The global negative pressure wound therapy (NPWT) market is anticipated to reach a value of USD 4.0 billion by 2025, according to a new report by Grand View Research, Inc. Increasing awareness in the developing regions pertaining to advanced wound care is providing a significant opportunity to the key market players to cater to the unmet needs of the target population. The primary driver associated with this market is the cost-effectiveness of single-use negative pressure wound therapy devices.
Major companies are also focusing on education of reimbursement coveragein such regions to further increase the affordability of these devices. However, the current reimbursement policies mostly cover conventional NPWT devices owing to their high cost.Furthermore, the geriatric population is also contributing to a great extent toward increasing the prevalence of chronic diseases. Increasing age is one of the high risk factorsleading to the development of chronic diseases such as atherosclerosis, which is one of the prime cardiovascular disorders prevalent in the geriatric population.
NPWT is one of the commonly accepted therapies employed for the treatment of arterial ulcers, which is one of the major complications of atherosclerosis. Around 50% of the people worldwide are exposed to fire-related traumas, among which, 90% of the cases occur in low to moderate income countries.Thus, the rising incidence of traumatic events is expected toengender a high demand for negative pressure wound therapy products.
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Further key findings from the study suggest:
- Conventional NPWT devices dominated the product segment in 2015 owing to their high cost and availability of favorable reimbursement policies
- Single-use negative pressure wound therapy devices segment is considered to be the fastest growing segment over the forecast period
- Diabetic foot ulcer held the largest revenue share in 2015 owing to its numerous applications,thus yielding a high success rate using NPWT
- Homecare setting is anticipated to witness an attractive CAGR over the forecast period owing to the emerging applicability of single-use NPWT devices in the homecare setting and cost-effectiveness of the therapy
- North America dominated the overall NPWT market in 2015. This is primarily due to the increased usage of the target therapy in this region, which has led to a reduction in hospital stays and contributed toward enhanced quality of patient lives
- Some key companies in this market are Acelity L.P. Inc., Smith & Nephew, Mölnlycke Health Care, Talley Group Limited, ConvaTec Inc., Devon Medical, Cardinal Health, Inc., DeRoyal Industries, Inc., Medela AG and Paul Hartmann AG