The Global Disposable Negative Pressure Wound Therapy Devices Industry is set to experience substantial growth from 2022 to 2028, with a projected Compound Annual Growth Rate (CAGR) of 10.7%. This surge is expected to propel the industry to an estimated market value of approximately US$ 461.3 million. These insights are derived from a comprehensive analysis presented in the recent report by Future Market Insights (FMI) titled “Global Disposable Negative Pressure Wound Therapy Devices Industry: Analysis (2017 – 2021) and Opportunity Assessment (2022 – 2028).”
According to the forecasts outlined by FMI, the Global Disposable Negative Pressure Wound Therapy Devices Industry is anticipated to witness significant dominance by hospitals in 2022, capturing a substantial market share of over 33%. This underscores the pivotal role of healthcare institutions in driving the adoption and utilization of disposable negative-pressure wound therapy devices.
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 has grown bigger as the social and cultural rift between the bourgeoisie and proletariat is deepening with time.
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While the preceding decades were marked by unison and the formation of economic blocks, disintegration has been the story of the recent past. Although the business climate is far from favorable for organizations that have an interest in multiple countries, the prevailing encounters have also obligated that corporate social responsibility becomes more than just a formality and that 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 Industry is anticipated to witness a CAGR of 10.6% over the forecast period of 2022 and 2028.
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 from venous etiology.
The annual prevalence of venous insufficiency ulcers in those aged 65 and above has been estimated to be nearly 2 in every 100 persons per year. The 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 on 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.
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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 canisters and disposable NPWT without canisters. Based on end users, the market has been segmented into hospitals, clinics, and home care settings.
Market Players to Concentrate on Product Differentiation
The top players in the market are focusing on product differentiation and expansion of the consumer base 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
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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