Negative Pressure Wound Therapy Market Key Players, Industry Share, Growth, And Forecast To 2030

[sara James]

The global Negative Pressure Wound Therapy Market size is anticipated to reach a value of USD 3.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. 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 (NPWT) devices.

Major companies are also focusing on education of reimbursement coverage in 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 factors leading 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 to engender a high demand for negative pressure wound therapy products.

The COVID-19 pandemic significantly impacted the global NPTW market. Due to the restrictions imposed by regulatory authorities to minimize the spread of the virus, people have been restricted to their homes, resulting in a significant decrease in the incidences causing wounds to people. This has had a negative effect on the market as the demand for wound therapy significantly decreased. Although during the pandemic, diabetic wound therapy was continued due to its severity, other segments suffered a slight impact.

Related Press Release@ Negative Pressure Wound Therapy Market Report

Negative Pressure Wound Therapy Market Report Highlights

• Conventional NPWT devices dominated the product segment in 2021 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
• Pressure ulcers held the largest revenue share in 2021 owing to the increasing adoption of NPWT for the treatment of Pressure ulcers
• The home care 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 the cost-effectiveness of the therapy
• North America dominated the market in 2021. This is primarily due to the increased usage of the targeted therapy in this region, which has led to a reduction in hospital stays and contributed to enhanced quality of patient lives