Throughout the projected period, an increase in the prevalence of chronic wounds and ulcers among the world's population is anticipated to propel the expansion of the global market for negative pressure wound therapy (NPWT) devices. For instance, according to an article titled "The Incidence of Pressure Ulcers and its Associations in Different Wards of the Hospital: A Systematic Review and Meta-Analysis" that was published in the National Library of Medicine on October 5, 2020, there are roughly 2.5 million hospitalisations every year in the U.S. that are thought to be caused by pressure ulcers. Also, the US healthcare system spends around US$ 11 billion yearly on the prevention and treatment of pressure ulcers. During the course of the projected period, an increase in diabetes prevalence is anticipated to fuel market expansion. For instance, the World Health Organization (WHO) estimates that 422 million people worldwide will have diabetes by September 16, 2022, with low- and middle-income countries experiencing a faster increase in prevalence than high-income nations.
According to Coherent Market Insights, The market for Negative Pressure Wound Therapy (NPWT) devices is anticipated to reach US$ 2,288.1 million in 2022 and grow at a 6.5% CAGR over the next five years (2022-2030).
Key Competitors in the Negative Pressure Wound Therapy Industry:
1. 3M
The business was established in 1902 and has its main office in Saint Paul, Minnesota, United States. The company works in the industrial, consumer goods, healthcare, and worker safety sectors. 3M said in December 2021 that it would combine its food safety operations with those of Neogen, a manufacturer of solutions for animal healthcare and food testing. The corporation declared in December 2022 that it will stop making and utilising the so-called "forever chemicals," which were formerly widely utilised in products including food packaging, telephones, non-stick pans, fire-fighting foams, garments, etc.
2. Cardinal Health
The company was founded in 1971 and is located in Dublin, Ohio, United States. The business specialises in the distribution of pharmaceuticals and medical supplies. It also produces gloves, surgical clothing, and fluid management solutions, among other medical and surgical products. Cardinal Health received a Strategic National Stockpile contract for PPE distribution and storage in 2021.
3. Smith+Nephew,
The business was established in 1856 and is based in London, United Kingdom. It is a global manufacturer of arthroscopy, trauma and clinical therapy, orthopaedic reconstruction, and advanced wound management products. For $240 million, the company bought Integra Life Sciences' extremities orthopaedics division in January 2021. Smith & Nephew paid $135 million for Engage Surgical, a Florida-based provider of partial knee implants, in January 2022.
4. DeRoyal Industries
The business was founded in 1973 and has its main office in Powell, Tennessee, United States. DeRoyal Industries is a highly integrated producer and distributor of medical supplies. DeRoyal has devoted to providing healthcare practitioners with cutting-edge, superior medical supplies and business services.
5. Medela AG,
The business was established in 1961 and is based in Baar, Switzerland. Manufacturing radiographic X-ray, fluoroscopic X-ray, and therapeutic X-ray equipment and tubes are among the company's areas of expertise. In order to promote growth in the wound care area, Medela and Medpro Healthcare Sales Solutions announced their cooperation and leadership in nov 2022.
6. Convatec Inc.
The business was established in 1978 and has its main office in Reading, Berkshire United Kingdom. Convatec Group plc is a provider of medical products and technologies that specialises in infusion devices, continence and critical care, wound and skin care, and ostomy care. Convatec Group stated in March 2022 that it will complete the acquisition of Triad Life Sciences Inc. as it entered the lucrative wound biologics industry.
7. Devon Medical Products
The business was established in 2005 and has its headquarters in King of Prussia, Pennsylvania. The mission of Devon Medical Products, a manufacturer and distributor of medical equipment, is to enhance patient lives all around the world. The business sells various medical items for the treatment of diabetes, venous insufficiency, neurosurgery, and other conditions.
*Definition: A technique for removing fluid and bacteria from a wound to speed up healing is known as negative pressure wound therapy (NPWT). A soft vacuum pump is attached, and a specific bandage is placed over the wound.
