Negative Pressure Wound Therapy (NPWT) Market Highlights the Competitive Scenario of the Market, Major Competitors, Market Share, Benchmarking, Investments and Merger Acquisitions

The factors responsible for the growth of the market are rising prevalence of diabetes, increasing cases of burns, growing geriatric population, and high rate of caesarean section (C-section) leading to increasing post-operative use of NPWT devices, according to P&S Intelligence.

Based on wound type, the negative pressure wound therapy market is categorized into chronic wounds and acute wounds. The chronic wounds category is further classified into venous, diabetic foot, and pressure ulcers. Among these, the NPWT devices are mostly utilized for the treatment of venous ulcers, and the category is expected to hold 61.1% share in the market by 2024. This can be attributed to increasing cases of varicose veins among people, which are the major reason for venous ulcers.

In the U.S., the negative pressure wound therapy market is expected to generate $790.5 million revenue by 2024, observing a CAGR of 6.7% during the forecast period, owing to the extensive wound epidemiology in the country. The prevalent cases of chronic wounds increased from 5,788,966 cases in 2016 to 6,362,965 cases in 2028 in the country. This is majorly attributed to the growing geriatric population and rising prevalence of diabetes in the U.S. According to the Centers for Disease Control and Prevention (CDC), in 2017, there were more than 100 million adults living with diabetes or prediabetes in the U.S. The rising prevalence of diabetes increases the risk of developing diabetic foot ulcer.

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Also, the prevalence of diabetes is high among older population, thus increasing ageing population is one of the major factors leading to chronic wounds. According to the World Bank, the population aged 65 and above increased from 42.5 million in 2012 to 50.1 million by 2017 in the U.S.

The negative pressure wound therapy market is witnessing many product launches throughout the world. For instance, in November 2018, Smith & Nephew plc launched its new NPWT product called PICO7Y. This is a single-use NPWT device with a Y extension, enabling the utilization of two dressings concurrently from one pump, in practice allowing for two wounds to be addressed at the same time, thereby potentially reducing the cost of treatment.

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DeRoyal Industries, Smith & Nephew plc, Devon International Group, Acelity L.P. Inc., ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Limited, Mölnlycke Health Care AB, Cardinal Health, Medela AG, Lohmann & Rauscher GmbH & Co. KG, BSN medical GmbH, Carilex Medical, TRIAGE MEDITECH, Shandog Wego Newlife Medical Device, ConvaTec Group Plc, B. Braun Melsungen AG, Genadyne Biotechnologies Inc., and Cork Medical LLC are some of the prominent players in the global negative pressure wound therapy market.