Negative Pressure Wound Therapy (NPWT) Devices Market Stand Out As The Biggest Contributor In Healthcare

The global negative pressure wound therapy devices market was valued at US$ 1,626.3 million in 2015 and is expected to expand at a CAGR of 5.5% during the forecast period (2016 – 2024).

Following a surgery, incisions are usually closed using sutures, staples or adhesives. However, in case of chronic wounds, where the risk of infection is high, wound may be left open to heal from ‘bottom-to-top’. In such cases, treatment options include wound dressings and use of negative pressure wound therapy (NPWT) devices. NPWT removes tissue fluid and any debris from the wound, and tightly covers the wound with the dressing. This therapy is touted to provide early recovery and relief from pain. Increasing awareness and availability of reimbursement has been the major driving factors for adoption of NPWT devices especially in developed economies such as the U.S., Canada, Germany, Netherlands, Sweden, and Switzerland.

The Centers for Medicare and Medicaid Services (CMS) amended the reimbursement law for NPWT device effective January 2017. According to the new guidelines, the insurance coverage of NPWT device and service has been shifted from Home Health Prospective Payment System (HH PPS) to the Medicare Hospital Outpatient Prospective Payment System (OPPS). Moreover, the World Health organization (WHO) announced a new guideline for treatment of surgical site infections in November 2016. According to this guideline, the WHO recommends the use of prophylactic negative pressure wound therapy devices (NPWT) in closed surgical incisions in high-risk wounds. This is expected to support the growth of global negative pressure wound therapy devices market in near future.

Get HOLISTIC Request Sample Copy Of This Business Report:
https://www.coherentmarketinsights.com/insight/request-sample/103

According to the American Diabetes Association (ADA), diabetic foot ulcers costs the public and private payers in the U.S. US$ 9 billion – US$ 13 billion annually, in addition to diabetes treatment costs. Moreover, a study published by the ADA in 2014 found that the incidence of diabetic foot ulcers in the U.S. was 3.8% among the Medicare insured diabetic patients and 5.0% among privately insured diabetic patients. A study published in the Indian Journal of Health Sciences and Biomedical Research in 2015 revealed the prevalence of foot ulcers among diabetic patients in India to be 3%. With over 420 million diabetic patients globally (WHO, 2016), prevalence of 3% - 5% amounts to a sizeable population, highlighting the underlying potential of NPWT devices.

Moreover, with increasing age, prevalence of leg ulcers and other chronic wounds is also expected to increase. Although there is less prevalence of venous leg ulcer, treatment cost of this ulcer remains a burden on the economy. For instance, in U.K., prevalence of venous leg ulcers was 0.1%-0.3%, however, treatment costs was US$ 506 – US$ 760 million annually.

The treatment cost of chronic wounds can be reduced to a large extent by utilizing NPWT, as the frequency of change in dressings reduces and the device can serve for up to a month of therapy duration. This is expected to drive growth of the negative pressure wound therapy devices market over the forecast period.

Download the PDF brochure:
https://www.coherentmarketinsights.com/insight/request-pdf/103

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Mr.Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email:sales@coherentmarketinsights.com

This release was published on openPR.