Albany, NY, April 30, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Negative Pressure Wound Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the global negative pressure wound therapy devices market was valued at USD 1.5 billion in 2013 and is expected to grow at a CAGR of 10.2% from 2014 to 2020, to reach an estimated value of USD 2.9 billion in 2020.
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Rise in the number of chronic diseases such as diabetes, cardiovascular diseases, peripheral vascular diseases has triggered the growth of negative pressure wound care therapy (NPWT) market. Moreover, increasing incidence of cancer and neurological diseases has led to long-term bed occupancy of the affected patients thus increasing the incidence rate of decubitus ulcers. The ever increasing geriatric population globally has caused a significant financial burden on the healthcare authorities. To manage this situation patients are preferring usage of portable and easy to use NPWT devices that may be used as a home healthcare devices. This has helped in minimizing the overall cost of the hospital stay. In addition, companies in this industry are trying to stay abreast with technological innovations such as launch of single use NPWT devices that may reduce the chances of contamination. These companies are also increasingly focusing on R&D to introduce patient friendly NPWT devices at minimal cost.
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According to the American Diabetes Association nearly 30 million children and adults are currently suffering from diabetes. The association has also stated that 15% of people with diabetes experience a foot ulcer at some point in their lifetime. The diabetic foot ulcer causes various complications such as ulceration, infection and gangrene thus leading to complex and costly sequel of diabetes. The role of negative pressure wound care therapy has been considered to be a novel therapy for treatment of diabetic foot ulcers. This significant population of diabetic foot ulcers has boosted the demand for NPWT devices market.
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The NPWT devices market has been primarily segmented into conventional NPWT devices and single use NPWT devices. The conventional NPWT devices market further comprises pumps, canisters, tubes and dressing kits. The NPWT pumps market of the conventional NPWT devices accounted for the largest market. Among these the dressing kits market is expected to foresee the highest growth rate during the forecast period. However, the single use NPWT devices are anticipated to grow at the highest growth rate of over 17.7% from 2014 to 2020.
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Geographically North America accounted for the largest market in the year 2013 followed by Europe. However, Asia Pacific is estimated to have the fastest growth rate owing to rise in chronic diseases coupled with rise in disposable income and growing awareness. The major players of this market include Kinetic Concepts Inc., Smith & Nephew, Talley Group Ltd, Convatec, Spiracur, Inc., Molnlycke Health Care AB, ArjoHuntleigh Healthcare Ltd, Medela, Inc., Prospera and Genadyne.
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The global negative pressure wound therapy (NPWT) devices market is segmented as follows:
Negative Pressure Wound Therapy (NPWT) Market, by Products
- Conventional Negative Pressure Wound Therapy (NPWT) Systems
- Single Use Negative Pressure Wound Therapy (NPWT) Systems
Negative Pressure Wound Therapy (NPWT) Market, by Geography
- North America
- Rest of the World (RoW)
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Source:Transparency Market Research