Negative Pressure Wound Therapy Market Surging to $4.04 Billion by 2030

Redding California, February 23, 2024 - Meticulous Research®, a global frontrunner in market research, has unveiled a comprehensive report titled 'Negative Pressure Wound Therapy (NPWT) Market by Product (Conventional/Traditional, Single-use, Accessories), Wound Type (Diabetic Foot Ulcer [DFU], Venous Leg Ulcer, Surgical, Burn, Skin Grafts), End User (Hospital, Home Care) - Global Forecast to 2030.' Published in May 2023, the report anticipates a remarkable growth trajectory, projecting the negative pressure wound therapy market to reach an estimated $4.04 billion by 2030, with an impressive CAGR of 6.0% from 2023 to 2030.

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This surge is primarily fueled by the escalating prevalence of diabetes and chronic wounds, a burgeoning elderly population, favorable reimbursement policies, and a rising incidence of obesity and associated comorbidities. Furthermore, technological advancements in negative pressure wound therapy devices and the emergence of economies present significant growth opportunities for this market.

However, the market is not without its challenges, as the high costs of NPWT devices and the potential risk of complications are expected to act as restraints. Additionally, limited awareness and training among healthcare professionals, coupled with patients' discomfort leading to a lack of adherence to treatment, pose significant challenges to the market's growth.

Key players in the negative pressure wound therapy market include Acelity L.P. Inc. (U.S.), Cardinal Health, Inc. (U.S.), Convatec Group plc (U.S.), DeRoyal Industries, Inc. (U.S.), Genadyne Biotechnologies, Inc. (U.S.), Medela AG (Switzerland), Mölnlycke Health Care AB (Sweden), Smith & Nephew plc (U.K.), PAUL HARTMANN AG (Germany), and Talley Group Ltd (U.K.).

Negative Pressure Wound Therapy Market: A Glimpse into the Future The negative pressure wound therapy market is segmented by product, wound type, end user, and geography. The study meticulously evaluates industry competitors and analyzes the market at both country and regional levels.

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In 2023, the conventional/traditional NPWT devices segment is poised to dominate the market in terms of product. The high demand for conventional NPWT devices for inpatient care, the prevalence of acute and chronic open wounds, and the increasing number of surgeries globally contribute to the significant market share of this segment.

The diabetic foot ulcers segment is projected to lead the market in terms of wound type in 2023. Increased prevalence of diabetes and associated foot ulcers, heightened patient awareness, and proven clinical outcomes for treating the condition contribute to the substantial market share of this segment.

Hospitals and clinics are expected to account for the largest share of the negative pressure wound therapy market in 2023 in terms of end user. The increased adoption of NPWT in hospitals, heightened awareness among healthcare professionals about the therapy's benefits, and a rising patient population contribute to the dominance of this segment.

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The report analyzes the market across major regions, providing a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2023, North America is expected to take the lead in the negative pressure wound therapy market, followed closely by Europe and Asia-Pacific. The advanced healthcare infrastructure, the presence of key market players, and high awareness of NPWT benefits for chronic wound management contribute to North America's major market share.

Mr. Khushal Bombe
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This release was published on openPR.