Albany, NY -- (SBWIRE) -- 05/23/2018 -- 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.
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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.
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.
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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.
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