May 29, 2024
Negative Pressure Wound Therapy (NPWT) Devices Market

Negative Pressure Wound Therapy (NPWT) Devices Market is Expected to be Flourished by Rising Geriatric Population

The negative pressure wound therapy (NPWT) devices market consists of medical devices utilized to treat acute and chronic wounds such as leg ulcers, pressure ulcers, diabetic foot ulcers, and others by applying subatmospheric pressure to the wound. NPWT helps in closing the wound by promoting granulation tissue formation and blood flow. It is also helpful for preparing the wound bed for closure with autograft or skin substitution.

The global negative pressure wound therapy (NPWT) devices market is estimated to be valued at US$ 19,051.6 million in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers fueling the growth of the negative pressure wound therapy (NPWT) devices market is rising geriatric population. With increasing life expectancy, the number of geriatric population, who are at higher risk of developing chronic wounds, is increasing significantly. According to the World Health Organization (WHO), by 2050, the global population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Individuals aged 60 and above are more prone to developing chronic wounds such as pressure ulcers, diabetic foot ulcers, and venous leg ulcers, owing to factors such as reduced mobility and immune responses. According to the United Nations’ report, in 2050, one in six people in the world will be over age 65, up from one in 11 in 2019. This rising geriatric population base is driving the demand for NPWT devices for effective wound management and faster healing.

The other driver related to the heading is rising geriatric population which is fueling the growth of the market. With increasing life expectancy, the number and proportion of geriatric population is rising significantly worldwide. Geriatric population is more prone to developing chronic wounds due to factors such as reduced mobility and immune responses. NPWT devices help in effective wound management and faster healing of chronic wounds in elderly population. Thus, growing geriatric demographics is a major growth propellant for negative pressure wound therapy devices market over the forecast period.

Segment Analysis

The negative pressure wound therapy (NPWT) devices market is divided into four key segments – standalone NPWT devices, portable NPWT devices, single-use NPWT devices, and accessories. Among these, the single-use NPWT devices segment currently dominates the market with around 45% share owing to high preference of these devices among healthcare professionals and patients due to ease of use and reduced risk of infections. These single-use NPWT devices are also very cost-effective compared to other segment devices.

PEST Analysis

Political: Governments across major countries are focused on improving healthcare infrastructure and offering quality care to patients. Favorable regulatory policies for new NPWT devices are boosting market growth.

Economic: Rising incidence of chronic wounds and diabetes along with growing geriatric population prone to wounds are key factors driving increased healthcare spending on wound care management.

Social: Higher awareness about advanced wound care treatments and NPWT benefits among patients is propelling the demand. Also, growing preference for single-use devices ensures hygiene and safety during treatment.

Technological: Key players are increasingly investing in R&D to develop innovative NPWT devices with improved features like portability, connectivity, and automated operation. Introduction of single-use disposable devices is revolutionizing negative pressure wound therapy.

Key Takeaways

The Global Negative Pressure Wound Therapy (NPWT) Devices Market Growth is expected to witness high in the forecast period of 2024 to 2031 on account of rising geriatric population suffering from chronic wounds globally. The global negative pressure wound therapy (NPWT) devices market is estimated to be valued at US$ 19,051.6 million in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.

Regional analysis: North America region currently dominates the NPWT devices market owing to presence of major players, higher healthcare spending, and early availability of advanced wound care devices. However, Asia Pacific region is emerging as the fastest growing market fueled by improving healthcare infrastructure and rising medical tourism in countries like India and China.

Key players: Key players operating in the negative pressure wound therapy (NPWT) devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited. These players are focusing on launching innovative single-use NPWT devices and portable devices with advanced features to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it