Tag Archives: Negative Pressure Wound Therapy Market

Global Negative Pressure Wound Therapy Market to Touch US$2.9 bn by 2020, Increasing Incidence of Chronic Wounds Fuels Demand

The global negative pressure wound therapy (NPWT) market is characterized by the dominance of a handful of players such as Kinetic Concepts Inc., Devon Medical Inc., Smith & Nephew PLC, and Medela AG. Among these, Kinetic Concepts Inc., emerged as the clear leader with 79% of the market share in 2013.

A TMR analyst points out, “Geographical business expansion is one of the key growth models that top companies in this market are focused on for competitive advantage.” An excellent example is ArjoHuntleigh, the company is aggressively engaged in expanding business operations globally to address the unmet medical needs of patients. In recent years, the company has invested heavily in key emerging markets such as India, China, and Brazil for business expansion.

Strong customer relations is one of the key growth strategies that leading companies in this market are focused on. For example, ArjoHuntleigh is focused on developing strong relationship with customers to attain long term business goals.

Introduction of new products remains at the center of business activities for leading companies in the global NPWT market. This is mainly to introduce new products that are more effective than predecessor products for wound care.

High Occurrence of Chronic Diseases among Geriatrics Pushes Uptake of Advanced Wound Care Products

An increasing geriatric population is one of the foremost factors driving the global negative pressure wound therapy market. According to the World Health Organization, the population of individuals above the age of 65 years is expected to increase from 13% to 53% between 2010 and 2020. The significant rise in aging population is expected to spur the incidence of chronic diseases such as cancer and diabetes, which are associated with skin ulcers. This will drive the NPWT devices market in the coming years.

The increasing rate of occurrence of acute and chronic wounds is also boosting the growth of this market. Skin ulcers of various types often cause pus formation and require advanced wound care products such as NPWT. In particular, decubitus ulcers have been a major concern among bedridden elderly patients suffering from chronic diseases such as diabetes and cancer. Moreover, the number of casualties due to accidents is also escalating the demand for advanced wound care products.

Introduction of novel technologies and newer products boosts the growth of NPWT market. The use of innovative technologies such as nanotechnology, electrical stimulation, low level laser therapy, and therapeutic ultrasound to specialty wound dressing kits is also fuelling the market’s growth.

High Cost of NPWT Systems Hinders Market Growth

Reluctance to adopt technologically advanced products is impeding the growth of the global negative pressure wound therapy market. The high cost of advanced wound therapy is primarily limiting its use for healing purposes. Healthcare providers and physicians in Europe and Asia are reluctant towards adoption of advanced wound care products as compared to the physician in the U.S. due to the high cost factor.

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Unfavorable reimbursement policies for NPWT are also hampering the growth of this market. Due to the high price factor of advanced wound care products, major public and private insurers worldwide have revised reimbursement policies pertaining to the use of these products. This is impacting the growth of the NPWT market.

The global negative pressure wound therapy market is expected to be worth US$2,987.2 mn by 2020, states TMR. On the basis of type of device, conventional NPWT systems is the leading segment of this market. However, single use NPWT systems are expected to display a substantial growth rate in the coming years.

Currently, North America is the leading market for NPWT due to favorable reimbursement policies in this region.

The information presented in this review is based on a Transparency Market Research report, titled “Negative Pressure Wound Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”

Negative Pressure Wound Therapy Market – One of the Key Aspect of Modern Treatment

Transparency Market Research (TMR) has recently published a study on the global negative pressure wound therapy (NPWT) market, according to which, the market is anticipated to rise at a healthy CAGR of 10.20% between 2014 and 2020.The research report, titled “Negative Pressure Wound Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” estimates this market to increase from a total value of US$1.5 bn in 2013 to US$2.9 bn by the end of the forecast period.

Negative pressure wound therapy is an advanced therapy that applies negative or sub-atmospheric pressure to a wound in a closed wound drainage system. The devices used in this therapy make use of a mechanical as well as an electrical suction pump to transfer negative pressure through connecting tubes to wound dressing kits to promote faster wound healing. These devices can be utilized for the treatment of pressure sores, traumatic wounds, surgical wounds, and chronic wounds such as venous stasis ulcers and diabetic foot ulcers.

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According to the study, the NPWT market is likely to witness a robust rise in its valuation during the forecast period owing to the increasing incidence of acute and chronic wounds.The report has studied the global NPWT market on two fronts: Product and the region. Based on product, the market has been categorized into single-use NPWT devices and conventional NPWT devices. The conventional NPWT devices segment has been leading the overall market since the last decade. However, the single-use NPWT devices segment is projected to register a higher CAGR of approximately 17.0% over the forecast period.

The shift in preference of patients from conventional NPWT devices to single-use devices, on account of the convenience and the cost benefits offered by the latter, is likely to propel this market segment significantly in the coming years, notes the study.

Geographically, the report segments the worldwide NPWT market into Europe, North America, Asia Pacific, and the Rest of the World. North America emerged as the biggest regional market for NPWT in 2013. The increasing incidence of chronic diseases, rising awareness among patients regarding healthcare, and favorable reimbursement scenario have boosted this regional market.

