TMR’s report estimates that the global negative pressure wound therapy market will rise at a 10.20% CAGR from 2014 to 2020, the period of forecast for the report. The market was estimated to be at US$1.5 bn in 2013, and is anticipated to reach US$2.9 bn by the end of 2020.
Segmented by type of product, the conventional NPWT devices are predicted to be replaced by single-use NPWT devices over the forecast period. The product is witnessing higher demand due to its convenience and cost-effectiveness. The product segmented is expected to rise at a 17% CAGR over the coming years and emerge dominant.
In terms of geographical segmentation, North America and Europe held the first and second leading positions in the global negative pressure wound therapy market in 2013. However, over the course of the forecast period, Asia Pacific is expected to gain traction on account the region’s strengthening economy, booming population, and supportive governmental policies. The region is expected to displace North America and Europe in terms of rate of growth over the coming years.
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Surge in Prevalence of Chronic Wounds to Augment Product Demand
The rise in geriatric population is predicted to trigger the prevalence of chronic diseases such as diabetes, mellitus, etc. which results in formation of chronic wounds. Additionally, the rising cases of skin ulcers; due to lack of awareness towards hygiene, and the surge in awareness towards advanced healthcare therapies are key factors creating a positive impact on the market of NPWT across the world. Moreover, the introduction of cost-effective and portable wound therapy devices, accessibility of user friendly and disposable NWPT devices, and the rising preferences by physicians towards NPWT are prominent market determinants, promoting the market for negative pressure wound therapy over the forecast period.