Negative Pressure Wound Therapy Devices Market to Reach $3.34 Bn, by 2027, at 5.7% CAGR: Allied Market Research

Negative Pressure Wound Therapy Devices Market to Reach $3.34 Bn, by 2027, at 5.7% CAGR: Allied Market Research

PR Newswire

PORTLAND, Oregon, June 3, 2020

- Rapidly aging population, increase in incidences of chronic conditions, technological advancements in NPWT devices to deal with complex wounds, and surge in awareness to reduce healthcare costs drive the growth of the global negative pressure wound therapy devices market

PORTLAND, Oregon, June 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Negative Pressure Wound Therapy Devices Market by Product (Conventional NPWT Devices and Single Use NPWT Devices), Application (Chronic Wounds and Acute Wounds), and End User (Hospitals & Clinics, Ambulatory Surgery Centers (ASCs), and Home Care Settings): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global negative pressure wound therapy devices industry was estimated at $2.14 billion in 2020, and is expected to hit $3.34 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Rapidly aging population, increase in incidences of chronic conditions, technological advancements in NPWT devices to deal with complex wounds, and surge in awareness to reduce healthcare costs drive the growth of the global negative pressure wound therapy devices market. On the other hand, complications related to NPWT impede the growth to some extent. However, increased focus toward advanced treatment protocols and significant unmet needs in wound care are expected to create multiple opportunities in the industry.

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COVID-19 scenario-

The conventional NPWT devices segment to lead the trail by 2027-

Based on product, the conventional NPWT devices segment contributed to more than three-fourths of the global negative pressure wound therapy devices market share in 2019, and is expected to lead the trail by 2027, owing to their use in management of wounds with large volume of exudate. On the other hand, the single use NPWT devices would grow at the fastest CAGR of 7.1% throughout the forecast period. This is due to the range of benefits they offer.

The chronic wounds segment to maintain the lion's share-

Based on wound type, the chronic wounds segment accounted for nearly two-thirds of the global negative pressure wound therapy devices market revenue in 2019, and is projected to retain its dominance during the study period. The same segment is also anticipated to register the fastest CAGR of 6.1% from 2020 to 2027, owing to surge in prevalence of medical conditions that lead to chronic wounds.

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North America to rule the roost in terms of revenue-

Based on region, North America garnered the major share in 2019, holding around two-fifths of the global negative pressure wound therapy devices market. This is due to the presence of key players in the region, easy availability of NPWT devices, surge in prevalence of medical conditions leading to acute and chronic wounds, and rise in launch of new and advanced products. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 7.9% till 2027. This is attributed to factors such as surge in adoption of NPWT devices and rise in healthcare expenditure.

Key players in the industry-

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