Negative Pressure Wound Therapy (NPWT) Devices Market
Negative pressure wound therapy is also known as vacuum assisted wound closure, and is used for wound healing and removal of fluids from the site of the wound. Negative pressure wound therapy can be used for treating acute, chronic wounds, diabetic ulcers, skin flaps, pressure ulcers, and others.
Increasing incidence of chronic wounds such as diabetic foot ulcers, increasing awareness for technologically advance treatment modalities and availability of favorable reimbursement policies in developed and emerging economies are expected to increase demand for negative pressure wound therapy derives.
The global negative pressure wound therapy (NPWT) devices market was valued at US$ 1,989.8 million in 2018, and is expected to exhibit a CAGR of 6.5% over the forecast period (2019–2027).
Figure 1. Global Negative Pressure Wound Therapy (NPWT) Devices Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing incidence and prevalence of chronic wounds is expected to fuel demand for negative pressure wound therapy devices across the globe
Increasing prevalence of diabetes and other chronic wounds around the world is expected to increase demand for efficient negative pressure wound therapy devices during the forecast period. For instance, according to report published by the American Diabetes Association in 2017, the annual incidence of diabetic foot ulcers in western countries is around 2%.
Moreover, with increasing age, prevalence of leg ulcers and other chronic wounds also increases. Although, there is lesser prevalence of venous leg ulcers, cost of treating such ulcers remains a burden on the global economy. For instance, according to NHS in U.K., prevalence of venous leg ulcers was 0.1-0.3%, however, treatment cost was around US$ 506 – US$ 760 million annually. However, low awareness regarding NPWT devices in emerging and low-income economies is expected to hinder growth of the market over the forecast period.
Figure 2. Global Negative Pressure Wound Therapy (NPWT) Devices Market Share (%), by Device Type (2019-2027)
Source: Coherent Market Insights Analysis (2019)
Increasing awareness for technologically advance treatment modalities and availability of reimbursement policies are the major factors propelling growth of the global Negative Pressure Wound Therapy (NPWT) Devices Market
Availability of reimbursement policies are major factors resulting in the adoption of NPWT devices, especially in developed economies such as the U.S., Canada, Germany, Netherlands, Sweden, and Switzerland. For instance, in 2017, the U.S. Centers for Medicare and Medicaid Services (CMS) amended the reimbursement law for NPWT devices. According to the guidelines, the insurance coverage of NPWT devices and services has shifted from Home Health Prospective Payment System (HH PPS) to the Medicare Hospital Outpatient Prospective Payment System (OPPS).
Moreover, the World Health organization (WHO) announced a new guideline for treatment of surgical site infections in November 2016. According to this guideline, the WHO recommends using prophylactic negative pressure wound therapy devices (NPWT) in closed surgical incisions in high-risk wounds. This is expected to support growth of the global negative pressure wound therapy devices market in the near future.
Major players operating in the global negative pressure wound therapy (NPWT) devices market include Smith & Nephew plc., 3M Company (ACELITY), Devon Medical, Paul Hartmann AG, Talley Group Limited, Coloplast A/S, ConvaTec Inc., Molnlycke Health Care AB, Medela AG, Kinetic Concepts, Inc., and Cardinal Health, Inc.
Negative pressure wound therapy devices are relatively noninvasive devices used for treatment of acute and chronic wounds such as diabetic foot ulcers, venous leg ulcers, pressure ulcers, and burn injuries. Negative pressure wound therapy utilizes controlled application of sub-atmospheric pressure at the site of the wound through a sealed wound dressing which is connected to a vacuum.
Increasing incidence of diabetic foot ulcers, venous leg ulcers, product launches by market players, as well as increasing healthcare expenditure are major factors driving the global negative pressure wound therapy devices market growth. For instance, according to the Center for Medicare and Medicaid Services the U.S. health care spending increased 3.9% to reach US$ 3.5 trillion in 2017.
Furthermore, adoption of inorganic strategies such as mergers and acquisitions, new product development by key players in order to expand their product portfolio are expected to drive the market growth. For instance, in January 2018, Applied Tissue Technologies, an advance wound care company, received U.S. FDA 510 (K) approval for PWD, a negative pressure wound therapy product to be used without foam or gauze.
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“*” marked represents similar segmentation in other categories in the respective section.
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