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Negative Pressure Wound Therapy Market to be Worth $4.04 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled, ‘Negative Pressure Wound Therapy (NPWT) Market by Product (Conventional/Traditional, Single-use, Accessories), Wound Type (Diabetic Foot Ulcer [DFU], Venous Leg Ulcer, Surgical, Burn, Skin Grafts), End User (Hospital, Home Care) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the negative pressure wound therapy market is projected to reach $4.04 billion by 2030, at a CAGR of 6% from 2023 to 2030. The growth of this market is driven by the increasing prevalence of diabetes and chronic wounds, rising elderly population, favorable reimbursement policies and increasing incidence of obesity and associated comorbidities. In addition, the technological advancements in negative pressure wound therapy devices and emerging economies are expected to provide significant growth opportunities for this market.
However, the high costs of NPWT devices and the potential risk of complications are expected to restrain the growth of this market to a certain extent. In addition, factors such as the limited awareness and training of healthcare professionals and the lack of adherence to the treatment among patients due to discomfort pose major challenges to the market’s growth.
The key players operating in the negative pressure wound therapy market are Acelity L.P. Inc. (U.S.), Cardinal Health, Inc. (U.S.), Convatec Group plc (U.S.), DeRoyal Industries, Inc. (U.S.), Genadyne Biotechnologies, Inc. (U.S.), Medela AG (Switzerland), Mölnlycke Health Care AB (Sweden), Smith & Nephew plc (U.K.), PAUL HARTMANN AG (Germany), and Talley Group Ltd (U.K.).
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The negative pressure wound therapy market is segmented by product, wound type, end user, and geography. The study also evaluates industry competitors and analyzes the country and regional-level markets.
Based on product, in 2023, the conventional/traditional NPWT devices segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the high demand for conventional NPWT devices for inpatient care, the high prevalence of acute and chronic open wounds, and the increasing number of surgeries globally.
Based on wound type, in 2023, the diabetic foot ulcers segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the increased prevalence of diabetes and associated diabetic foot ulcers, increased awareness among patients and proven clinical outcomes to treat the condition.
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Based on end user, in 2023, the hospital & clinics segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the increased adoption of NPWT in hospitals, the high awareness about the benefits of therapy among healthcare professionals, and the rising patient population.
This research report analyzes the market across major regions and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the negative pressure wound therapy market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the advanced healthcare infrastructure in the region, the presence of key market players, and the high awareness of the benefits of NPWT for chronic wound management.
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