Albany, NY -- (SBWIRE) -- 09/28/2018 -- 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.
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.
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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.
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