Negative Pressure Wound Therapy Market COVID-19 Impact Analysis 2020

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Negative Pressure Wound Therapy Market COVID-19 Impact Analysis 2020

Negative Pressure Wound Therapy Market COVID-19 Impact Analysis 2020

Report analyzes comprehensive information on Global Negative Pressure Wound Therapy Market By Device Type (Conventional NPWT, and Single-use NPWT), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Burns & Trauma, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others) and Regional Forecast, 2019-2026.

The global negative pressure wound therapy (NPWT) market size is projected to reach USD 2.74 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period. However, it stood at USD 1.85 billion in 2018. As per the study, there is an increasing incidence of surgical site infections and chronic wounds amongst the masses worldwide. Thus, such factors would affect the market positively in the coming years.

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Increasing Cases of Diabetic Foot Ulcer to Drive Growth

Nowadays, there exists a large patient pool across the world that are affected by chronic diseases, such as diabetes. Such conditions are further giving rise to diabetic foot ulcers. As per a published report by NHS, for instance, approximately 4.5 million people were affected by diabetes in the U.K. in 2017. Also, around 10.0% of that diabetic population developed foot ulcer at some point in their lives. Additionally, as the geriatric population is rising, the cases of various conditions and diseases is also upsurging. It is, in turn, causing reduced mobility amongst the affected populaces. These would contribute to the vacuum assisted closure devices market growth during the forecast period.

North America to Grow Significantly Stoked by High Treatment Cost

In terms of region, the market is grouped into the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America. Out of these, North America had acquired USD 738.1 million NPWT market revenue in 2018 and is expected to expand steadily in the forthcoming years. This growth is attributable to the high treatment cost and rising incidence of chronic wounds in the U.S. Europe would showcase a slow growth owing to the inadequate reimbursement policies in countries, namely, Italy, Spain, and France.

Asia Pacific, on the other hand, is anticipated to grow significantly by exhibiting a high CAGR. It is likely to occur because of the rising patient pool affected by chronic wounds, as well as an increasing prevalence of chronic diseases. The Middle East & Africa and Latin America would show a moderate CAGR on account of the unavailability of favorable reimbursement policies and expensive nature of treatments.

Fortune Business Insights™ lists out some of the most renowned companies operating in the negative pressure wound therapy (NPWT) devices market. They are as follows:

Medela AG

KCI Licensing, Inc.

Smith & Nephew

Lohmann & Rauscher GmbH & Co. KG

ConvaTec Inc.

PAUL HARTMANN Asia-Pacific Ltd.

Cardinal Health

Talley Group Ltd.

Mölnlycke Health Care AB

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Negative Pressure Wound Therapy Market COVID-19 Impact Analysis 2020