(MENAFN- America News Hour) Negative Pressure Wound Therapy (NPWT) Market report which delivers a detailed overview of the global negative pressure wound therapy (NPWT) market in terms of market segmentation by device type, wound type, end-user, and by region. Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
Negative Pressure Wound Therapy (NPWT) Market Statistics –
USD 3 billion revenue in 2021 The market size is projected to record a valuation of over USD 6 billion by 2031 The Negative Pressure Wound Therapy industry is slated to observe 7% growth rate through 2022-2031
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The global negative pressure wound therapy (NPWT) market is estimated to garner a CAGR of ~7% over the forecast period. The market is segmented by wound type into diabetic wounds, skin burns, pressure ulcers, surgical wounds, and venous legs wounds. Out of which the diabetic wound sub-segment is projected to witness significant growth on the back of rising cases of diabetes. The data released by the World Health Organization states that about 422 million people have diabetes worldwide.
The global negative pressure wound therapy (NPWT) market is expected to grow during the forecast period on the back of rising cases of chronic wounds in the world. Furthermore, the rising cases of surgeries and diabetic foot ulcers are also projected to boost the global negative pressure wound therapy (NPWT) market growth during the forecast period. Additionally, the global negative pressure wound therapy (NPWT) market is expected to foster remarkable growth owing to the rising geriatric population. Negative pressure wound therapy (NPWT) is helpful in promoting wound healing by eliminating healing inhibitors and increasing the blood flow to heal the wound at a rapid rate. NPWT also helps in healing the wound in lesser time, which is the reason the global negative pressure wound therapy (NPWT) market is expected to grow significantly during the forecast period.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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Regionally, the global negative pressure wound therapy (NPWT) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness significant growth over the forecast period owing to the presence of a well-established healthcare infrastructure. The Europe region is also estimated to witness significant growth over the forecast period on account of the flexible guidelines by the government and the growing geriatric population.
According to recent study by Research Nester, the Negative-pressure Wound Therapy (NPWT) Devices Market size is anticipated to surpass USD 6 Bn by 2031 and is projected to expand at CAGR of over 7% from 2022 to 2031.
Major players include in the global Negative-pressure Wound Therapy (NPWT) Devices Market:
Smith & Nephew, PLC. Acelity L.P., Inc. Cardinal Health DeRoyal Industries, Inc. Genadyne Biotechnologies, Inc. Medela, LLC. ConvaTec, Inc. ATMOS MedizinTechnik, GmbH & Co. KG Talley Group Ltd PAUL HARTMANN
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Rising Cases of Chronic Wounds to Boost the Market Growth
The report released by the National Center for Biotechnology Information that 2% of the total population is estimated to be affected by chronic wounds.
Negative pressure wound therapy is efficient for treating chronic wounds. On the back of mushrooming patients with chronic wounds, the global negative pressure wound therapy (NPWT) market is estimated to grow during the forecast period. Moreover, the negative pressure wound therapy (NPWT) is effective in healing burn wounds efficiently, owing to this the global negative pressure wound therapy (NPWT) market is expected to grow significantly.
However, complications associated with the therapy are expected to operate as a key restraint to the growth of the global negative pressure wound therapy (NPWT) market over the forecast period.
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About Research Nester
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.