Global Negative Pressure Wound Therapy (NPWT) Market Overview
Increase in healthcare expenditure across the globe by developing and emerging nations are changing the scenario of healthcare sector in order to provide better and effective cure. Emerging economies are adopting advanced therapies and healthcare devices to minimize the burden of diseases which is further cutting down the figure of health expenditure. Further, introduction of electrically operated negative pressure wound therapy with the purpose to cater cost-effective and better wound care to the patients and beneficial for the physicians to provide effective cure. The market of NPWT is majorly driven by the factors such as introduction of advanced NPWT those are more effective than the conventional wound therapies.
Market size and forecast
The global negative pressure wound therapy market is predicted to flourish significantly at a CAGR of 6.4% over the forecast period i.e. 2016-2023. Moreover, the market of negative pressure wound therapy accounted for USD 1.12 Billion in 2015 and the market is further anticipated to garner USD 2.56 Billion by 2023. The demand for single use NPWT is predicted to witness a significant growth in near future, owing to cost-effectiveness and handiness of the devices. North America accounted the highest market share in terms of revenue in overall market of negative pressure wound therapy across the globe. The market of North America region is expected to continue its dominance over the forecast period i.e. 2016-2023 owing to introduction of favorable re-imbursement policies in the region. On the other hand, Asia-Pacific is expected to be the second largest share contributor across the globe in NPWT market of due to growing demand of advanced NPWT in emerging nations such as India, China, etc. positive increase in GDP figure.
Rapid growth in healthcare sectors owing to increasing investments in research and development aims to provide affordable and portable user friendly devices. These factors estimated to swell the demand for NPWT in near future. Further, rising awareness towards healthcare and introduction of favorable re-imbursement policies by the government organizations across the globe are likely to shift the consumer to adopt advanced technology of healthcare such as NPWT. The negative wound pressure therapy market is estimated to expand in terms of demand in near future owing to growing awareness towards cost-effective wound therapies and positive growth in GDP figure in developing nations.
Demand Analysis By Market Segmentation
Our in-depth analysis segmented the global negative pressure wound therapy (NPWT) market in the following segments:
Global negative pressure wound therapy (NPWT) Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Increase in aging population is predicted to triggers the prevalence of chronic diseases such as diabetes, mellitus, etc. which leads to chronic wounds, rising cases of skin ulcers due to lack of awareness towards hygiene, growing awareness towards advanced healthcare therapies are some of the factors driving the market of NPWT across the globe. In addition to this, factors such as introduction of cost-effective and portable wound therapy devices, availability of user friendly and disposable NWPT devices, rising preferences by physicians towards NPWT are some of the key elements prompting the demand for negative pressure wound therapy over the forecast period i.e. 2016-2023. Moreover, increase in gross disposable income of the population in developing regions and increasing healthcare spending owing to growing concern towards cure and treatment of wounds, low maintenance cost of mechanical wound therapy equipment are some of the major key elements swelling the demand for NPWT. However, high cost of treatment by NPWT, lack of awareness in under-developed nations, presence of complexities with NPWT devices, availability of low cost substitute therapies and lack of skilled healthcare physicians are some of the factors likely to restraint the market of NPWT market across the globe.
The key players of negative pressure wound therapy (NPWT) market are as follows:
Scope and Context
Overview of the Parent Market
The Global Negative Pressure Wound Therapy (NPWT) Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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