The COVID-19 pandemic has caused supply and manufacturing disruptions in the Healthcare creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the Healthcare landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the Healthcare Industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
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The US$ 1991.5 Mn global negative pressure wound therapy (NPWT) devices and dressings market is projected for promising growth over the next 10 years. The global sales of NPWT devices and dressings are likely to expand at a healthy CAGR of 7.1% and reach a value of over US$ 3963 Mn by the end of 2027.
According to Persistence Market Research, developing countries hold a greater growth potential, attributed to exploding population and higher instances of diabetic ulcers. While government and private investments in healthcare are boosting since the recent past, the number of healthcare facilities is growing as well. Besides diabetes, there are a few other diseases that are identified to generate decent demand for NPWT devices and dressings, including autoimmune diseases and a range of chronic illnesses.
In addition, better response rate has been registered owing to improving awareness among consumers as well as practitioners across developing economies. Increasing need for low cost treatment options in emerging countries can be potentially fulfilled by cost-effective treatment alternatives by NPWT, resulting in growing adoption in developing markets. Fostering popularity of disposable and portable devices owing to their convenience and technological advantages, is likely to drive the consumption of NPWT devices and dressings during the forecast period.
With surging adoption of homecare settings, consumers in developing regions are increasingly realising that despite expensive initial installation price, NPWT offers relatively cheaper and more effective therapy. Persistence Market Research projects significant hike in sales of portable and disposable NPWT devices over the forecast period. Moreover, NPWT with a silver dressing also minimises a patient’s hospital stay and allows rapid recovery, which is another benefit presumed to support the market growth in coming years.
Empowering supply chain is foreseen to hold the key to establishment of emerging, high-potential markets. Key companies in the market are currently investing in strategic collaborations and focusing on new product launches so as to strengthen their market presence. A number of companies in the market are introducing technologically sophisticated and highly user-friendly devices, which will further boost the market growth in near future. Moreover, NPWT device manufacturers have been continuously improving their forward integration capabilities in the value chain in order to establish a top notch distributor network. This has also been an important factor fueling the sales of NPWT devices in the past few years.
- Avery Dennison Corporation
- Cardinal Health
- Smith & Nephew, Inc.
- Mölnlycke Health Care
- Devon Medical Products
- Acelity (Kinetic Concepts, Inc.)
- ConvaTec Inc.
- PAUL HARTMANN
The global market for NPWT devices and dressings has been segmented into:
- NPWT Devices
- Standalone NPWT Devices
- Portable NPWT Devices
- Disposable NPWT Devices
- NPWT Dressing kits
- Foam dressing kit
- Gauze dressing kit
- Chronic Wounds
- Venous leg ulcers
- Diabetic foot ulcers
- Pressure ulcers
- Acute Wounds
- Traumatic wounds
- Burn cases
- Surgical Procedures
- Ambulatory surgical centers
- Home care settings
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
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