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Negative Pressure Wound Therapy Market 2024-2033: Production Analysis, Growth Strategy, Industry Insights And Major Players
Negative Pressure Wound Therapy Market
According to The Business Research Company's, The negative pressure wound therapy market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to aging population, hospital acquired infections, rise in surgical procedures, healthcare infrastructure development, reimbursement policies.
The negative pressure wound therapy market size is expected to see strongly grown in the next few years. It will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to prevalence of lifestyle-related diseases, home-based healthcare, global health crisis preparedness, patient preference for non-invasive treatments, value-based healthcare models, increasing incidence of chronic wounds. Major trends in the forecast period include technological innovations, telemedicine integration, personalized wound care, collaborations and partnerships, regulatory compliance and standardization.
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Market Drivers and Trends:
The growing prevalence of diabetes is expected to propel the growth of the negative pressure wound therapy market. Diabetic foot ulceration (DFU) is the most common application area of negative pressure wound therapy. A diabetic person's wounds are difficult to heal because people with uncontrolled diabetes may develop poor circulation, which results in less oxygenated circulation to the wound and the tissues do not heal as quickly. Thus, negative pressure wound therapy offers better graft take up than conventional dressing for diabetic patients. According to the International Diabetes Federation (IDF), in 2020, nearly 463 million people had diabetes in the world. The number of diabetic people in the Southeast Asia region is expected to increase from 88 million in 2020 to nearly 153 million by 2045. Therefore, the growing prevalence of diabetes drives the negative pressure wound therapy market.
The growing technological advancements is a key trend gaining popularity in the negative pressure wound therapy market. Major companies operating in the negative pressure wound therapy market are focusing on developing technological solutions for negative pressure wound therapy. For instance, in August 2022, 3M , a US-based multinational conglomerate company launched a new 3M Veraflo Cleanse Choice Complete Dressing Kit for negative pressure wound therapy with instillation and a software upgrade for the 3M V.A.C. Ulta Therapy Unit. The new offerings aim to simplify care delivery processes for clinicians and improve the experience for patients by making dressing changes easier, faster, and less painful. The software upgrade automates therapy initiation and includes helpful features, while the new dressing kit simplifies application and includes a gentler drape for patient comfort. These advancements are designed to enhance the efficiency and effectiveness of Veraflo Therapy in wound care.
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Major Key Players of the Market:
Devon International Group; ConvaTec Group plc.; DeRoyal Industries Inc.; Smith & Nephew plc; Acelity L.P. Inc.; Mölnlycke Health Care AB; ATMOS MedizinTechnik GmbH & Co. KG; Cardinal Health Inc.; Talley Group Limited; Medela AG; Lohmann & Rauscher GmbH & Co. KG; Triage Meditech Pvt. Ltd.; Carilex Medical GmbH; Shandong Weigao Xinsheng Medical Devices Co. Lt; Genadyne Biotechnologies Inc.; B. Braun Melsungen AG; Cork Medical LLC; BSN medical GmbH; Investor AB; Olle Larsson Holding AG; PAUL HARTMANN Asia-Pacific Ltd.; KCI Licensing Inc.; Arjo USA Inc.; 3M Company; MPM Medical Inc.; Prospera Technologies Inc.; Innovative Therapies Inc.; Laboratoires URGO; 4L Health Co. Ltd; Pensar Medical LLC; Virchow Biotech Pvt. Ltd.; Arobella Medical LLC; Spincare Inc.; Ursapharm Arzneimittel GmbH
Negative Pressure Wound Therapy Market 2024 Key Insights:
• The negative pressure wound therapy market size will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Prevalence Of Diabetes To Drive Market Growth
• Technological Advancements Driving Innovation In Negative Pressure Wound Therapy Market
• North America was the largest region in the negative pressure wound therapy market in 2023
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