DUBLIN--(BUSINESS WIRE)--The "Negative Pressure Wound Therapy Market Research Report: By Product, Wound Type, End-User, Geographical Insight - Global Industry Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The negative pressure wound therapy (NPWT) market is expected to grow at a 6.6% CAGR during the forecast period and account for $3,001.3 million revenue by 2024.
The growing geriatric population, increasing diabetes prevalence, and high rate of caesarean sections, which require NPWT devices, are the key driving factors of the market.
Based on end user, the categories of the negative pressure wound therapy market are home-care settings, hospitals and clinics, and others. Advancing at a 6.9% CAGR, home-care settings are expected to be the fastest growing category during the forecast period. The growth of this end-user category can be attributed to technological developments, which make getting medical care at home easier, and the growing preference for home healthcare for better comfort.
Furthermore, the hospital end-user category of the negative pressure wound therapy market is bifurcated into out-patient and in-patient sub-categories. Between the two, the in-patient sub-category is expected to exhibit faster growth and generate larger revenue during the forecast period. This would be due to the increasing number of diseases which require prolonged care, thereby resulting in high NPWT usage. This sub-category is expected to advance at a 7.1% CAGR during the forecast period compared to 5.3% in the historical period.
The negative pressure wound therapy market is classified into acute and chronic wounds, based on wound type. The chronic wound classification is further categorized into diabetic foot, venous, and pressure ulcers. As NPWT devices are mostly utilized for venous ulcer treatment, this category is predicted to hold a 61.1% share in the market by 2024. The major reason for the prevalence of venous ulcers is the rising incidence of varicose veins in people.
Furthermore, the categories of the acute wound classification are burns, surgical wounds, and others. The surgical wound category has been accounting for the largest market share due to the increasing number of surgeries worldwide.
Owing to the extensive wound epidemiology in the country, the U.S. negative pressure wound therapy market is expected to generate a revenue of $790.5 million by 2024, witnessing a 6.7% CAGR during the forecast period. The chronic wound prevalence in the country rose to 6,362,965 cases in 2018 from 5,788,966 cases in 2016. This can be attributed to the growing number of diabetic patients and geriatric population. The risk of developing diabetic foot ulcers increases with the severity of diabetes. Moreover, the older population is susceptible to diabetes, which may result in chronic wounds, thereby making age a major risk factor for developing chronic wounds. In the U.S., 50.1 million people were aged 65 or above in 2017, growing from 42.5 million in 2012, as per the World Bank.
The prominent players in the negative pressure wound therapy market are Braun Melsungen AG, BSN medical GmbH, Genadyne Biotechnologies Inc., Carilex Medical, Shandog Wego Newlife Medical Device, Cork Medical LLC, Smith & Nephew PLC, and Mlnlycke Health Care AB.
- Devon International Group
- DeRoyal Industries Inc.
- ConvaTec Group Plc
- Smith & Nephew plc
- Mlnlycke Health Care AB
- Acelity L.P. Inc.
- ATMOS MedizinTechnik GmbH & Co. KG.
- Talley Group Limited
- Cardinal Health Inc.
- Medela AG
- Lohmann & Rauscher GmbH & Co. KG
- Carilex Medical GmBH
- TRIAGE MEDITECH PVT. LTD.
- Shandong Wego Newlife Medical Device Co. Ltd
- B. Braun Melsungen AG
- Genadyne Biotechnologies Inc.
- BSN medical GmbH
- Cork Medical LLC
For more information about this report visit https://www.researchandmarkets.com/r/cfhpu1