Negative Pressure Wound Therapy (NPWT) Devices Market: Current Analysis and Forecast (2021-2027)

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The global negative pressure wound therapy (NPWT) devices market is anticipated to grow with an elevated CAGR of around 7% over the forecast period (2021-2027F). Negative pressure wound therapy (NPWT) is a process of removal of the fluid and infection from the wound, this therapy involves a special bandage, tubing, a negative pressure device, and a canister to collect fluids from the wound. NPWT is also called vacuum-assisted wound closure therapy, it has become a popular treatment for many acute and chronic wounds.

The market for NPWT devices is mainly driven by the rising prevalence of chronic wounds such as diabetic foot ulcers, and venous ulcers, among others. In addition, the growing number of surgeries has also resulted in an increased number of traumatic and surgical wounds, which is further driving the market. Wound care products, such as NPWT are increasingly being used to prevent surgical site infections. NPWT is a special medical dressing that is attached to a vacuum pump and helps in healing the wounds by covering the surface. It reduces the risk of infection by sucking the fluid from the wound.

3M Company, Smith & Nephew plc, Mölnlycke Healthcare AB, ConvaTec Group Plc, Paul Hartmann AG, Lohmann & Rauscher International GmbH & Co KG., Triage Meditech Pvt. Ltd., Talley Group, Alleva Medical Ltd., Carilex Medical GmbH. are some of the prominent players operating in the NPWT devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with NPWT devices.

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Insights Presented in the Report

“Amongst Product, Conventional NPWT device segment holds the major share”

Based on product type, the market is segmented into single-use NPWT devices and conventional NPWT devices. In 2020, the conventional NPWT device segment accounted for the larger market share. Furthermore, market growth is driven by the increasing geriatric elderly population, suffering from different types of chronic diseases and the growing prevalence of diabetes mellites. In addition, among chronic wounds, foot ulcer is expected to witness the fastest growth rate during the forecast period.

“Amongst Wound type, Chronic wound type segment holds the major share”

Based on wound type, the market is bifurcated into chronic wounds and acute wounds. Among these, chronic wound type is expected to dominate the market during the forecast period. This is mainly due to the growing number of patients with chronic wounds, globally. For instance, according to Mission Regional Medical Center, around 6.7 million people diagnosed with chronic wounds, in 2020. Further, the rising prevalence of diabetic foot ulcers coupled with the increasing geriatric population is expected to drive the category’s growth. For instance, according to the Administration for Community Living’s profile on older Americans, the U.S. population aged 65 and above was ~54 million in 2019, which is about 19% of the U.S. population.

“Amongst End-Users, Hospitals & Clinics segment holds the major share”

Based on end-users, the market is fragmented into hospitals & clinics, homecare settings, and others. In 2020, the hospitals & clinics segment grabbed a considerable market share and it is expected to grow at a significant CAGR during the forecast period. This is mainly due to the rising healthcare expenditure and government spending on healthcare infrastructures such as building new hospitals and medical facilities around the world. Furthermore, the rising number of surgeries owing to the rising prevalence of chronic and acute conditions are some other major factors creating demand for NPWT devices.

“North America represents one of the largest markets of Negative pressure wound therapy (NPWT) Devices market”

For a better understanding of the market dynamics of the Negative pressure wound therapy (NPWT) Devices market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major share in the global NPWT devices market owing to the strong healthcare infrastructure and rising per capita healthcare expenditure in the region. Furthermore, some of the other factors such as growing prevalence of chronic diseases, the rising geriatric population coupled with the increasing number of surgical procedures, and the incidence of burn injuries are driving the market for NPWT devices.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global negative pressure wound therapy (NPWT) Devices market were the three major steps undertaken to create and analyze the adoption of NPWT devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global NPWT devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Negative pressure wound therapy (NPWT) Devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the NPWT devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type, wound type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of NPWT devices across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the NPWT devices. Further, we conducted factor analysis using dependent and independent variables such as increasing surgeries and increasing prevalence of diabetes. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the NPWT devices sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the NPWT devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of NPWT devices across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the NPWT devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the NPWT devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, wound type, and end-user of the NPWT devices market.

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The main objective of the NPWT devices Market Study

The current & future market trends of NPWT devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of NPWT devices in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, wound type, and end-user.
• Define and analysis of the regulatory framework for the NPWT devices industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the NPWT devices market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the NPWT devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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