Negative Pressure Wound Therapy Devices Market to Surpass US$ 2.7 Billion by 2024
Global Negative Pressure Wound Therapy Devices Market was valued at US$ 1,626.3 million in 2015and is projected to expand at a CAGR of 5.5% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Better clinical outcomes and faster patient recovery facilitated by NPWT devices significantly drive their adoption.
NPWT devices are used on wounds that are too large or deep to be secured using staples and stitches. Wound therapy is an absolute necessity post-surgery and thus, has a potential application base that includes millions of people undergoing surgery across the globe each day (312.9 million in 2012, WHO). NPWT which works like a vacuum seal, offers faster and safer patient recovery with minimal risk of infection as compared to conventional wound therapy devices such as staples, sutures, and biological dressings. Availability of reimbursement is further fueling demand for NPWT devices, especially in developed economies such as the U.S., Germany, and the Netherlands, to name a few.
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Unlike conventional wound treatment systems that need to be replaced every day, NPWT devices need to be replaced just three times a week, significantly reducing patient stress and aiding speedy recovery. Moreover, advancements in technology have led to introduction of canister-less NPWT devices. ConvaTec Group plc, launched its first NPWT device, Avelle, in August 2016. The company launched its product in the U.K., which utilizes AQUACEL technology (prevents periwound maceration) and is a simple, canister-less, disposable system with a 30-day life.
PICO, from Smith & Nephew plc, received the 2016 French Galien Award. PCIO is a single-use NPWT device that significantly reduces total cost and care needed for patients with pressure ulcers, dehisced surgical wounds, diabetic foot ulcers, leg ulcers, and trauma wounds. The Prix Galien award acknowledges advances in pharmaceuticals and medical devices that improves the quality of human life.
In 2016, studies published in the ‘WOUNDS’ journal concluded that use of zinc-coated foam and silver-impregnated dressings along with NPWT in complex wound therapy demonstrated better clinical outcomes and faster recovery in patients as compared to conventional wound treatment methods. This further encourages the use of NPWT as an adjunctive therapy in wound treatment. To add to this, use of non-powered or mechanical MPWT devices allows a silent delivery of therapy with a much lighter weight than electrical NPWT devices.
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Key takeaways of the negative pressure wound therapy devices market:
The global negative pressure wound therapy devices market is expected to expand at a CAGR of 5.5% during the forecast period. Better clinical outcomes, reduced total therapy cost and availability of reimbursement are some of the major driving factors for negative pressure wound therapy devices market growth.
The portable negative pressure wound therapy devices market is expected to gain traction at 5.8% during the forecast period (2016 – 2024). High demand for these devices is mainly attributed to the fact that these provide the flexibility to continue therapy at home.
Diabetic foot ulcers is projected to be a major revenue contributing application segment, owing to high prevalence of diabetes and lack of proper management of the disease leading to increasing incidence of related foot ulcers
North America lead the global negative pressure wound therapy devices market with a share of over 50% in 2016. Rapid adoption of new technologies, availability of reimbursement and high patient awareness are factors attributable to its leading market share
Intense competition is witnessed among the leading players such as Smith & Nephew plc, Devon Medical, Paul Hartmann AG, Talley Group Limited, Coloplast A/S, ConvaTec Inc., Molnlycke Health Care AB, Medela AG, Kinetic Concepts, Inc., and Cardinal Health, Inc.
Companies are launching devices with advanced technology, offering high convenience and cost benefit to the patients (example PICO by Smith & Nephew plc and Avelle by ConvaTec Group plc)
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