March 2021 | Report Format: Electronic (PDF)
Wound Therapy Devices Market Growth & Trends
The global wound therapy devices market size is expected to reach USD 1.78 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 3.9% during the forecast period. 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 article published by the Mölnlycke Health Care AB, in 2017, venous leg ulcers are the most common, recurring, and chronic condition and in U.K., it has the prevalence rate from 0.1% to 0.3%. Such high prevalence is anticipated to propel the demand for wound therapy devices in the forthcoming years.
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Wound Therapy Devices Market Report
Wound Therapy Devices Market Report Highlights
- In terms of revenue, acute wounds segment held the largest market share in 2018 owing to the rising cases of accidents and trauma across the globe
- NPWT segment is expected to witness the fastest CAGR over the forecast period owing to the increasing incidence of diabetic and venous leg ulcers
- Hospital held the largest share of the wound therapy devices market in 2018 due to the rising cases of accidents, burns, and trauma
- Asia Pacific is expected to witness the fastest growth over the forecast period owing to the rising number diabetic patients in this region
- Prominent market players are Acelity L.P. Inc.; Talley Group Limited; Smith & Nephew plc; Devon Medical, Inc.; Mölnlycke Health Care; ConvaTec Inc.; and Cardinal Health, Inc.