Negative Pressure Wound Therapy Market to Reach an Opportunity of US$2.9 bn by the END 2020

The global market for negative pressure wound therapy (NPWT) market is prognosticated to witness a vigorous growth in the forthcoming years, according to Transparency Market Research (TMR). The global negative pressure wound therapy market features a fragmented vendor landscape with the presence of several small, medium and large scale enterprises. The vendors are expected to raise the bars in the market with increased focus on competitive pricing of products, research and development for advancing technology, and investing in strategic partnerships for the purpose of product distribution. Key players operating in the global NPWT market include Smith & Nephew plc, Mölnlycke Health Care AB, Spiracur, Inc., Devon Medical, Inc., and ConvaTec, Inc.

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TMR’s report estimates that the global negative pressure wound therapy market will rise at a 10.20% CAGR from 2014 to 2020, the period of forecast for the report. The market was estimated to be at US$1.5 bn in 2013, and is anticipated to reach US$2.9 bn by the end of 2020.

Segmented by type of product, the conventional NPWT devices are predicted to be replaced by single-use NPWT devices over the forecast period. The product is witnessing higher demand due to its convenience and cost-effectiveness. The product segmented is expected to rise at a 17% CAGR over the coming years and emerge dominant.

In terms of geographical segmentation, North America and Europe held the first and second leading positions in the global negative pressure wound therapy market in 2013. However, over the course of the forecast period, Asia Pacific is expected to gain traction on account the region’s strengthening economy, booming population, and supportive governmental policies. The region is expected to displace North America and Europe in terms of rate of growth over the coming years.

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Surge in Prevalence of Chronic Wounds to Augment Product Demand

The rise in geriatric population is predicted to trigger the prevalence of chronic diseases such as diabetes, mellitus, etc. which results in formation of chronic wounds. Additionally, the rising cases of skin ulcers; due to lack of awareness towards hygiene, and the surge in awareness towards advanced healthcare therapies are key factors creating a positive impact on the market of NPWT across the world. Moreover, the introduction of cost-effective and portable wound therapy devices, accessibility of user friendly and disposable NWPT devices, and the rising preferences by physicians towards NPWT are prominent market determinants, promoting the market for negative pressure wound therapy over the forecast period.

The general increase in gross disposable incomes of the residents of developing regions, coupled with the rise in healthcare spending, on account of growing concerns towards cure and treatment of wounds, are leading to an added interest in negative pressure wound therapy, thereby fuelling the global market.

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Advances in Wound Care to Provide Rich Growth Opportunities

Another significant factor that that is predicted to drive the global negative pressure wound therapy market is the emergence of hospitals with advanced wound care services. A large number of hospitals are focusing on the acquisition of skilled professional healthcare staff such as physicians and nurses, fuelling demand for knowledge of advanced wound care therapies such as NPWT. Recently, Healogics acquired Accelecare, which offers full-service wound management solutions to around 140 hospitals and formed a partnership with local hospitals for skilled nursing facilities and caring services for individuals.

On similar lines, Connate Group plc, launched Avelle system, its first NPWT device, in August 2016. This device is based on a proprietary AQUACEL technology that prevents periwound maceration and is a canister-less disposable system with a 30 day usability period. Smith & Nephew plc, received the 2016 French Galien award for its PICO NPWT device. PICO being a single-use NPWT device, significantly reduces overall cost of treatment and the care needed for individual patients with chronic wound compared to conventional wound therapies (sutures, dressings, etc.). Such technologies with improved patient outcomes provides a competitive advantage to marketers of NPWT device and gain share in the global negative pressure wound therapy devices market.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.