June 18, 2024
Negative Pressure Wound Therapy (NPWT) Devices Market

Negative Pressure Wound Therapy (NPWT) Devices is driven by Increasing Prevalence of Chronic and Acute Wounds

NPWT devices play a key role in the management of acute and chronic wounds by applying sub-atmospheric pressure to the wound. It helps in the removal of excess fluid from the wound, reduces interstitial pressure, and promotes blood flow in the wound edges. NPWT devices offer improved wound healing by reducing bacterial burden, stimulating granulation tissue formation, and promotes wound contraction and closure.

The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 19051.6 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The NPWT devices market is witnessing significant growth owing to the increasing prevalence of diabetes and associated chronic wounds such as diabetic foot ulcers. According to the International Diabetes Federation, around 463 million adults aged between 20-79 years were living with diabetes in 2019 and the number is projected to increase to 700 million by 2045. Such high prevalence of diabetes worldwide has resulted in a substantial economic burden on healthcare systems and has emerged as a major driver for the demand of advanced wound care products including NPWT devices. Additionally, technological advancements in NPWT devices with improved features such as portability and wireless monitoring is expected to boost the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The NPWT devices market requires significant investments in R&D and clinical trials to enter the market. Stringent regulatory requirements and strong global presence of established players make entry difficult for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market is dominated by a few global players. However, large healthcare providers can negotiate discounts which can compress margins.

Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials for NPWT devices manufacturing are commodity and available from multiple sources at competitive prices globally.

Threat of new substitutes: threat from substitutes is low as no direct alternative therapy exists currently for NPWT in wound care management. However, alternative wound care products pose limited threat.

Competitive rivalry: The NPWT devices market is consolidated in nature with few global brands dominating the market. Pressure to continuously invest in innovation and product differentiation is high due to intense competition.

Key Takeaways

The Global Negative Pressure Wound Therapy (NPWT) Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 19051.6 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.

Regional analysis: North America holds the largest share in the global NPWT devices market owing to increasing geriatric population and rising prevalence of chronic wounds.Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to improving healthcare infrastructure and increasing medical tourism in the region.

Key players: Key players operating in the NPWT devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited. Abbott and Morinaga Milk Industry CO., LTD. together hold around half of the global NPWT devices market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it