NPWT Market Value Will Exceed $1B by 2023
The global market value for Negative Pressure Wound Therapy (NPWT) will expand from an estimated $700 million in 2014 to approximately $1.07 billion by 2021, representing a Compound Annual Growth Rate (CAGR) of 6.2 percent, according to research and consulting firm GlobalData.
The company’s latest report states that the increase, which will occur across the ten major countries of the US, France, Germany, Italy, Spain, UK, Japan, Brazil, China, and India, will be driven primarily by increasing physician awareness of the technique and its various applications.
Despite the high cost associated with NPWT, physicians recognize the clinical benefits that it can provide over conventional techniques. The discovery of alternative applications for NPWT, such as bolstering skin grafts to enhance graft uptake, will further drive an increase in its use.
As the education of physicians improves and they gain access to more robust clinical data from large, randomized trials, the outlook for the NPWT market looks strong, with room for further product improvement with next-generation devices and accessories.
While stand-alone devices are expected to see steady global sales due to the higher availability of clinical data demonstrating their efficacy, portable and disposable devices will witness relatively fast growth over the forecast period thanks to an increasing patient preference for lightweight, discreet NPWT devices.
The adoption of these disposable NPWT devices will be primarily driven by their drastically reduced costs and expanding applications, for uses such as preventing infection. Furthermore, devices that are mechanically-powered, as opposed to electrically-powered, are an emerging niche within the disposable arena.
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As mechanical devices greatly cut the manufacturing and maintenance costs associated with conventional NPWT, GlobalData expects this new technology to drive adoption in the emerging markets by offering an inexpensive and simplified treatment option.
As first-generation, mechanically-powered NPWT devices have not been as clinically effective as electrically-powered technology, there is a market opportunity to develop a mechanical device that matches the efficacy of conventional equipment.
