negative pressure wound therapy market is poised for significant growth, reaching an estimated US$ 10.8 billion by 2033, according to a recent market analysis. This represents a compound annual growth rate (CAGR) of 5.3% from the estimated US$ 6.5 billion market size in 2023.
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Key Market Drivers:
- Rising Prevalence of Chronic Wounds: The increasing prevalence of chronic wounds, such as diabetic foot ulcers, post-surgical ulcers, and pressure ulcers, is a key driver of the market. These conditions pose a significant burden on healthcare systems worldwide, and negative pressure wound therapy offers a promising solution.
- Increasing Wound Care Spending: Growing healthcare expenditure on wound care is another major factor driving the market. As healthcare providers seek innovative and effective solutions for chronic wound management, negative pressure wound therapy is gaining traction due to its demonstrated efficacy and cost-effectiveness.
- Shift Towards Homecare Settings: The growing adoption of negative pressure wound therapy devices in homecare settings is anticipated to further fuel market expansion in the coming years. This trend is driven by the desire to minimize the risk of infections associated with hospital stays and reduce overall healthcare costs.
The Future of Negative Pressure Wound Therapy:
The increasing focus on minimally invasive procedures, technological advancements in negative pressure wound therapy devices, and rising awareness of its benefits among patients and healthcare professionals are all expected to contribute to the sustained growth of this market.
Key Takeaways:
- From 2018 to 2022, the negative pressure wound therapy market demand expanded at a CAGR of 3.5%
- Based on product type, the standalone NPWT devices segment is expected to rise at a CAGR of 3.5%.
- Global negative pressure wound therapy demand in the United Kingdom is predicted to account for a CAGR of 5.1% from 2023 to 2033.
- In the United States, the market is expected to account for a CAGR of 5.2% between 2023 and 2033.
- China is projected to expand by a value CAGR of 4.9% between 2023 and 2033.
- By 2033, India’s negative pressure wound therapy market is anticipated to record a CAGR of 4.8% during the forecast period.
“The increasing demand for sustainable and environmentally friendly negative pressure wound therapy devices is anticipated to drive the market growth during the forecast period,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Leading negative pressure wound therapy device manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc., to expand their global footprint and gain a competitive edge in the global negative pressure wound therapy market. For instance,
- Smith & Nephew is a well-established player in the wound care industry, offering NPWT systems like the PICO™ and Renasys™. The company has focused on developing compact, portable NPWT devices to improve patient mobility.
- Acelity, acquired by 3M Healthcare, is known for its V.A.C. Therapy systems, one of the pioneering brands in NPWT. They have a strong presence in the market and continue to innovate with their NPWT technologies.
Key Companies Profiled:
- Cardinal Health
- Mölnlycke Health Care
- Acelity L.P. Inc. (3M)
- Lohmann & Rauscher GmbH & Co. KG
- Smith & Nephew
- ConvaTec Inc.
- DeRoyal Industries, Inc.
- HARTMANN, Medela LLC
- Haromed Bvba (Belgium)
- Carilex Medical GmbH.
- Genadyne Biotechnologies, Inc.
- Cork Medical, LLC
- Alleva Medical Ltd. (Devon Medical Products
- Argentum Medical, LLC
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Negative Pressure Wound Therapy Market by Category:
By Product Type:
- Standalone NPWT Devices
- Direct Sales
- Rental Sales
- Product
- Services
- Portable NPWT Devices
- Direct Sales
- Rental Sales
- Product
- Services
- Single-Use NPWT Devices
- Direct Sales
- Rental Sales
- Product
- Services
- NPWT Dressings
- Foam Dressings
- Hydrocolloid Dressings
- Standard Gauze Dressings
- NPWT Accessories
By Indication:
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Post-Surgical Ulcers & Open Wound
- Burn Wounds
- Other Wounds
By End-User:
- Hospitals
- Acute Care Centers
- Community Hospitals
- Ambulatory Surgical Centers
- Trauma Care Centers
- Specialty Clinics
- Home Care Settings
- Long-Term Care Centers
- Skilled Nursing Facilities
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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