Negative Pressure Wound Therapy Market Professional Survey and In-Depth Analysis Research Report Foresight to 2030
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Increasing prevalence of chronic wounds is a key factor driving market revenue growth
VANCOUVER, BC, CANADA, January 17, 2023 /EINPresswire.com/ -- The global Negative Pressure Wound Therapy (NPWT) market size was USD 2.59 Billion in 2021 and is expected to register a revenue CAGR of 5.7% during the forecast period, according to latest analysis by Emergen Research. Increasing number of accidents and prevalence of burn wounds is a major factor driving market revenue growth. NPWT, also called as vacuum assisted closure, refers to a wound dressing system, which continuously or intermittently applies negative pressure on the surface of wound. Road traffic accidents result in significant economic damages for victims, their families, and entire countries. These costs result from price of medical care, lost wages for individuals who are killed or rendered incapacitated by their injuries, and caregiving expenses for family members who must take time off from work or school to look after the injured. According to World Health Organization (WHO), a road traffic collision claims lives of almost 1.3 million individuals every year, while an additional 20 to 50 million people who sustain non-fatal injuries develop disabilities. Rate of fatalities from road accidents is highest in Africa and lowest in Europe. People from poorer socioeconomic origins are more likely to be involved in traffic accidents, even in high-income countries.
The latest research report is dubbed as the first document encompassing the latest information about the Negative Pressure Wound Therapy market that has been gravely affected by the COVID-19 pandemic. The global health crisis poses significant threats to the future growth of the Negative Pressure Wound Therapy industry. The report assesses the profound changes in this business setting caused by the outbreak and considers the prominent market aspects that have been severely disrupted by the pandemic. The report thus expounds on the rapidly changing market scenario in this COVID-19 era, which aims to help businesses involved in this sector overcome the pandemic’s gripping effects and formulate new growth strategies to boost the COVID-19 preparedness.
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Key Market Competitors Profiled in the Report:
3M Company, Talley Group Ltd., Smith+Nephew, Cardinal Health, Inc., Devon Medical Products, Mölnlycke Health Care AB, DeRoyal Industries, Inc., Medela AG, ConvaTec Inc., and Paul Hartmann AG
Some Key Highlights From the Report
The conventional NPWT segment accounted for a significant revenue share in 2021. Traditional NPWT is typically utilized for acute and chronic open wounds when primary closure is impractical such as open abdomen, trauma wounds, breast reconstruction, diabetic foot, and leg ulcers, burns, and graft sites. Single-use NPWT (sNPWT), which is complimentary to traditional NPWT, can be applied in stages as the course of treatment develops for wounds in the last stages of healing, where sNPWT can be worn for up to 7 days, while, wound closure can start with traditional NPWT and be continued with it depending on patient's health and the status of wound.
The diabetic foot ulcer segment accounted for a significant revenue share in 2021. Diabetic foot ulcers are one of the most common problems connected with diabetes, putting a strain on many countries throughout the world. Faster wound healing reduces hospitalization and avoids the added morbidity associated with chronic wounds. Negative pressure wound therapy devices are in high demand due to growing prevalence of diabetic foot ulcers worldwide, as they are one of the most successful, safe, and cost-effective means of treating diabetic foot ulcers. These benefits will significantly drive revenue growth of this segment during the forecast period.
The North America market accounted for largest revenue share in 2021. Significant investments in healthcare facilities is a key factor driving market revenue growth. In addition, increasing high incidence of chronic wounds, such as diabetes, is another factor driving market revenue growth in this region. Moreover, the government is conducting number of programs to raise public awareness of early diagnosis. For instance, the National Diabetes Education Program (NDEP), which is conducted in collaboration between Centers for Disease Control and Prevention (CDC) and National Institutes of Health, aims to lower prevalence of prediabetes by educating population on various health implication of diabetes and related measures.
On 8 April 2021, Medela started producing negative pressure wound therapy products nationwide to long-term acute care hospitals and skilled nursing facilities by Joerns Healthcare, a top provider of wound care solutions. The whole Medela line of negative pressure wound treatment devices, including Invia Liberty and Invia Motion 60 NPWT Systems, will be added to Joerns' wound care product offering.
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This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2020 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Negative Pressure Wound Therapy market on the basis of product, application, and region:
Negative Pressure Wound Therapy Market Segmentation
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Conventional NPWT
Single-Use NPWT
Accessories
Wound Type Cycle Outlook (Revenue, USD Billion; 2019-2030)
Diabetic Foot Ulcer
Pressure Ulcer
Venous Leg Ulcer
Burn Wounds
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Hospitals and Clinics
Homecare
Ambulatory Surgical Centers
Regional Analysis of the Negative Pressure Wound Therapy Market:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Objectives of the Report:
Analysis and estimation of the Negative Pressure Wound Therapy market size and share for the projected period of 2022-2030
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Negative Pressure Wound Therapy market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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Negative Pressure Wound Therapy Market Size Worth USD 4.27 Billion in 2030
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