Negative Pressure Wound Therapy is a devise based technology used for healing wounds by providing a moist healing environment. It is used in the treatment of both acute and chronic wounds. Chronic wounds are difficult to heal and thus require special treatment. This non-invasive therapy system uses sub-atmospheric pressure to remove fluid and infectious material from the wound and provides moist healing environment to the wound to promote faster healing.
The major factors driving the growth of this market are growing geriatric population and rising incidences of chronic diseases that lead to chronic wounds such as diabetic foot ulcers, pressure ulcers and venous leg ulcers. Advancement in the wound care technologies that promote faster wound healing would also facilitate the growth of this market. However, the expensive nature of this therapy system, unfavorable reimbursement policies and reluctance in adoption of technology driven products has restricted the market growth.
Global Negative Pressure Wound Therapy Market by Types
Global Negative Pressure Wound Therapy Market by types is segmented into conventional negative pressure wound therapy systems and single use negative pressure wound therapy systems. Conventional negative pressure wound therapy market dominates the market as single use system is a new concept and very few companies have launched the single use negative pressure wound therapy.
Global Negative Pressure Wound Therapy Market by Geography
Geographically, this market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is the largest market due to rising geriatric population and increasing incidences of chronic diseases. Asia pacific is expected to be the fastest growing market due to rising chronic disease incidences and increasing disposable income.
Kinetic concepts, Smith and Nephew, ConvaTech, Prospera Technologies, Molnlycke Healthcare, Devon Medical and Genadyne Biotechnologies are some of the major players in this market. These players have adopted product launch and acquisition as their competitive strategies. In November 2013, Kinetic concepts introduced the next generation V.A.C.Via™ Therapy system that promotes wound healing in moderate-to-low exudating wounds.
According to Porter’s Five Forces analysis, the bargaining power of the supplier is high as products are highly differentiated. High switching cost leads to the low bargaining power of buyers. Threat from substitutes is low as no substitutes are available. Few competitors with high exit barriers lead to moderate competition in the market. Threat of new entrants is low as brand names are well known and profitability requires economies of scale. SWOT analysis helps in determining the internal and external environmental factors for strategic business planning. Study of key players and their strategies helps in developing market entry and expansion strategy.
KEY MARKET SEGMENTS
MARKET BY TYPE
MARKET BY GEOGRAPHY