The Market for Negative Pressure Wound Therapy Is Set To Reach Around USD 2.56 Billion By 2023
The negative pressure wound therapy market has been segmented into products and end users where products segment is further segmented into stand-alone, portable, single-use disposables NPWT devices among other NPWT accessories such as canisters. Among these segments, single-use NPWT devices dominated the market of negative pressure wound therapy in 2015 by holding the largest market share in terms of revenue. The demand for single use NPWT is predicted to witness a significant growth in near future, owing to cost-effectiveness and handiness of the devices.
The global market for negative pressure wound therapy is anticipated to reach USD 2.56 Billion by the end of 2023 as compared to USD 1.12 Billion in 2015, expanding at a compound annual growth rate of 6.4% over the period 2016-2023. Further, rising awareness towards healthcare and introduction of favorable re-imbursement policies by the government organizations across the globe are likely to shift the consumers to adopt advanced technology of healthcare such as NPWT which is estimated to boom the NPWT Market by noteworthy revenue in coming years.
In the regional segment, North America accounted the highest market share in terms of revenue in overall market of negative pressure wound therapy across the globe and is expected to continue its dominance over the period 2016-2023 owing to introduction of favorable compensation policies in the region. Due to growing demand for advanced NPWT in emerging nations such as India, China and others, Asia-Pacific is expected to be the second largest share contributor across the globe in NPWT market.
Rise in Chronic Diseases to Expand the Market
Rise in cases of skin ulcers due to lack of awareness towards hygiene, growing awareness towards advanced healthcare therapies are some of the factors driving the market of NPWT across the globe. Moreover, increase in aging population is predicted to trigger the prevalence of chronic diseases such as diabetes, mellitus, etc. which leads to chronic wounds. This factor is expected to benefit the expansion of NPWT market.
However, factors such as complexities with devices, high cost of treatment and lack of awareness in under-developed nations are likely to inhibit the growth of the negative pressure wound therapy market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the negative pressure wound therapy market which includes company profiling of BSN Medical, Carilex Medical, Conva Tec, Galaxy Medical Products, Innovate Therapies, Triage Meditech and Pensar Medical.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the negative pressure wound therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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This post was originally published on Aerospace Industry