NEW YORK, March 27, 2018 /PRNewswire/ --
Impressive Growth Projected for NPWT Devices & Dressings Market; Diabetes Prevalence Identified to be the Key Driver over 2017 - 2027
The US$ 1991.5 Mn global negative pressure wound therapy (NPWT) devices and dressings market is projected for promising growth over the next 10 years. The global sales of NPWT devices and dressings are likely to expand at a healthy CAGR of 7.1% and reach a value of over US$ 3963 Mn by the end of 2027.
According to Persistence Market Research, developing countries hold a greater growth potential, attributed to exploding population and higher instances of diabetic ulcers. While government and private investments in healthcare are boosting since the recent past, the number of healthcare facilities is growing as well. Besides diabetes, there are a few other diseases that are identified to generate decent demand for NPWT devices and dressings, including autoimmune diseases and a range of chronic illnesses.
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In addition, better response rate has been registered owing to improving awareness among consumers as well as practitioners across developing economies. Increasing need for low cost treatment options in emerging countries can be potentially fulfilled by cost-effective treatment alternatives by NPWT, resulting in growing adoption in developing markets. Fostering popularity of standalone and portable devices owing to their convenience and technological advantages, is likely to drive the consumption of NPWT devices and dressings during the forecast period.
With surging adoption of homecare settings, consumers in developing regions are increasingly realising that despite expensive initial installation price, NPWT offers relatively cheaper and more effective therapy. Persistence Market Research projects significant hike in sales of portable and disposable NPWT devices over the forecast period. Moreover, NPWT with a silver dressing also minimises a patient's hospital stay and allows rapid recovery, which is another benefit presumed to support the market growth in coming years.
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Empowering supply chain is foreseen to hold the key to establishment of emerging, high-potential markets. Key companies in the market are currently investing in strategic collaborations and focusing on new product launches so as to strengthen their market presence. A number of companies in the market are introducing technologically sophisticated and highly user-friendly devices, which will further boost the market growth in near future.
Moreover, NPWT device manufacturers have been continuously improving their forward integration capabilities in the value chain in order to establish a top notch distributor network. This has also been an important factor fueling the sales of NPWT devices in the past few years.
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A few of the key players actively operating the global NPWT devices and dressings market include Acelity (Kinetic Concepts, Inc.), Smith and Nephew PLC., Mölnlycke Health Care, Cardinal Health Inc., Paul Hartmann AG, Medela, Devon Medical Products, and Avery Dennison Corporation. While a majority of them are focusing on driving growth in mature markets so as to maximise growth prospects over the forecast period, others are prioritising strategic collaborations with established research centers and leading manufacturers.
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