by The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Negative pressure wound therapy (NPWT) devices aid in wound healing by applying sub-atmospheric pressure to the wound through a porous dressing with an airtight layer. This facilitates the removal of excess fluid and infectious materials from the wound bed, promotes blood flow at the wound site, and stimulates tissue growth.
Market key trends:
One of the key trends in the NPWT devices market is the growing adoption of single-use NPWT devices. Single-use NPWT devices provide greater patient mobility as compared to conventional NPWT devices which require canisters that need to be emptied. In addition, single-use NPWT devices eliminate the need for dressing change and are more affordable and convenient to use. Furthermore, they reduce the risk of infection caused due to repeated changes in the wound dressing. Owing to these advantages, leading players in the market are introducing single-use NPWT devices to gain a competitive edge over other players. For instance, in February 2019, Smith & Nephew launched PICO 7 single-use NPWT device for wound therapy in the homecare setting.
Market key trends:
The NPWT devices market has seen a rising demand owing to the increasing prevalence of chronic and acute wounds globally. NPWT devices have emerged as an essential therapy for facilitating wound healing and closure of wounds. The major trends observed in the NPWT devices market include increased adoption of single-use NPWT devices due to their cost-effectiveness and reduced risk of infections. Manufacturers are also focusing on developing smart NPWT devices integrated with digital technologies and artificial intelligence which can remotely monitor wounds and generate wound metrics reports.
SWOT Analysis
Strengths: NPWT devices are highly effective in managing complex and hard-to-heal wounds. They help in debridement of non-viable tissue and exudate management.
Weaknesses: Higher costs associated with NPWT devices limit their usage. Lack of reimbursements in certain regions is another weakness.
Opportunities: Growing geriatric population and increasing incidence of chronic diseases will augment demand. Untapped emerging markets provide new growth opportunities.
Threats: Presence of alternative wound care therapies and dressings poses threat to NPWT devices. Stringent regulatory approvals delay market entry of new products.
Key Takeaways
The global Negative Pressure Wound Therapy (NPWT) Devices Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of diabetes and rise in surgical procedures globally.
The global NPWT devices market size was valued at US$ 16537.84 Mn in 2023 and is anticipated to reach over US$ 25000 Mn by 2030. North America commanded the largest share in the global NPWT devices market in 2023 owing to presence of major market players and rising awareness about advanced wound care devices in the region.
Key players operating in the Negative Pressure Wound Therapy (NPWT) Devices Market are 3M, Cardinal Health, Smith+Nephew, Genadyne, DeRoyal Industries, Inc., Medela AG, Convatec Inc., Mölnlycke Health Care AB, PAUL HARTMANN AG, ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Ltd, Cork Medical, LLC, and Devon Medical Products. 3M dominated the global NPWT devices market in 2023.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
