NPWT market grows as tech improves
Industry analysts say negative pressure wound therapy is experiencing the highest market growth of any advanced wound care technology sector.
A report published in June by Transparency Market Research shows the global NPWT market was worth an estimated $1.5 billion in 2013. That number is expected to reach $2.9 billion in 2020, achieving a 10.2% compound annual growth rate between 2014 and 2020.
The market for single-use NPWT devices that come without the typical canister is predicted to expand at a 17.7% compound annual growth rate between 2014 and 2020.
According to a report from Companies and Markets, the NPWT sector's growth can be attributed to the increasing number of elderly patients who require specialized wound care. NPWT is used to treat a variety of ailments often seen in older patients, including diabetic ulcers, pressure ulcers and other chronic wounds.
Higher disposable incomes, increasing access to higher quality medical care and a global spike in the number of injurious accidents are also factors in the NPWT sector's boom, experts say. NPWT was first introduced in 1997.