Negative Pressure Wound Therapy Market Worth $2.72 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, October 4, 2018 /PRNewswire/ --
According to the new market research report "Negative Pressure Wound Therapy Market by Device Type (Conventional & Single-use NPWT, Accessories), Wound Type (Surgical & Traumatic, Diabetic Foot, Pressure, Venous Leg Ulcers and Burns), End User (Hospitals, Homecare) - Global Forecast to 2023", published by MarketsandMarkets™, the NPWT Devices Market is expected to reach USD 2.72 billion by 2023 from USD 2.11 billion in 2018, at a CAGR of 5.2%.
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Factors such as the growing incidence of diabetes and the availability of reimbursement for these devices in many developed countries are driving the growth of this market.
Conventional NPWT devices are expected to account for the largest share of the market in 2018
By product type, the NPWT Devices Market is further segmented into conventional NWPT devices, single-use NPWT devices, and accessories. The conventional NWPT devices segment is expected to account for the largest share of the market in 2018. This segment is driven by the ability of conventional NPWT systems to manage severe wound exudates.
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Surgical and traumatic wounds account for the largest share of the market in 2018
By wound type, this market is classified into surgical and traumatic wounds, ulcers, and burns. Surgical and traumatic wounds are expected to account for the largest share of the market in 2018 due to the growing prevalence of such wounds and an increase in spending on chronic and surgical wounds.
Hospitals are expected to dominate the NPWT devices end-user market in 2018
By end user, the NPWT Devices Market is segmented into hospitals, home care settings, and other end users. The hospitals segment is expected to account for the largest share of the NPWT Devices Market . This large share can be attributed to the high number of surgeries performed in hospitals. The rising need for wound care services and increasing need of advance wound management for treating complex wounds, such as high-grade diabetic foot ulcers, pressure ulcers, venous leg ulcers, and surgical wounds among the rapidly growing geriatric population are some of the major factors responsible for the growing demand for NPWT devices in hospitals.
North America to command the largest share of the NPWT Devices Market in 2018
Some of the major players in Acelity (US), Smith & Nephew (UK), Mölnlycke Health Care AB (Sweden), Cardinal Health (US), ConvaTec (UK), and DeRoyal (US), Lohmann & Rauscher (German), Talley Group (UK), Medela (Switzerland), and Genadyne (US) amongst others.
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