In the same year, Europe acquired the second position in the global NPWT market on account of the augmented rate of transit accidents and increased incidence of chronic wounds.

Though both the regional markets are projected to record healthy growth during the forecast period, they are likely to lose ground to Asia Pacific market for NPWT. The NPWT market in Asia Pacific is expected to gain from the strengthening economy, supportive government policies, and the soaring demand for technically advanced wound care products in the coming years, states the report.

Devon Medical Inc., Talley Group Ltd., Smith & Nephew plc, Prospera Technologies LLC, Molnlycke Health Care AB, Kinetic Concepts Inc., Genadyne Biotechnologies Inc., ConvaTec Inc., and ArjoHuntleigh International AB are the major international players in the negative pressure wound therapy market, reports the study.

Realizing The Importance Of Negative Pressure Wound Therapy Market And Its Benefits

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Negative Pressure Wound Therapy (NPWT) is an advance wound care therapy that applies sub-atmospheric or negative pressure to a wound in a closed drainage system. NPWT devices uses an electrical as well as a mechanical suction pump to continuously or intermittently convey negative pressure through connecting tubes to specially designed wound dressings kits that include resilient foam and gauze dressings and thereby promote faster wound healing. NPWT promotes wound healing by reducing edema, by stimulating granulation tissue and cell proliferation as well as by increasing blood circulation. NPWT systems can be used for the treatment of surgical wounds, traumatic wounds, chronic wounds such as diabetic foot ulcers and venous stasis ulcers as well as pressure sores. NPWT systems are segmented on the basis of type of devices into conventional NPWT systems and single use NPWT systems. Further, conventional NPWT systems are bifurcated on the basis of disposables into canisters, pumps and dressing kits. In addition, NPWT systems can also be used for the treatment of injuries associated with burns and meshed skin grafts.

The primary factors contributing to the growth of this market are globally increasing geriatric population; as well as increasing incidence and prevalence rate of chronic diseases such as cancer and diabetes leading to rise in chronic wounds. Moreover, high awareness about advance wound care devices and patient preference for the treatment with minimum side-effects are also driving the growth of this market.

In products segment, conventional NPWT systems account for the largest market segment while, single use NPWT systems market segment is growing with highest CAGR of approximately17 % during forecast period from 2014 to 2020. NPWT market is witnessing a paradigm shift from usage of conventional NPWT systems towards single use NPWT systems owing to preference of patients towards portable and cost effective wound care devices. This shift in preference is mainly related to convenience of patients since they try to avoid bulky and expensive conventional NPWT systems compared to portable single use NPWT systems.

Rising Investments in Emerging Markets Fueling Growth

North America is the most prominent market for negative pressure wound therapy at the moment, driven by increasing levels of patient awareness, rapidly aging population, growing prevalence of chronic diseases, high percentage of diabetic population, and favorable and supportive reimbursement policies. Europe is also a key market for negative pressure wound therapy, propelled by increased prevalence of chronic wounds and high incidence of transit accidents.

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However, emerging economies have been identified as the most lucrative market for negative pressure wound therapy, thanks to rising investments in healthcare and development of novel technologies. Asia Pacific is anticipated to witness the highest growth among other regional markets and this development can be attributed to supportive government policies, strong economic development, increased demand for advanced wound care products, and rise in healthcare expenditure.

On the down side, high cost of advanced wound care devices, unfavorable reimbursement policies in certain countries, and reluctance in adopting technologically advanced devices in some regions are anticipated to restrict the growth of the market.

Realizing the potential of negative pressure wound therapy, the competition within the global market has increased, making room for advanced and more convenient solutions. Some of the leading vendors engaged in the global negative pressure wound therapy market are Devon Medical, Inc., Medela AG, Genadyne Biotechnologies, Inc., ConvaTec, Inc., Kinetic Concepts, Inc., ArjoHuntleigh International AB, Prospera Technologies LLC, Talley Group Limited, Smith & Nephew PLC, and Mölnlycke Health Care AB.

Global Negative Pressure Wound Therapy (NPWT) Market to be Worth US$2.9 bn by 2020 due to Rising Investment in Emerging Economies

The research study, titled “Negative Pressure Wound Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, from Transparency Market Research offers key insights into the market. According to this report, the global negative pressure wound therapy (NPWT) market will expand at a marked CAGR of 10.20% during the forecast period from 2014 to 2020. In 2013, the global negative pressure wound therapy market was estimated at US$1.5 bn and by 2020, the market is projected to be worth US$2.9 bn.

Browse the full Negative Pressure Wound Therapy Market (Conventional and Single Use NPWT Systems) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020 report at http://www.transparencymarketresearch.com/negative-pressure-wound-therapy.html

The global negative pressure wound therapy (NPWT) market will be driven by the rising geriatric population and growing prevalence of chronic and acute wounds. High incidence of chronic conditions will further drive the global negative pressure wound therapy market. In addition to this, the global negative pressure wound therapy market will benefit from the rising number of novel technologies and products. Furthermore, increasing patient awareness and growing disposable income levels in both developed and developing nations will further fuel the global negative pressure wound therapy market.

