Negative pressure wound therapy (NPWT) devices help manage wound drainage by applying sub-atmospheric pressure to the wound. These devices help remove excess fluid and infectious materials from chronic and acute wounds, reducing bacterial load. They also promote healing by bringing wound edges together through the mechanism of wound contraction. NPWT is indicated in the management of traumatic wounds, diabetic and pressure ulcers, burns, flaps and grafts, surgical incisions, infection location, tunneled or undermined wounds. The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising prevalence of chronic wounds presents a major market opportunity. According to the Wound Care Association, chronic wounds affect over 6.5 million patients in the U.S. annually. Of these, 80% are aged 65 or older and 75% have diabetes. In addition, the growing geriatric population worldwide prone to chronic conditions like diabetes will boost wound care needs. As this population is more susceptible to pressure ulcers, NPWT devices will witness significant demand for managing these hard-to-heal conditions, thereby driving market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The Negative Pressure Wound Therapy (NPWT) Devices industry faces low threat of new entrants as it requires high capital investments and strict regulatory approval process. Established market players enjoy economies of scale and brand loyalty.
Bargaining power of buyers: The bargaining power of buyers is moderate as the products offered by different manufacturers are largely substitutable. However, product quality and after-sales service influence buyer decisions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as NPWT devices require components and raw materials that have few substitute sources. However, manufactures have leverage to source from alternative suppliers depending on pricing and quality.
Threat of new substitutes: The threat of new substitutes is low as NPWT therapy has proven clinical benefits over traditional wound care methods. However, alternative advanced wound care products pose low level of threat.
Competitive rivalry: The competitive rivalry is high among key global players competing on product innovation, quality and pricing.
SWOT Analysis
Strength: NPWT devices have proven clinical efficacy in healing chronic and acute wounds faster. Growing clinical evidence and recommendations increase adoption.
Weakness: High costs of devices limit usage. Dependency on reimbursement policies.
Opportunity: Rising prevalence of diabetes and associated chronic wounds drives market growth. Expanding applications such as post-surgical incision management offer new opportunities.
Threats: Stringent regulatory approvals and compliance requirements. Reimbursement cuts affect sales.
Key Takeaways
The Global Negative Pressure Wound Therapy (NPWT) Devices Market is expected to witness high growth. With increasing incidence of chronic diseases like diabetes and associated chronic wounds, the demand for NPWT devices is rising steadily. The market is dominated by North America owing to advanced healthcare infrastructure and availability of reimbursements. Europe holds the second largest share.
Regional analysis Asia Pacific region is poised to grow at the fastest rate during the forecast period supported by increasing healthcare spending of populace, growing medical tourism and rising incidence of chronic diseases.
Key players operating in the Negative Pressure Wound Therapy (NPWT) Devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited.
Get More Insights Here
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek