The report 'Global Negative Pressure Wound Therapy Market by product (single-use and conventional NPWT devices), wound type (acute and chronic wounds), end-user (hospitals and clinics and home care), and region (North America, Europe, Asia-Pacific, and LAMEA) – Global Forecast to 2030'. In 2020, the Global NPWT had its market share valued at USD 2.25 billion, and in 2030, the market is expected to be valued at USD 3.92 billion, with a 5.7% CAGR.
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Key Factors Augmenting the Market Growth
Some of the necessary factors that assist in driving the overall growth of the market globally are the increase in the number of chronic wounds and the introduction of new and technologically advanced negative pressure wound therapy devices.
By Product, the 'conventional negative pressure wound therapy device' held the highest market share in 2019.
The negative pressure wound therapy industry has been divided into conventional NPWT devices, single-use NPWT devices, and NPWT accessories. The conventional NPWT device held the highest market share in 2019, with a CAGR of 5.5%. This can be attributed to better management of severe wounds in the patient and a reduction in the cost of treatment due to a decrease in the length of hospital stay.
By Wound Type, the 'chronic wound segment' held the highest market share in 2019.
The negative pressure wound therapy can be applied to acute and chronic wounds based on wound type. However, the chronic wound segment captured the highest market share in 2019, with a CAGR of around 6%. This is due to the increase of chronic diseases among the population. As chronic diseases can sometimes cause chronic wounds, negative pressure wound therapy is now majorly used to treat chronic wounds.
By End-Users, Hospitals and Clinics account for the largest Negative Pressure Wound Therapy market share.
Patients can get their wounds treated either at hospitals and clinics or at home. Hospitals and clinics account for the highest negative pressure wound therapy market share, accounting for USD 597.5 million in 2018. In addition, hospitals and clinics have seen an increase in the influx of patients for acute and chronic wound treatment due to the availability of trained professionals.
North America captured the largest share of Negative Pressure Wound Therapy Market by region.
The global NPWT market is divided geographically into North America, Europe, Asia-Pacific, and LAMEA. However, North America had the largest NPWT market share in 2018, valued at around USD 702 million, which is due to the introduction of low-cost NPWT technology, the rising geriatric population, and increasing cases of chronic diseases and diabetes amongst the North American population.
Key Players Existing in the market
The leading players in the Global Negative Pressure Wound Therapy Market include Smith-Nephew, KCI Licensing, Inc., ConvaTec Inc., Cardinal Health, Medela AG, Mölnlycke Health Care AB, Talley Group Ltd., Paul Hartmann Asia-Pacific Ltd., Lohmann and Rauscher GmBH & Co. KG and 3M Acelity L.P. Inc.
Recent Developments