Nevertheless, the global negative pressure wound therapy (NPWT) market will be restrained by the reluctance of many consumers to adopt technologically advanced products. Furthermore, the global negative pressure wound therapy market’s growth will be constrained by the high cost of advanced wound care devices. Unfavorable reimbursement policies will also hamper the global NPWT market’s growth.

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On the basis of product, the global negative pressure wound therapy (NPWT) market is divided into single use NPWT devices and conventional NPWT devices. Presently, the conventional negative pressure wound therapy devices segment holds the largest share in the global negative pressure wound therapy market. However, the single use NPWT devices segment will progress at a higher CAGR of 17.0% during the forecasting horizon.

Geography-wise, the global negative pressure wound therapy (NPWT) market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Currently, North America is the largest market for NPWT systems due to favorable reimbursement policies, followed by Europe. The Europe NPWT market is driven by the elevated rate of occurrence of transit accidents. Nonetheless, it is Asia Pacific that is projected to witness the highest growth in the coming few years. This regional market is driven by the robust economic development, favorable government policies, and rising demand for technologically advanced wound care products in developing economies.

Players in the global negative pressure wound therapy (NPWT) market will benefit from the market opportunities provided by the growing focus on the development of portable NPWT devices and rising investment in emerging nations. The key players operating in the global negative pressure wound therapy market are ConvaTec, Devon Medical, Kinetic Concepts, Medela, and Smith & Nephew.

The research report on the global negative pressure wound therapy (NPWT) market offers valuable recommendations to market players. According to the report’s analysts, companies need to focus on improving their distribution network to strengthen their market presence. Furthermore, the research study suggests that implementation of the Affordable Care Act in the U.S. will change the dynamics of this regional NPWT market and companies need to keep in mind this factor when forming their business strategies.

Growth of Negative Pressure Wound Therapy Market Rides on Surge in Diabetic and Geriatric Population Worldwide

Negative pressure wound therapy has evolved considerably since its advent in 1997, with advanced functionalities and dressing features being developed to improve the efficiency of the procedure and make it more patient-friendly. The growing demand for portable, compact, and easy-to-use negative pressure wound therapy devices that are convenient for at-home use and have minimum side effects is a major factor driving the global market.

The alarming rise in the global diabetic population has also remarkably fueled the demand for negative pressure wound therapy. According to the American Diabetes Association, nearly 30 million adults and children worldwide are affected by diabetes, 15.0% of which suffer from foot ulcers at some point in time. Ulcers can often result in gangrene and infections and negative pressure wound therapy has emerged as a treatment option for such conditions.

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High Incidence of Chronic Diseases Driving Demand for Negative Pressure Wound Therapy

One of the leading factors propelling the global negative pressure wound therapy market is the growing incidence of chronic diseases such as diabetes, cancer, cardiovascular diseases, neurological disorders, and peripheral vascular diseases, and the rising prevalence of acute and chronic wounds worldwide. Acute long-term illnesses often result in longer hospital stay or bed occupancy, which can lead to increased rate of decubitus ulcers, thereby spurring the demand for negative pressure wound therapy. Apart from this, increase in patient awareness, surge in disposable income and healthcare expenditure, rise in geriatric population, and availability of novel technologies and products have driven the negative pressure wound therapy market.

All of the aforementioned factors are anticipated to boost the global negative pressure wound therapy market to expand at a 10.20% CAGR from 2014 to 2020, growing from a value of US$1.5 bn in 2013 to US$2.9 bn by 2020.

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Rising Investments in Emerging Markets Fueling Growth

North America is the most prominent market for negative pressure wound therapy at the moment, driven by increasing levels of patient awareness, rapidly aging population, growing prevalence of chronic diseases, high percentage of diabetic population, and favorable and supportive reimbursement policies. Europe is also a key market for negative pressure wound therapy, propelled by increased prevalence of chronic wounds and high incidence of transit accidents.

However, emerging economies have been identified as the most lucrative market for negative pressure wound therapy, thanks to rising investments in healthcare and development of novel technologies. Asia Pacific is anticipated to witness the highest growth among other regional markets and this development can be attributed to supportive government policies, strong economic development, increased demand for advanced wound care products, and rise in healthcare expenditure.

On the down side, high cost of advanced wound care devices, unfavorable reimbursement policies in certain countries, and reluctance in adopting technologically advanced devices in some regions are anticipated to restrict the growth of the market.

Realizing the potential of negative pressure wound therapy, the competition within the global market has increased, making room for advanced and more convenient solutions. Some of the leading vendors engaged in the global negative pressure wound therapy market are Devon Medical, Inc., Medela AG, Genadyne Biotechnologies, Inc., ConvaTec, Inc., Kinetic Concepts, Inc., ArjoHuntleigh International AB, Prospera Technologies LLC, Talley Group Limited, Smith & Nephew PLC, and Mölnlycke Health Care AB.

Browse Full Global Negative Pressure Wound Therapy Market Report With Complete TOC @ http://www.transparencymarketresearch.com/negative-pressure-wound-therapy.html

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