Analysis on Impact of COVID-19 Global Wound Therapy Devices Market 2020-2024 | Evolving Opportunities with 3M Co. and Cardinal Health Inc. | Technavio | Business
LONDON–(BUSINESS WIRE)–Sep 8, 2020–
The global wound therapy devices market size is expected to grow by USD 1.16 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 5%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Wound Therapy Devices Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Wound Therapy Devices Market Analysis Report by Product (NPWT devices, HBOT devices, and Others) and Geography (North America, Europe, APAC, and ROW), and the Segment Forecasts, 2020-2024”.
The market is driven by the increasing prevalence of acute and chronic wounds. In addition, the increasing use of wound therapy devices in outpatient settings is anticipated to boost the growth of the wound therapy devices market.
The increasing worldwide prevalence of acute wounds such as surgical wounds and traumatic wounds caused by abrasion, puncture, laceration, incision, and chronic wounds such as diabetic ulcers and pressure ulcers is estimated to increase the demand for advanced wound care devices. In developed countries, around 15,000 per every million people experience a chronic wound during their lifetime, which drives the adoption of wound therapy devices. The majority of the chronic wounds are associated with conditions that are more common in elderly people, including vascular disease, venous insufficiency, unrelieved pressure, or diabetes mellitus. Thus, the increasing prevalence of acute and chronic wounds is expected to drive the wound therapy devices market growth.
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Major Five Wound Therapy Devices Companies:
3M Co. has business operations under various segments such as safety and industrial, transportation and electronics, health care, consumer, and corporate and unallocated. The company offers SNAP Therapy System, which is a single-use, lightweight, mechanically powered NPWT system.
Cardinal Health Inc.
Cardinal Health Inc. operates its business through two segments: pharmaceutical and medical. The company offers Cardinal Health PRO Family that includes the Cardinal Health NPWT PRO, Cardinal Health NPWT PRO to GO, and Cardinal Health NPWT PRO at HOME are conventional NPWT devices.
ConvaTec Group Plc
ConvaTec Group Plc has business operations under four segments: advanced wound care, ostomy care, continence and critical care, and infusion care. The company offers AVELLE Negative Pressure Wound Therapy System, which is a disposable, canister-less NPWT device that combines NPWT with the benefits of the AQUACEL technology.
Genadyne Biotechnologies Inc.
Genadyne Biotechnologies Inc. operates its business through various segments such as pumps, supply kits, canisters, and accessories. The company provides NPWT system which corporate advanced wound dressings, and therapeutic support systems that decrease the risk of pressure ulcer development.
H&R Healthcare has business operations under various segments such as support surfaces, full bariatric suites, negative pressure wound therapy, and safe patient handling. The company provides powerful XLR8 Plus Negative Pressure Wound Therapy Pump which easily handles the largest of wounds for extended periods of time, offering continuous and variable pressure setting options, as well as intensity level setting options.
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Wound Therapy Devices Product Outlook (Revenue, USD bn, 2020-2024)
- NPWT devices – size and forecast 2019-2024
- HBOT devices – size and forecast 2019-2024
- Others – size and forecast 2019-2024
Wound Therapy Devices Regional Outlook (Revenue, USD bn, 2020-2024)
- North America – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- APAC – size and forecast 2019-2024
- ROW – size and forecast 2019-2024
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INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Technavio Research
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PUB: 09/08/2020 10:00 AM/DISC: 09/08/2020 10:01 AM