What are Main Factors Responsible for Surge in Negative Pressure Wound Therapy Market?

The global negative pressure wound therapy (NPWT) devices market is projected to generate a revenue of $4,541.5 million in 2030, increasing from $2,178.4 million in 2019, progressing at a 7.3% CAGR during the forecast period (2020�"2030), as stated by a report by P&S Intelligence.

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As per the United Nations’ report, the World Population Ageing 2019, the aged population (people aged 65 years or above) was 703 million in 2019, and the number is predicted to rise to 1.5 billion by 2050. Aged people are a higher risk of hurting themselves than adults, thereby leading to increased demand for medication. Moreover, diabetic foot ulcer is a complication of diabetes mellitus, the management of which creates the need for frequent dressing.

On the basis of wound type, the NPWT devices market is divided into acute and chronic and acute wounds, between which, the chronic division is predicted to dominate the market in 2030. The increasing prevalence of chronic diseases, namely peripheral arterial occlusive disease, venous insufficiency, and diabetes mellitus are leading to rising demand for NPWT devices. Other than this, the rising geriatric population is also creating demand for these devices, are they are more prone to suffering from chronic diseases.

The NPWT devices market is categorized into single-use, accessories, and conventional, when product segment is taken into consideration. Out of these, the single-use category is expected to witness the highest CAGR in the coming years because of the launch of new products by major companies in the domain. In addition to this, technological advancements are also occurring in single-use NPWT devices, which is predicted to create high demand for these products in the near future.

In order to gain a competitive edge in the NPWT devices market, major companies are focusing on launching new products. Some of the key companies operating in the domain are DeRoyal Industries Inc., Devon International Group, ConvaTec Group plc, Cardinal Health Inc., Mölnlycke Health Care AB, Smith & Nephew plc, Acelity L.P. Inc., Talley Group Limited, ATMOS MedizinTechnik GmbH & Co. KG, and Medela AG.