The global Wound Therapy Devices market size is expected to be worth around US$ 1.80 billion by 2028, according to a new report by Vision Research Reports.
The global Wound Therapy Devices market size was valued at US$ 1.37 billion in 2020 and is anticipated to grow at a CAGR of 3.10% during forecast period 2021 to 2028.
Rising geriatric population, introduction of technologically advanced products, and prevalence of chronic diseases are the key factors driving the growth.
Rising cases of pressure ulcers across the globe is one of the major factors driving the wound therapy devices market. The incidence rate of pressure ulcer is rising owing to the increasing geriatric population and cases of disabilities across the globe.
Rising cases of venous leg ulcers across the globe is another factor driving the advanced wound therapy devices market. Venous leg ulcer is an open lesion between the ankle joint and knees mainly caused due to the venous disease. The venous leg ulcers is the most advanced form of chronic venous disorders and its recurrence rate is more than 70.0%.
For instance, as per the National Center for Biotechnology Information (NCBI), in 2017, countries such as Bulgaria, Finland, the Netherlands, China, Australia, and the U.K. reported a rise in the incidence rate of burn wounds. Since the NPWT device is the most commonly used device used for treating acute wounds, thus the high prevalence of burn wounds is anticipated to contribute to the market growth.
The acute wounds held the leading market share in 2020. The acute wounds comprise of burns and surgical and traumatic wounds. Rising cases of burns and traumatic events across the globe are anticipated to drive the segment growth. As per the World Health Organization (WHO), over 1,000,000 people are registered, annually, as moderately or severely burnt. Hence, such factors indicate significant segment growth over the forecast period. NPWT is majorly used for burn injuries as it allows rapid healing.
The chronic wound segment is anticipated to witness the fastest CAGR over the forecast period. The increasing cases of chronic diseases, especially diabetes coupled with rising geriatric population across the globe are the major driving factors for the segment growth. For instance, as per the United States Census Bureau, the number of people aged 65 or older, grew by 1.6 million from 2014 to 2015. Such factors are anticipated to drive growth over the forecast period.
Negative Pressure Wound Therapy (NPWT) devices segment held the largest market share in 2018 and is expected to witness the fastest CAGR over the forecast period. NPWT is generally of two types, namely, conventional NPWT and single-use NPWT. Conventional NPWT devices comprise of a suction pump for generating negative pressure along with a canister for the collection of wound exudates. THE conventional NPWT system is not suitable for home care settings.
Single-use NPWT devices are majorly used for acute and chronic wounds. These systems consist of a small portable battery-powered pump without any bulky canister and thus, it is suitable for home care settings. Increasing geriatric population and rising prevalence of chronic diseases are expected to surge the segment growth over the forecast period. For instance, as per the United Nations Organization, the geriatric population was over 962.0 million in 2017 and is projected to reach around 2.1 billion by 2050.
Based on end-use, the market is assessed for hospitals, specialty clinics, home healthcare, and others. The hospital segment held the largest market share in 2020. and oxygen and hyperbaric oxygen equipment are predominantly suitable for hospital use and are not feasible for homecare. Rising cases of diabetic foot ulcers, venous leg ulcers, trauma, and burns are the major factors driving the segment growth.
The home healthcare segment is expected to witness the fastest CAGR over the forecast period. in-home care settings majorly initiated with the introduction of single-use NPWT systems and pressure relief devices. These devices are lightweight, portable, canister-free, and are easy to handle. Also, the cost-effectiveness of such therapy of treating chronic and acute wounds encourages patients to adopt homecare settings over hospital stays. Furthermore, rising R&D by major market players is also expected to contribute to the segment growth.
North America led the market in 2020, accredited to the increasing cases of sports injuries, road accidents, rising prevalence of chronic diseases, and the presence of several key players in the region. Also, the availability of skilled professionals and improvement in healthcare infrastructure is expected to drive the regional growth in the forthcoming years.
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. Increasing prevalence of chronic diseases, especially diabetes and rising cases of burn injuries in this region are expected to surge the market growth over the forecast period. For instance, as per the Ministry of Health and Family Welfare (MoHFW) Government of India, in 2016, around 7.0 million people of India suffer from burn injuries every year.
Acelity L.P. Inc.; ConvaTec; Smith & Nephew; Mölnlycke Health Care; Sechrist; and Cardinal Health, Inc.
Wound Type Outlook
Negative Pressure Wound Therapy (NPWT)
Oxygen and Hyperbaric Oxygen Equipment
Electric Stimulation Devices
Pressure Relief Devices
The Wound Therapy Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wound Therapy Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wound Therapy Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wound Therapy Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wound Therapy Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wound Therapy Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wound Therapy Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wound Therapy Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wound Therapy Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wound Therapy Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wound Therapy Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Wound Therapy Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wound Therapy Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wound Therapy Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wound Therapy Devices market. These factors have benefited the growth of the global market for Wound Therapy Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wound Therapy Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Wound Therapy Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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