Negative Pressure Wound Therapy (NPWT) Devices Is Fastest Growing Segment Fueling The Growth Of Negative Pressure Wound Therapy Devices Market
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| Negative Pressure Wound Therapy (NPWT) Devices Market |
The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn 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 are being widely used in the treatment of acute and chronic wounds such as diabetic foot ulcers, pressure ulcers, surgical wounds, and trauma wounds. These devices help in removing excess exudates and infectious materials from the wound site, thereby promoting faster healing.
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 offer advantages such as elimination of costs associated with cleaning, disinfection, and sterilization of reusable devices between patients. They also reduce the risk of cross-contamination. Furthermore, technological advancements are being made to develop more innovative and portable NPWT devices. For instance, companies are developing smartphone-controlled NPWT devices that can be remotely monitored and adjusted. This allows for enhanced patient mobility and convenience.
Segment Analysis:
The global negative pressure wound therapy (NPWT) devices market has two key segments: Conventional NPWT and Single-Use NPWT. The conventional NPWT devices segment currently dominates the market, occupying around 70% share. Conventional NPWT devices are more cost-effective and reusable for multiple patients, making them a preferred option for hospitals and clinics. However, the single-use NPWT devices segment is expected to witness rapid growth during the forecast period. Concerns regarding infections caused due to repeated use andadded cost pressures on healthcare systems to reduce hospital stays are prompting providers to adopt single-use NPWT devices at a higher rate.
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 incidence of chronic wounds such as diabetic foot ulcers and pressure ulcers.
Regional analysis:
North America currently dominates the NPWT devices market, holding over 35% share. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by rising medical tourism, healthcare infrastructure development, and growing incidence of chronic diseases in highly populous countries like India and China.
Key players:
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. The market remains fairly competitive due to presence of multiple generic and branded players. However, 3M, Smith+Nephew, and Cardinal Health capture majority share owing to their strong sales and distribution networks worldwide.
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