Negative Pressure Wound Therapy Devices Market Regional Outlook, and Competitive Strategies

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 The geriatric population has been increasing at a swift pace all across the globe. The number of people aged 65 years or over is predicted to reach 1.5 billion by 2050. This is further projected to create increased burden on the healthcare industry, since aged people need to be tended to more frequently than adults. As their immune systems are weakened, they fall sick often. Moreover, physical strength also declines as a person ages, thereby putting them at increased risk of developing wounds.

Ascribed to this, the globe negative pressure wound therapy (NPWT) market is predicted to generate a revenue of $4,541.5 million in 2030, increasing from $2,178.4 million in 2019, progressing at a 7.3% CAGR during the forecast period (2020–2030). A wound is covered with an airtight dressing, along with which, negative pressure is applied, in NPWT. This treatment is primarily used for acute complicated wounds and for large chronic persistent wounds.

The rising geriatric population is creating high demand for chronic wound management products, as they are more susceptible to developing chronic medical conditions. NPWT devices are utilized in home-care settings and hospitals, between which, hospitals created higher demand for them. A large number of people usually prefer to go to hospitals for seeking medical treatment. Moreover, as the disposable income of people is increasing, these healthcare settings are becoming increasingly accessible.

Geographically, the negative pressure wound therapy market was dominated by North America in 2019. Within the region, the U.S. has been creating the highest demand for NPWT devices, owing to the increasing prevalence of diabetes. Diabetic patients are susceptible to developing foot ulcers and their wounds take longer time to heal. Apart from this, the Asia-Pacific region is also predicted to create high demand for NPWT devices in the coming years due to the rising healthcare expenditure, increasing number of product launches, and growing prevalence of diabetes.

Hence, the market is growing due to the surging number of elderly people across the globe.

Negative Pressure Wound Therapy Devices Market - Global Industry Analysis, Growth Opportunities, and Future Trends

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