Pune, March 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global negative pressure wound therapy market is projected to grow from USD 1.91 billion in 2020 to USD 4.17 billion by 2028, at a CAGR of 10.39% during the forecast period 2021-2028.
Increasing demand for advanced wound care therapy is one of the key primary factor driving the growth of market. Negative pressure wound therapy helps to heal the wound faster than the other types of therapy. This therapy is specifically used for the healing chronic and acute wounds which are slow to heal. Thus, increasing demand for advanced wound care therapy boosting the growth of market.
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The negative pressure wound therapy refers to the wound dressing system, which continuously applies the sub-atmospheric pressure to the system, which provides positive pressure on the surface of the wound. The negative pressure wound therapy also called vacuum-assisted wound closure. This therapy is becoming increasingly popular for the management of acute and chronic wounds. The negative pressure wound therapy is generally recommended to the wounds such as burn, ulcer, diabetic ulcer, injury, or the chronic wound. The negative pressure wound therapy helps to heal the wound faster with fewer infections.
Global negative pressure wound therapy market is witnessing a rapid growth owing to the increasing prevalence of chronic diseases across the globe. The chronic diseases have a direct impact on the wound healing process and slow down the natural process of wound healing, which is driving the growth of the market. In addition to this, increasing demand for advanced wound care therapy is one of the key primary factor driving the growth of the market. Increasing healthcare spending in emerging countries such as India, China, and Brazil is likely to provide various growth opportunities for the negative pressure wound therapy industry. However, complications while using the therapy could hamper the growth of the market over the forecast period.
Major players in the global negative pressure wound therapy market are Devon Medical Products, Talley Group Limited, Cardinal Health, Inc., Acelity L.P. Inc., DeRoyal Industries, Inc., Paul Hartmann AG, Mölnlycke Health Care, Medela, ConvaTec, Inc., and Smith+Nephew among others. The key players of global negative pressure wound therapy market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.
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• In July 2019, 3M announced the acquisition of Acelity L.P. Inc. (Acelity) to become the leading provider of vacuum dressing products.
• In February 2020, Smith+Nephew announced the launch of new PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT) which has the pump duration of 14 days in the U.S.
The conventional NPWT devices accounted for the major market share and valued at USD 1.36 billion in the year 2020
The product type segment is divided into conventional NPWT devices, disposable NPWT devices, and NPWT accessories. The conventional NPWT devices are accounted for the major market share and valued at USD 1.36 billion in the year 2020. This is one of the most preferred choices among healthcare professionals for negative wound care therapy.
The diabetic foot ulcers segment dominated the market and valued at USD 892.52 million in the year 2020
The type segment includes diabetic foot ulcers, venous leg ulcers, pressure ulcers, burn wounds, and others. The diabetic foot ulcers segment dominated the market and valued at USD 892.52 million in the year 2020. Growing prevalence of the number of diabetic cases across the globe is one of the significant driving factors for the growth of the market.
The homecare segment is anticipated to grow at the highest CAGR of 11.5% over the forecast period
The end-use segment classified into hospital, homecare, and others. The home care segment is anticipated to grow at the highest CAGR of 11.5% over the forecast period. Increasing adoption of disposable NPWT devices for home care is one of the key drivers for the growth of the market.
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Regional Segment Analysis of theNegative Pressure Wound TherapyMarket
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for the negative pressure wound therapy market and valued at USD 739.19 million in 2020. The growth is mainly due to the high prevalence of chronic diseases which leads to slowing down the natural process of wound healing. Availability of reimbursement policies for the negative pressure wound therapy in the U.S., further driving the growth of the market. In addition to this, the presence of key manufacturers in the region, further boosting the market growth in the North America region. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 12.02% over the forecast period. Increasing awareness about advanced wound care therapy in the region is one of the primary factor propelling the market growth in the region. In addition to this, rising geriatric population with chronic diseases in countries such as Japan and South Korea, also boosting the market growth in the Asia Pacific region.
About the report:
The global negative pressure wound therapy market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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