April 24, 2024
Negative Pressure Wound Therapy (NPWT) Devices Market

Negative Pressure Wound Therapy (NPWT) Devices Market Set To Witness High Growth Due To Advancement In Portable NPWT Systems

Negative pressure wound therapy (NPWT) devices aid in effectively treating acute and chronic wounds and improve healing outcomes. NPWT devices work by applying sub-atmospheric pressure to the wound which removes excess fluid, reduces bacterial burden, promotes blood flow and encourages granulation tissue formation. Some key advantages of NPWT include faster healing, reduced pain and infection rates, increased compliance and reduced cost to the healthcare system. Chronic and hard to heal wounds like diabetic foot ulcers, pressure sores and traumatic wounds are increasingly affecting the growing aging population globally. This has increased the demand for advanced wound care products like NPWT devices.

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.

Key Takeaways
Key players operating in the Negative Pressure Wound Therapy (NPWT) Devices are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited.
The introduction of portable NPWT systems offers increased patient mobility and independence which is a key opportunity in the market. Technological advancements like single use NPWT systems and cloud-based monitoring systems are further improving outcomes.

Market Drivers
The rising global incidence of chronic wounds like diabetic foot ulcers and pressure ulcers due to the growing geriatric population is a major market driver. According to some sources, chronic wounds affect over 6.5 million patients in the US annually and this number is estimated to grow continuously putting upward pressure on NPWT device demand.
Current challenges in Negative Pressure Wound Therapy (Npwt) Devices Market Demand The NPWT devices market is facing challenges due to rising incidences of surgical site infections and high treatment costs associated with long hospital stay. Furthermore, lack of awareness about advanced wound care products and shortage of skilled workforce to handle NPWT devices are hindering the market growth.

SWOT Analysis
Strength: Efficient exudate and edema management aids faster healing. Effective for chronic, acute, traumatic and surgical wounds.
Weakness: Higher costs compared to traditional wound care products. Requires frequent dressing changes.
Opportunity: Rising geriatric population and incidence of diabetes and obesity are increasing demand. Emerging economies offerScope for market expansion.
Threats: Presence of alternative wound care therapies poses competition. Stringent regulatory approvals for new products.

Geographically, North America accounts for the largest share in the NPWT devices market in terms of value due to rapidly increasing elderly population suffering from chronic wounds. Asia Pacific is projected to grow at the fastest pace during the forecast period led by rising medical tourism, healthcare investments and growing chronic disease burden in large economies like China and India.

In terms of value, the NPWT devices market in Europe currently holds a significant share owing to higher healthcare spending and adoption of advanced wound care therapies in countries like Germany, United Kingdom and France. However, Asia Pacific region is anticipated to surpass Europe as the second largest market by 2031 supported by improving access and availability of innovative treatment options in developing nations.

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