What are Main Factors Responsible for Surge in Negative Pressure Wound Therapy Market?

The global negative pressure wound therapy (NPWT) devices market is projected to generate a revenue of $4,541.5 million in 2030, increasing from $2,178.4 million in 2019, progressing at a 7.3% CAGR during the forecast period (2020–2030), as stated by a report by P&S Intelligence.

A major factor leading to the growth of the market is the surging geriatric population and the rising number of people suffering from diabetes across the globe.

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As per the United Nations’ report, the World Population Ageing 2019, the aged population (people aged 65 years or above) was 703 million in 2019, and the number is predicted to rise to 1.5 billion by 2050. Aged people are a higher risk of hurting themselves than adults, thereby leading to increased demand for medication. Moreover, diabetic foot ulcer is a complication of diabetes mellitus, the management of which creates the need for frequent dressing.

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Geographically, the NPWT devices market was dominated by North America in the past, owing to the high spending in the healthcare industry, presence of major players, and rising research and development activities in the region. In addition, the increasing prevalence of chronic diseases, including diabetes, advancements in NPWT devices, growing aged populated, rising product adoption, and surging number of surgeries are also leading to the high demand for NPWT devices in North America.

In order to gain a competitive edge in the NPWT devices market, major companies are focusing on launching new products. Some of the key companies operating in the domain are DeRoyal Industries Inc., Devon International Group, ConvaTec Group plc, Cardinal Health Inc., Mölnlycke Health Care AB, Smith & Nephew plc, Acelity L.P. Inc., Talley Group Limited, ATMOS MedizinTechnik GmbH & Co. KG, and Medela AG.

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This release was published on openPR.