The growing prevalence of chronic ailments such as cardiovascular diseases, diabetes, and peripheral vascular diseases has spurred the negative pressure wound therapy (NPWT) market. Patients who suffer from acute illnesses such as cancer and neurological disorders often have to stay in hospitals for a longer period of time, thereby leading to long-term bed occupancy. This in turn increases the rate of decubitus ulcers.
Continuously increasing geriatric population also increases the financial burden on healthcare authorities. As a result, patients nowadays prefer the compact, portable, and easy-to-use NPWT devices. The USP of NPWT devices is that they can be used conveniently at home, which is a key factor propelling the global negative pressure wound therapy market.
This report presents a detailed analytical overview of the NPWT market, with its key focus on analyzing the growth drivers, market restraints, potential threats, and opportunities. For a detailed market study, the global NPWT market has been classified on the basis of products and geography.
Based on product type, the market for NPWT is bifurcated into conventional NPWT devices and single use NPWT devices. The conventional NPWT devices segment encompasses canisters, pumps, dressing kits, and tubes. Of the key market segments, single use NPWT devices are forecast to expand at an incredible17.7% CAGR during 2014-2020.
The report is drafted comprehensively to provide insights on the NPWT market and help stakeholders determine their future course of action.
Overview of the global negative pressure wound therapy market
Since its advent in 1997 in the U.S., NPWT has evolved considerably. Advanced dressing features and functionalities have been introduced to enhance efficiency of the procedure and to make the process more user-friendly. The improved features and functionalities of NPWT has made the system more suitable for use in hospitals, healthcare and rehab centers, and home environments.
The report predicts that the global NPWT market, which stood at US$1.5 billion in 2013, will reach an estimated valuation of US$2.9 billion in 2020, developing at an impressive 10.2% CAGR between 2014 and 2020.
According to a recent report published by the American Diabetes Association, almost 30 million children and adults worldwide are affected by diabetes. 15% of the people suffering from this ailment experience foot ulcers at some point of their life. This often leads to infections, gangrene, and ulceration, which are complicated and expensive consequences of diabetes. Hence, the demand for NPWT is significantly augmented across the globe to ensure efficient treatment of such patients.