NPWT Devices Market To Generate Revenue Worth $4,698.4 Million in 2030

The increasing cases of burns, rising prevalence of diabetes, growing geriatric population, and high rate of C-section surgeries resulting in the surging post-operative utilization of negative-pressure wound therapy (NPWT) devices are the major growth drivers for the global NPWT devices market. Due to the aforementioned factors, the industry is projected to generate $4,698.4 million revenue in 2030, advancing at a CAGR of 7.7% during 2020–2030.

During the COVID-19 pandemic, governments of several countries have taken numerous measures to make their economies stable, such as the implementation of new economic plans. However, on account of the health threats due to COVID-19, manufacturers in the market for NPWT devices have faced hindrances. With the imposition of lockdowns, reduced workforces, constraints in producing goods with proper sanitization measures, surge in the unemployment rate, reduced supply of raw materials due to the closing of international borders, and affected import and export services, market players across the globe were affected significantly.

Chronic Wound Is Likely To Showcase Faster Growth during Forecast Period

The NPWT devices market is bifurcated into chronic and acute, on the basis of wound type. Of these, the chronic wound bifurcation dominated the market during the historical period (2015–2020), and it is expected to showcase the faster growth during the forecast period (2021–2030) in order to retain its dominance. This will mainly be due to the surging prevalence of chronic diseases, including chronic venous insufficiency and diabetes mellitus. Moreover, the demand for NPWT devices is high among elderly people as they are more prone to such medical conditions.

The market for NPWT devices is categorized into conventional, single-use, and accessories, on the basis of product. Out of these, the conventional category held the largest revenue share in 2020. This was primarily due to the fact that these devices have a high penetration in developing countries, such as India and China, which have large populations.

North America was the largest contributor to the NPWT devices market in 2020. This is mainly attributed to the presence of numerous established market players and the extensive research and development (R&D) being conducted by them and the high healthcare spending, the majority of which is attributed to the government.

The Asia-Pacific (APAC) market is expected to grow the most rapidly during the forecast period, mainly on account of the surging geriatric population and cases of burns and traumatic wounds in the region.

Partnerships Are Most-Effective Strategic Measures Taken by Market Players

Players in the NPWT devices industry have been involved in partnerships to gain a significant position. For instance, in June 2019, ConvaTec Group plc announced that it has partnered with the European Wound Management Association (EWMA) to launch three research grants for nurses, doctors, and scientists working in the field of wound management. By advancing research and supporting innovation, the EWMA and the company aimed to improve the care and quality of the life of individuals with acute and chronic wounds.

The major players operating in the global NPWT devices market are Alleva Medical Ltd., 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., Medela AG, Lohmann & Rauscher GmbH & Co. KG, Carilex Medical GmbH, Triage Meditech Pvt. Ltd., Shandong Weigao Xinsheng Medical Devices Co. Ltd., B. Braun Melsungen AG, Genadyne Biotechnologies Inc., BSN medical GmbH, and Cork Medical LLC.