Negative Pressure Wound Therapy (NPWT) Devices Market Estimated to Witness High Growth Owing to Increasing Prevalence of Chronic Wounds
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| Negative Pressure Wound Therapy (NPWT) Devices Market |
Negative pressure wound therapy
(NPWT) devices play a vital role in accelerating the healing of acute and
chronic wounds. NPWT devices help in removing excess exudate and infectious
materials from the wound bed surface by applying sub-atmospheric pressure
through a sealed wound dressing. This promotes blood flow and granulation of
tissues and ingrowth of new blood vessels, thereby enhancing the rate of wound
healing. NPWT devices find application in treating chronic wounds such as
diabetic foot ulcers, pressure ulcers, and venous leg ulcers. The global NPWT
devices market is estimated to be valued at US$ 16537.84 Mn in 2023 and is
expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of
chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure
ulcers is expected to boost the growth of the negative pressure wound therapy
devices market over the forecast period. For instance, according to the
National Pressure Ulcer Advisory Panel, about 2.5 million people in the U.S.
suffer from pressure ulcers annually. Also, venous ulcers affect approximately
2% of the adult population worldwide. Negative pressure wound therapy plays a
vital role in managing such chronic wounds which is expected to propel market
growth going ahead.
SWOT Analysis
Strength: Negative pressure wound
therapy (NPWT) devices offer various advantages over traditional wound care
such as enhanced wound healing, reduced risk of infection, and flexibility in
use. NPWT devices help remove excess fluid, reduce edema, and promote the
formation of granulation tissue. They are also easy to use and can be used at
home with proper training.
Weakness: NPWT devices may be
complicated to use for some patients and caregivers which can lead to improper
use. Additionally, the loud noise produced by some NPWT devices can cause
discomfort. High costs associated with NPWT devices and their single use nature
also make them less affordable for some patients.
Opportunity: With rising rates of
diabetes and associated chronic wounds, there is large opportunity for growth
in emerging markets. Growing geriatric population also increases the need for
advanced wound care devices. Technological advancements are further enhancing
features of NPWT devices to improve patient compliance.
Threats: Reimbursement issues and
budget impact on healthcare systems pose significant threats. Alternative
advanced wound care products can potentially capture market share. Stringent
regulations also increase compliance costs for manufacturers.
Key Takeaways
The Global
Negative Pressure Wound Therapy (NPWT) Devices Market is expected to
witness high growth over the forecast period of 2023 to 2030 owing to
increasing incidence of chronic wounds worldwide.
The regional analysis shows that
North America currently dominates the market due to high awareness and
healthcare spending. However, Asia Pacific is expected to grow at the fastest
pace due to rising medical tourism, healthcare infrastructure development and
large patient pool.
Key players operating in the negative pressure wound therapy (NPWT)
devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE
IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited. These
players are focusing on new product launches, partnerships and acquisitions for
geographical expansion in high growth regions. For instance, Morinaga Milk
Industry launched an advanced NPWT dressing with antimicrobial properties in
2022 to offer enhanced wound infection protection.
Get More Insights Here
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