DUBLIN--(BUSINESS WIRE)--The "Negative Pressure Wound Therapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The negative pressure wound therapy market is projected to register a CAGR of 5.7% during the forecast period, with estimated market size of approximately USD 3,052 million in 2020 and reach about USD 4,250 by 2026.
- Alkermes Plc
- Abbvie (Allergan Plc)
- Eli Lilly and Company
- Johnson & Johnson
- Pfizer Inc.
- Sumitomo Dainippon Pharma
- Vanda Pharmaceuticals
- Bristol-Myers Squibb and Company
- Otsuka America Pharmaceutical, Inc.
- Acadia Pharmaceuticals
- Karuna Therapeutics
Key Market Trends
Diabetic Foot Ulcers are Expected to Witness Good Growth in the Market Studied
The COVID-19 pandemic has affected the supply chain of pharmaceutical products. In the beginning of 2020, the outbreak of COVID-19 worldwide impacted the market studied, as wound care services, such as Diabetic Foot Ulcer and pressure ulcer treatments, were put on hold to prevent the spread of the COVID-19 virus. This situation put tremendous pressure on hospitals and other healthcare centers to provide services to COVID-19 patients.? As per the article published in The Wounds Clinic, 2020, the COVID-19 pandemic has changed the perspectives on the way wound clinics have been operating. The United States surgeon general, the Centers for Medicare and Medicaid Services(CMS), and the American College of Surgeons recommended that all the non-essential medical and surgical services to be delayed or canceled to reduce the exposure risk to the SARS-CoV-2 virus and conserve resources for a large number of the infected population. The wound centers were significantly impacted by these recommendations.?
Moreover, Diabetic Foot Ulcers (DFU) is one of the most common complications associated with Diabetes and is posing a burden on several countries across the globe. The annual incidence of DFU across the globe is around 6.3%, as stated by the report from the American College of Physicians (ACP) 2018. Furthermore, the report suggests that the lifetime incidence of foot ulcers in diabetic patients is 19-34%. Several studies have revealed that NPWT is helpful in reducing the time it takes wounds to heal. Faster wound healing results in an overall decrease in hospitalization and avoids the additional morbidity of chronic wounds. According to the In Dependent Diabetes Trust (IDDT) 2018, in the United Kingdom, it was estimated that around 115,000 people develop diabetic foot ulcers, every year. Owing to many people with DFU in the United Kingdom, there is a growing demand for the NPWT devices in the country, as NPWT is one of the most efficacious, safe, and cost-effective method of treating DFUs.
North America is Expected to Dominate the Market Over the Forecast Period
The United States is the most COVID-19 affected country across the world. The market experienced a significant decline during the initial days of the pandemic but later on owing to the increased incidence of accidents and traumatic events, burn wounds and pressure ulcers with the COVID 19 patients has created a huge demand for the negative pressure wound therapy market during the forecast period.
Being one of the most developed economies and technologically advanced countries, the United States from the North America region is holding the largest share in the medical devices market which is a beneficial factor for the market studied. NPWT is an expensive procedure but the reimbursement policies in the North American region are better hence, the service or treatment availed by the patient becomes cheap compared to that of developing countries. Furthermore, this region has the presence of all the key players that are dominating the NPWT market. Therefore, owing to the aforementioned factors, North America is expected to have a significant share of the market studied.
According to the World Ageing 2019 report, in 2019, there were about 53.340 million (16.2%) in the population aged 65 years or over in the United States. This number is projected to reach 70.842 million (20.3%) in 2030. Furthermore, people over 65 are particularly vulnerable to pressure ulcers due to factors, such as reduced aging of the skin, blood supply, and a higher rate of mobility problems. Hence the rising aging population will increase the demand for negative pressure wound therapy.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Schizophrenia and Associated Disorders
4.2.2 Increase in Focus of Governments and Health Care Organizations on Mental Health
4.2.3 Increasing Investments in R&D
4.3 Market Restraints
4.3.1 Increase in Cases of Addiction Associated with these Drugs
4.3.2 Patent Expiry of Major Drugs
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Therapeutic Class
5.2 By Treatment
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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