In the report published by Future Market Insights titled “Disposable Negative Pressure Wound Therapy Devices Market: Global Industry Analysis (2017 – 2021) and Opportunity Assessment (2022 – 2028)”, it has been stated that the development around the globe in the last couple of years reflected certain complexities and fissures related to the political environment across many countries.
As protectionists are threatening to penetrate the notions of free-trade, globalization is likely to face its most difficult test ever. The threat of populist policies disrupting the decades-old trade agreements have grown bigger as the social and cultural rift between the bourgeoisie and proletariat is deepening with time.
While the preceding decades were marked by unison and formation of economic blocks, disintegration has been the story of the recent past. Although the business climate is far from favorable for organizations who have interest in multiple countries, the prevailing encounters have also obligated that corporate social responsibility becomes more than just a formality and companies actually demonstrate that they contribute to the societies they operate in.
There is a dire need for companies to participate in discussions and debates that will eventually lead to policy formulations. Owing to these circumstances the global disposable negative pressure wound therapy devices market is anticipated to witness a CAGR of 10.6% over the forecast period of 2022 and 2028.
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2013-2021 Disposable Negative Pressure Wound Therapy Demand Outlook Compared to 2022-2028 Forecast
The Global disposable negative pressure wound therapy devices market is growing with the increasing prevalence of diabetes leading to diabetic ulcers & pressure sores. The continuously growing surgery numbers across the world leads to the consequential post-operative wounds, requiring negative pressure therapies and surgical site infections, becoming another reason for advanced usage of negative pressure wound therapy
The Global Disposable negative pressure wound therapy devices market constitutes nearly 9.2% of the ~2.47 Bn Negative Pressure Wound Therapy Market globally. Disposable negative pressure wound therapy allows clinicians for low exudating and small- to medium-sized wounds. The therapy is performed through a vacuum-assisted wound closure, which continuously or intermittently apply sub atmospheric pressure to the system, which in turn provides a positive pressure to the surface of a wound.
For instance, according to the American Diabetes Association (ADA), over 9–12 million Americans suffer from chronic ulcers, additionally, over 3% of the population older than 65 years have succumbed to some or other open wounds. It is been estimated that (US Government Estimates), by the year 2060, the elderly population will be over 77 million, signifying that chronic wounds will continue to be an increasingly persistent problem in this population. The consistent growth in burden of wound among population will enhance the interventions of negative pressure wound therapy
Hence, the demand outlook for disposable negative pressure wound therapy devices market is forecasted to grow at rapid rate during the forecast period owing to the growing demand for negative pressure wound therapy surgeries.
The disposable negative pressure wound therapy devices market is expected to expand at a considerable growth rate between 2022-2028 at a CAGR of around 10.7%, and observe an incremental $ opportunity of USD 210.6 Mn from 2022 to 2028. The hospitals segment will remain the most preferred option for surgeries conducted, during the forecast period.
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Cost Control Measures and Rising Healthcare Expenditure to Bode Well for the Market
The adoption rate of disposable NPWT devices is rising in developed nations such as the U.K., Germany, and the U.S., due to the obligation of healthcare burden across these countries owing to the growing prevalence of chronic wounds. According to an article on Wound Practice and Research, the healthcare expenditure for chronic wounds of 6.5 Mn patients accounts for over US$ 25 Bn per year in the U.S. Other research studies have also indicated that among chronic wounds, venous insufficiency ulcers constitute approximately 50% of the chronic leg ulcers. These wounds result due to venous etiology.
Annual prevalence of venous insufficiency ulcers in those aged 65 and above has been estimated to be near to 2 in every 100 persons per year. Prevalence of pressure ulcers varies between 0.31% and 0.70% per year in the United States. Such cases are likely to boost the demand for disposable NPWT in the years to come.
Moreover, the growing focus on the expenditure pertaining to healthcare across developed as well as developing nations is expected to drive the adoption high quality patient care treatment options across the globe. This has also led to the rise in the per capita healthcare expenditure owing to the rising disposable income of people across the globe. This, is further expected to fuel the demand for wound care therapy and also increase the adoption of disposable NPWT devices in the course of the forecast period.
North America to Lead Among All Regions
North America is expected to stay on the vanguard during the forecast period in the global disposable NPWT devices market with a share of 51.1% in the overall market. The U.S. is expected to emerge as the most lucrative nation in North America closely trailed by Western Europe and Asia Pacific excluding Japan. Based on product type, the market has been bifurcated into disposable NPWT with canister and disposable NPWT without canister. On the basis of end user, the market has been segmented into hospitals, clinics, and homecare settings.
Market Players to Concentrate on Product Differentiation
The top players in the market are focusing on product differentiation and expansion of consumer base in order to retain their position in the market. The leading players accounted for over 77% of the global market share in 2016. The players are Acelity (Kinetic Concepts, Inc.), Cardinal Health Inc., Smith and Nephew PLC., ConvaTec Inc., and Medela.
Disposable Negative Pressure Wound Therapy- Market Segmentation – by Category
By Product:
- Disposable NPWT with canister
- Disposable NPWT without canister
By End user:
- Hospitals
- Clinics
- Home care settings
Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- APEJ
- Japan
- MEA