Favorable reimbursement policies for single-use NPWT devices is set to increase the demand of NPWT devices worldwide.
Portland, OR -- (SBWIRE) -- 06/20/2017 -- Negative Pressure Wound Therapy Devices Market report, published by Allied Market Research, forecasts that the global market is expected to garner $2,746 million by 2022, growing at a CAGR of 4.0% during the period 2016 - 2022. North America was the leading regional market in world NPWT devices industry. The conventional NPWT devices segment is expected to maintain its lead throughout the forecast period.
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NPWT market growth is driven by various factors such as increase in incidence of chronic diseases such as diabetes mellitus and obesity, and development of cost-effective and portable NPWT devices. Rise in geriatric population and awareness among individuals regarding the NPWT devices have further propelled market growth. However, lack of trained physicians and healthcare services in developing countries hamper the market growth.
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For instance, in May 2010, KCI obtained reimbursement approval for the product V.A.C ATS therapy by Japan's Health Insurance Bureau. Moreover, in Europe, countries such as Germany, Sweden, and Austria offer reimbursement policies for in- and outpatient sectors in NPWT devices.
Conventional NPWT devices generated the highest revenue in the global market, owing to the ability of these devices to heal a wide variety of wounds. Single-use NPWT devices is projected to be the fastest growing segment, with CAGR of 5.6%, due to advantages associated with it such as lightweight nature, better reimbursement insurance, and advanced dressing options.
NPWT devices market for chronic wounds is projected to grow with the highest CAGR of 4.0%, due to the increase in incidence of chronic diseases such as diabetes mellitus. Diabetic foot ulcer is the fastest growing segment in chronic wounds, owing to rise in prevalence of diabetes mellitus. In acute wounds, surgical wounds segment is expected to be the grow at the fastest rate on account of their increasing incidence. In end-user segment, hospitals & clinics occupied the major share of the NPWT devices market, as they provide better healing of transplanted skin and fewer chances of infection in case of patients with open wounds. Home care settings was the other dominant application segment, expected to grow at a CAGR of 5.1%.
Key findings of the Negative Pressure Wound Therapy (NPWT) Devices Market:
-In the year 2015, conventional NPWT devices was the highest revenue-generating segment and was worth $1,644 million.
-In the application segment, chronic wound is projected to be the fastest growing segment, registering a CAGR of 4.0%.
-Asia-Pacific is expected to be the fastest growing region in NPWT market by 2022 and is projected to grow at a CAGR of 5.7%.
-Germany and France accounted for over two-fifths share of the Europe NPWT devices market in 2015.
-In 2015, North America was the highest revenue-generating region, accounting for about two-fifths share of the overall market.
-Japan was the highest revenue-generating country in Asia-Pacific in 2015.
In 2015, Germany was the leading country market in Europe and projected to maintain this trend throughout analysis period.
North America accounted for a major share in the world NPWT devices in 2015, and is expected to maintain this trend throughout the forecast period. This is attributed to the rise in the prevalence of chronic wounds, increase in awareness among patients regarding cost-effective NPWT devices, and presence of advanced healthcare facilities. However, Asia-Pacific is expected to be grow at the fastest rate, owing to presence of ample growth opportunities in terms of unmet medical needs for the treatment of burns and surgical wounds, and high rate of chronic diseases such as diabetes mellitus.
The key players profiled in this report include Acelity, Smith & Nephew, ConvaTec Inc., Mlnlycke Health Care, Coloplast, Cardinal Health, Medela AG, Paul Hartmann AG, Devon Medical, and Talley Group Limited.
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