How the Negative Pressure Wound Therapy Market Has Witnessed Substantial Growth in Coming Years?

The global negative pressure wound therapy (NPWT) devices market had a valuation of $2,178.4 million in 2019.

According to the forecast of P&S Intelligence, a market research company based in India, the market will generate a revenue of $4,541.5 million by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 7.3% between 2020 and 2030. The rising incidence of diabetes and the soaring geriatric population are the main factors driving the progress of the market.

The number of people suffering from diabetes is increasing rapidly around the world. The management of diabetic foot ulcer, which is a major chronic complication of diabetes mellitus, is only possible with frequent dressing. Moreover, in diabetics, wounds develop very quickly and take a long period of time to heal. As per the Centers for Disease Control and Prevention (CDC), over 34.2 million people were suffering from diabetes in the U.S. in 2020.

Furthermore, as much as 34.5% of the adults in the country were diagnosed with prediabetes in 2018. Besides this, the rising occurrence rate of burns is also propelling the growth of the negative pressure wound therapy devices market across the globe. As per the World Health Organization (WHO), 180,000 deaths occur because of burns all over the world every year. The organization also found that the low- and middle-income countries witness a majority of the deaths caused because of burns. 

Geographically, the negative pressure wound therapy devices market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be due to the rising incidence of diabetes, the increasing frequency of new product launches, and the soaring healthcare expenditure in the APAC countries. As per the International Diabetes Federation (IDF), in Southeast Asia, 88 million people were diagnosed with diabetes in the age bracket 20�"79 years in 2019. 

Hence, it can be said with full confidence that the market will register substantial growth across the world in the future years, mainly because of the rising incidence of diabetes, the soaring occurrence rate of burns, and the surging population of geriatric people in several countries. 

Source: P&S Intelligence