NEW YORK, Sept. 24, 2020
NEW YORK, Sept. 24, 2020 /PRNewswire/ -- The WHO says that every year, 180,000 people die of burns. This is expected to be significant in driving the global negative pressure wound therapy (NPWT) devices market from $2,178.4 million in 2019 to $4,541.5 million by 2030, at a 7.3% CAGR between 2020 and 2030, according to P&S Intelligence. Apart from deaths, burns also result in disability-adjusted life years (DALY), which is a measure of the number of years lost due to injury, disability or untimely death.
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The positive impact of the rising number of burns cases on the negative pressure wound therapy devices market would be the most apparent in developing countries, including India, Colombia, Bangladesh, Pakistan, and Egypt, which, together with other emerging economies, account for almost 96% of the worldwide deaths due to fire-induced burns. Before leading to disability or death, burns lead to nasty scars and wounds, for which NPWT devices are being used.
The negative pressure wound therapy devices market is witnessing a slowdown during the COVID-19 scenario, as the badly hit supply chains have resulted in the low manufacturing and trade of NPWT products. Moreover, with the focus of the healthcare industry on treating COVID patients, burns departments of the majority of hospitals are non-operational.
North America has been the highest revenue contributor to the negative pressure wound therapy devices market till now. The prevalence of diabetes and, in turn, of foot ulcers, is rising in the U.S. As per the CDC, 34.2 million people in the U.S. had diabetes in 2018, which was the seventh-largest cause of mortality in the nation that year. Additionally, the country also has a large geriatric population, in which wounds heal slowly, thus necessitating the usage of NPWT devices.
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The negative pressure wound therapy devices market is predicted to witness the most rapid advance in the APAC region in the years to come. The demand for NPWT devices is increasing in here on account of the rising incidence of diabetes, regular product launches, and growing healthcare expenditure by regional nations. Further, with the strong focus of the healthcare fraternity on making patients comfortable and providing quick wound treatment, NPWT device manufacturers in the region are bringing about technological advancements in their products.
In order to augment their revenue, players in the negative pressure wound therapy devices market are entering into partnerships, mergers, and acquisitions, which are aimed at:
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The most prominent firms functioning in the global negative pressure wound therapy devices market are DeRoyal Industries Inc., Devon International Group, Smith & Nephew plc, ConvaTec Group plc, Acelity L.P. Inc., Mölnlycke Health Care AB, Talley Group Limited, ATMOS MedizinTechnik GmbH & Co. KG, Medela AG, Lohmann & Rauscher GmbH & Co. KG, Cardinal Health Inc., TRIAGE MEDITECH PVT. LTD., Carilex Medical GmbH, B. Braun Melsungen AG, Shandong Weigao Xinsheng Medical Devices Co. Ltd., BSN medical GmbH, Genadyne Biotechnologies Inc., and Cork Medical LLC.
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