Technavio analysts forecast the global wound therapy devices market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global wound therapy devices market to grow at a CAGR of over 7% by 2023. (Graphic: Business Wire)
The high prevalence of acute and chronic wounds is one of the major trends being witnessed in the global wound therapy devices market 2019-2023. Owing to advances in wound therapy devices, several chronic wounds can be treated using these devices. For instance, the development of smaller, single-use disposable pumps has allowed the treatment of many small, surgical wounds in new settings such as short-term home care which was not previously possible with conventional NPWT devices.
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According to Technavio analysts, one of the key factors contributing to the growth of the global wound therapy devices market is the increasing prevalence of acute and chronic wounds:
Global wound therapy devices market: Increasing prevalence of acute and chronic wounds
The increasing worldwide prevalence of acute wounds such as surgical wounds and traumatic wounds caused by abrasion, puncture, laceration, an incision, and chronic wounds such as diabetic ulcers and pressure ulcers is estimated to increase the demand of advanced wound care devices. The elderly population has a significantly high incidence rate of acute wounds and chronic wounds, especially venous leg ulcers and pressure ulcers.
According to a senior analyst at Technavio, "The majority of the chronic wounds are associated with conditions that are more common in elderly people, including vascular disease, venous insufficiency, unrelieved pressure, or diabetes mellitus. This increases the risk of developing chronic wounds."
Global wound therapy devices market: Segmentation analysis
The global wound therapy devices market research report provides market segmentation by product (NPWT devices, HBOT devices, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The NPWT devices segment held the largest market share in 2018, contributing to over 76% of the market. This product segment will dominate the global market throughout the forecast period due to the increasing number of wounds treated using NPWT, favorable reimbursement scenarios, new product launches, and increased demand for technologically NPWT devices.
The Americas held the largest share of the market in 2018, accounting for 54% share. It was followed by EMEA and APAC respectively. The wound therapy devices market is rapidly growing in the Americas due to the high prevalence of acute wounds and chronic wounds, new product launches, and high government spending on healthcare.
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Five Forces Analysis
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