One of the major drivers for the growth of the global negative pressure wound therapy (NPWT) devices market is a significant rise in the geriatric population globally. According to the World Population Ageing 2019 report by the United Nations (UN), there were 703 million people aged 65 years or above globally in 2019, and this number is expected to reach 1.5 billion by 2050. Furthermore, the number of diabetic patients is increasing rapidly across the world. Diabetic foot ulcer is a long-term complication of diabetes mellitus, for which frequent dressing is required. Due to these factors, the global negative pressure wound therapy devices market size is expected to grow from $2,178.4 million in 2019 to $4,541.5 million in 2030, at a CAGR of 7.3% during the forecast period (2020–2030).
Single-Use Category To Witness Fastest Growth during forecast Period
The negative pressure wound therapy devices market is classified into conventional, single-use, and accessories, on the basis of product, among which single-use is expected to be the fastest-growing category globally over the forecast period. This can be ascribed to the launch of new products by key players, with ongoing advancement in single-use NPWT systems, coupled with their portable and easy-to-use features. For instance, the PICO 7Y single-use NPWT system with the AIRLOCK technology was launched by Smith & Nephew plc in the U.S. in September 2019. This system is indicated for acute and chronic wounds and closed surgical incisions with low-to-moderate amounts of exudate.
Further, the negative pressure wound therapy devices market, on the basis of wound type, is categorized into chronic and acute wounds, of which the chronic wounds category is expected to account for the major share in 2030. This would mainly be due to the surging prevalence of chronic diseases, such as chronic venous insufficiency, peripheral arterial occlusive disease, and diabetes mellitus. Since elderly people are more prone to medical conditions, they generate a considerable demand for chronic wound management products.
Globally, the North American region held the largest share in the negative pressure wound therapy devices market in 2019. This can be attributed to the strong presence of market players, high healthcare spending, and increasing research and development (R&D) activities in the region. Moreover, a large geriatric population, growing prevalence of diabetes, advancements in NPWT devices, increasing product adoption in homecare settings, and rising number of surgeries in the region are further expected to boost its market growth significantly.
Various COVID-19-affected countries around the world took the measure to lock down all non-essential commercial and industrial operations around March 2020. Quarantines and partial factory closures negatively impacted the demand for and supply of NPWT devices across the world. However, recently, the process of lockdown lifting in the major economies of the world has been initiated in phases, which is expected to recover the negative pressure wound therapy devices market.
Key Players Launching New Products to Gain Competitive Advantage
Players in the negative pressure wound therapy devices industry are consistently focusing on the launch of new and advanced products, to remain competitive. For example, in June 2019, Smith and Nephew plc introduced the new PICO 14 single-use NPWT (sNPWT), which has an enhanced pump, to aid in large wounds with less user intervention for up to 14 days; it is designed for wounds up to 7 centimeters in depth.
Similarly, in June 2019, Acelity L.P. Inc. announced the availability of the ABTHERA ADVANCE open-abdomen dressing, the next-generation of temporary abdominal closure solutions.
In May 2019, Acelity L.P. Inc. announced that the company has received the 510(k) clearance from the U.S. Food and Drug Administration (FDA) for DERMATAC Drape, a proprietary silicone–acrylic hybrid drape, which provides both clinical and operational benefits, as an accessory to certain of Kinetic Concepts Inc.’s (part of Acelity L.P. Inc.) NPWT systems.
Some of the major players operating in the negative pressure wound therapy devices market are Devon International Group, DeRoyal Industries Inc., ConvaTec Group plc, Smith & Nephew plc, Mölnlycke Health Care AB, Acelity L.P. Inc., ATMOS MedizinTechnik GmbH & Co. KG, Talley Group Limited, Cardinal Health Inc., and Medela AG.