Negative Pressure Wound Therapy Devices Market Revenue Worth $4,698.4 Million by 2030 says P&S Intelligence

NEW YORK, Aug. 23, 2021 /PRNewswire/ -- More than 180,000 people die of burns every year, most of them in low- and middle-income countries, says the World Health Organization (WHO). In India alone, over a million people suffer from some degree of burns every year, as per the WHO. This factor will drive the global negative-pressure wound therapy devices market from $2,248.1 million in 2020 to $4,698.4 million in 2030, at a 7.7% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.

Key Findings of Global NPWT Devices Market Report

• Demand for single-use NPWT devices to rise fastest
• Chronic wounds to continue being larger application area of NPWT
• Rising burns prevalence strongest driver for market
• Economic growth of developing countries to offer lucrative market investment opportunities
• NPWT device demand to increase most-rapidly in APAC
• Market players engaging in partnerships and mergers

This is because NPWT is an advanced form of wound care that not only removes the exudate and infectious agents from the injured site, but also allows it to heal more rapidly than conventional therapies. In this regard, the booming geriatric population is also helping in the growth of the NPWT devices market, since older people's wounds develop quickly and heal slowly, thereby creating a requirement for advanced techniques.

The COVID-19 pandemic hurt the NPWT devices market growth prospects due to the shutdown of manufacturing plants, which resulted in a lower incidence of burns. Moreover, since the entire focus of the healthcare, pharmaceutical, and medical device industries was on COVID-19 fight, the production of NPWT devices and their usage decreased.

In the past, the NPWT devices market was dominated by the chronic bifurcation, under segmentation by wound type. With the increasing prevalence of chronic venous insufficiency, diabetes mellitus, and peripheral arterial occlusive disease, more people are suffering from chronic wounds each year. Since these wounds are more complex and take longer to heal, conventional wound care solutions often prove ineffective, thereby driving the usage of NPWT.

Browse in-depth report on Negative Pressure Wound Therapy Devices Market Revenue Estimation and Demand Forecast by 2030

Hospitals are the largest end users in the NPWT devices market presently because these places witness a high patient footfall each day. Since hospitals have many departments, trained doctors, and advanced facilities, they are trusted the most by patients. Moreover, governments are taking initiatives to make quality care accessible to everyone, such as the construction of public hospitals.

North America has dominated the NPWT devices market till now, primarily due to its advanced healthcare infrastructure, in which the major chunk of the funding comes from the government. Moreover, the rising diabetic and older populations, rapid technological advancements in this field, and presence of key market players are boosting the usage of these devices in the continent.

The most-prominent global NPWT devices market players include Devon International Group, ConvaTec Group plc, DeRoyal Industries Inc., Smith & Nephew plc, Acelity L.P. Inc., Mölnlycke Health Care AB, ATMOS MedizinTechnik GmbH & Co. KG, Cardinal Health Inc., Talley Group Limited, Medela AG, Lohmann & Rauscher GmbH & Co. KG, TRIAGE MEDITECH PVT. LTD., Carilex Medical GmbH, Shandong Weigao Xinsheng Medical Devices Co. Ltd., Genadyne Biotechnologies Inc., B. Braun Melsungen AG, Cork Medical LLC, and BSN medical GmbH.

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SOURCE P&S Intelligence