Global NPWT Devices Market to Grow at a CAGR of 3.5% From 2018 to 2025, Says AMR
PORTLAND, Oregon, August 29, 2018 /PRNewswire/ --
Conventional NPWT devices will remain the preferred choice of treatment among medical practitioners and would continue to garner the highest market share in the global NPWT devices market through 2025 owing to their application in the treatment of multiple wound categories.
Allied Market Research published a report, titled, Negative Pressure Wound Therapy (NPWT) Devices Market by Product (Single-use NPWT Device and Conventional NPWT Device), Wound Type (Chronic Wound and Acute Wound), and End User (Hospital & Clinic, Ambulatory Surgical Center, and Home Care Setting): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report offers a detailed analysis of the key investment pockets, market share & forecast, drivers & opportunities, and business performances of key players. According to the report, the global negative pressure wound therapy (NPWT) devices market garnered $2.2 billion in 2017, and is expected to reach $2.9 billion by 2025 at a CAGR of 3.5% from 2018 to 2025.
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Increase in incidence of chronic diseases such as obesity & diabetes, upsurge in number of casualties caused by accidents & trauma, and increase in awareness about NPWT devices are the key factors responsible for boosting the growth of the global NPWT devices market. Moreover, rise in geriatric population and technological advancements for developing cost-effective devices supplement the growth of the industry. However, overlooked complications of NPWT such as injuries occurring from infections and dearth of trained healthcare professionals hinder the growth of the market. On the other hand, growing focus on advancements in treatment protocols and potential in market potential in untapped emerging countries would present new opportunities in the market.
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Conventional NPWT devices to prevail
The report segments the market based on product type into single-use NPWT device and conventional NPWT devices. The latter segment covered three-fourth share of the market in 2017 and is projected to maintain its lion's share by 2025. In terms of growth rate, the former segment is estimated to grow rapidly, registering a CAGR of 4.6% during the forecast period.
Chronic wound segment to be lucrative by 2025
The wound types analyzed in the study are chronic wounds and acute wounds. The chronic wound segment contributed nearly two-thirds share of the total market in 2017 and would continue to grow at the fastest CAGR of 3.7%, making it a lucrative area for industry stakeholders.
Hospitals & clinics to contribute nearly half of market share
The end users discussed in the report include hospitals & clinics, ambulatory surgery centers (ASC), and home care settings. The hospitals & clinics segment contributed nearly half of the total market share in 2017, and is expected to maintain its position by the end of study period. However, home care settings will be the fastest growing segment, registering a CAGR of 5.3% from 2018 to 2025.
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North America Dominant, Asia-Pacific Fastest-Growing
Geographically, the report analyzes the market into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). North America region contributed more than one-third share of the total market in 2017, and is expected to maintain its position throughout the forecast period. However, Asia-Pacific region would become the fastest growing region, registering a CAGR of 4.8% from 2018 to 2025.
Frontrunners of the global industry
The market players analyzed in the study include Acelity L.P., Inc., ConvaTec Group plc, Smith & Nephew plc, Cardinal Health, Mölnlycke Health Care AB, Devon International Group (Devon Medical Products), Medela AG, Talley Group Ltd., ATMOS MedizinTechnik GmbH & Co. KG, and DeRoyal Industries, Inc. Furthermore, the report includes strategies, such as partnerships, new product launches, mergers & acquisitions, collaborations, and others, which have been adopted by market players to gain stronghold in the industry.
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