Negative Pressure Wound Therapy Market Worth $3.8 Billion by 2030: Grand View Research, Inc.

News provided by

Jul 12, 2022, 10:00 ET

SAN FRANCISCO, July 12, 2022 /PRNewswire/ -- The global negative pressure wound therapy market size is anticipated to reach a value of USD 3.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. Increasing awareness in the developing regions pertaining to advanced wound care is providing a significant opportunity to the key market players to cater to the unmet needs of the target population. The primary driver associated with this market is the cost-effectiveness of single-use Negative Pressure Wound Therapy (NPWT) devices.

Key Insights & Findings from the report:

Conventional NPWT devices dominated the product segment in 2021 owing to their high cost and availability of favorable reimbursement policies.
Single-use negative pressure wound therapy devices segment is considered to be the fastest growing segment over the forecast period.
Pressure ulcers held the largest revenue share in 2021 owing to the increasing adoption of NPWT for the treatment of Pressure ulcers.
The home care setting is anticipated to witness an attractive CAGR over the forecast period owing to the emerging applicability of single-use NPWT devices in the homecare setting and the cost-effectiveness of the therapy.
North America dominated the market in 2021. This is primarily due to the increased usage of the targeted therapy in this region, which has led to a reduction in hospital stays and contributed to enhanced quality of patient lives.

Read full market research report for more Insights, "Negative Pressure Wound Therapy Market Size, Share & Trends Analysis Report By Product (Conventional NPWT, Single-use NPWT), By Wound Type (Diabetic Foot Ulcers, Venous Leg Ulcers), By End Use, By Region, And Segment Forecasts, 2022 - 2030, published by Grand View Research.

Negative Pressure Wound Therapy Market Growth & Trends

Major companies are also focusing on education of reimbursement coverage in such regions to further increase the affordability of these devices. However, the current reimbursement policies mostly cover conventional NPWT devices owing to their high cost. Furthermore, the geriatric population is also contributing to a great extent toward increasing the prevalence of chronic diseases. Increasing age is one of the high-risk factors leading to the development of chronic diseases such as atherosclerosis, which is one of the prime cardiovascular disorders prevalent in the geriatric population.

NPWT is one of the commonly accepted therapies employed for the treatment of arterial ulcers, which is one of the major complications of atherosclerosis. Around 50% of the people worldwide are exposed to fire-related traumas, among which, 90% of the cases occur in low to moderate-income countries. Thus, the rising incidence of traumatic events is expected to engender a high demand for negative pressure wound therapy products.

The COVID-19 pandemic significantly impacted the global NPTW market. Due to the restrictions imposed by regulatory authorities to minimize the spread of the virus, people have been restricted to their homes, resulting in a significant decrease in the incidences causing wounds to people. This has had a negative effect on the market as the demand for wound therapy significantly decreased. Although during the pandemic, diabetic wound therapy was continued due to its severity, other segments suffered a slight impact..

Negative Pressure Wound Therapy Market Segmentation

Grand View Research has segmented the global negative pressure wound therapy market based on product, wound type, end-use, and region:

Negative Pressure Wound Therapy Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

Conventional NPWT
Single-use NPWT

Negative Pressure Wound Therapy Market - Wound Type Outlook (Revenue, USD Million, 2018 - 2030)

Diabetic Foot Ulcers
Venous Leg Ulcers
Pressure Ulcers
Burn Wounds
Others

Negative Pressure Wound Therapy Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

Hospitals
Homecare
Others

Negative Pressure Wound Therapy Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
India

Latin America

Brazil
Mexico

South Africa

List of Key Players of the Negative Pressure Wound Therapy Market

Acelity L.P. Inc.
Talley Group Limited
Nephew plc
Devon Medical Products
Mölnlycke Health Care
Medela
DeRoyal Industries, Inc.
ConvaTec, Inc.
Cardinal Health, Inc.
Paul Hartmann AG

Check out more related studies published by Grand View Research:

U.S. Wound Care Centers Market - The U.S. wound care centers market size is expected to reach USD 18.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing awareness regarding the use of Hyperbaric Oxygen Therapy (HBOT), for chronic injuries and the growing geriatric population prone to various conditions, is anticipated to drive the market. According to a report by the U.S. Census Bureau, in June 2020, the geriatric population grew by around 34.2% over the last decade.
Wound Care Centers Market - The global wound care centers market size is expected to reach USD 49.4 billion by 2026, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Growing prevalence of diabetic ulcers on a global scale, along with rising number of sports-related injuries, is expected to drive the market over the forecast period. In addition, growing awareness regarding the use of modernized wound care products is propelling the market.
Wound Therapy Devices Market - The global wound therapy devices market size is expected to reach USD 1.78 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 3.9% during the forecast period. Rising geriatric population, introduction of technologically advanced products, and prevalence of chronic diseases are the key factors driving the growth.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter