Negative Pressure Wound Therapy Market Size (2024 - 2029)

Negative Pressure Wound Therapy Market Analysis

The Negative Pressure Wound Therapy Market size is estimated at USD 2.9 billion in 2024, and is expected to reach USD 3.70 billion by 2029, growing at a CAGR of 5.46% during the forecast period (2024-2029).

The COVID-19 pandemic had a significant impact on the growth of the market. With the nationwide lockdowns, the number of people getting on the roads declined, and there was a drastic decrease in the number of accidents and injuries. For instance, as per the article published by Wound Repair and Regeneration in October 2021, levels 2-5 evidence revealed a paradigm shift in wound care toward hybrid telemedicine and home healthcare models to keep patients at home to minimize the number of in-person visits at clinics and hospitalizations, except in severe cases such as chronic limb-threatening ischemia. Hence, all the factors mentioned above showed that COVID-19 had a notable impact on the negative pressure wound therapy market. However, as the pandemic has currently subsided, the market is expected to experience pre-pandemic levels of growth during the forecast period of the study.

Negative pressure wound therapy (NPWT) is the most preferred choice of treatment, especially for deep acute wounds and persistent chronic wounds, including leg ulcers. Some of the factors that are driving the overall market growth are the increasing number of accidents and traumatic events, rising chronic wounds such as diabetic foot ulcers, and technological advancements in NPWT devices.

Chronic wounds lead to complications such as infection, ulceration, and insufficient blood supply, thus prolonging the wound healing period. The most common chronic wounds include venous ulcers, diabetic foot ulcers, and pressure ulcers. As per the 2022 update from the International Diabetic Federation (IDF), approximately 537 million adults (20-79 years) were living with diabetes in 2021. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, as per the IDF 2021 report, diabetic foot ulcers affect 40 to 60 million people globally. As a result, the market is likely to grow due to the increased prevalence of diabetic foot ulcers. Also, the localized use of negative pressure wound therapy in infected wounds offers advantages such as wound drainage, angiogenesis stimulation, proteinase excretion, and decreased local and systemic bacterial load.

Moreover, the study published by Sage Journals in August 2021 reported that venous leg ulcers (VLU) account for 70% of all chronic leg ulcers and are associated with a recurrence rate of 60-70% at 10 years. The deep venous ulcers are responsible for 90% of the venous return to the right atrium from the lower extremities. Such a recurrence of the condition creates the need for NPWT devices and is thus expected to drive the growth of the market.

Additionally, the developments by various market players are also expected to boost the market growth. For instance, in March 2022, Cork Medical entered into a partnership with MedTech Solutions Group (MTSG). As per the agreement, MTSG will manage Cork Medical's international negative pressure wound therapy (NPWT) business in all countries except the United States. Such strategic initiatives are expected to boost the growth of the market.

Thus, due to the above-mentioned factors such as the high prevalence of chronic wounds and the developments by market players, the negative pressure wound therapy market is expected to grow at a significant rate during the forecast period. However, the high cost of devices and treatment can restrain the market's growth.

Negative Pressure Wound Therapy Industry Segmentation

As per the scope of the report, negative-pressure wound therapy (NPWT) is a therapeutic technique that uses a suction dressing to remove excess exudate and promote healing in acute or chronic wounds and second and third-degree burns. The Negative Pressure Wound Therapy Market is segmented by Product (Reusable Device and Single-use Device), Wound Type (Diabetic Foot Ulcer, Pressure Ulcer, Venous Leg Ulcer, Burn Wounds, and Others), End-user (Hospitals, Homecare, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.