About this market
Product launches help companies in expanding their product offerings, penetrating various regions and strengthening their market presence. Competition among vendors results in the launch of advanced products. Vendors are launching new products as well as upgrading existing products with better features. The launch of new and advanced products in the market will drive the market’s growth. The NPWT devices market to grow at a CAGR of over 9% during the forecast period.
Market Overview
Rise in prevalence of diabetes
People with diabetes are prone to developing diabetic’s foot ulcers. Moreover, wound healing takes longer in diabetics compared with a healthy individual. Hence the demand for single – use NPWT devices for faster recovery of ulcers in diabetics is expected to increase, thereby driving the growth of global single- use NPWT devices market.
Presence of substitutes
The government in developing countries do not provide reimbursement for the use of single- use NPTW devices, resulting in healthcare facilities and patients opting for low- cost substitutes. In addition, traditional NPWT devices provide nearly all the features of single- use NPWT devices. They also provide the advantage of reusability, which is not possible in the case of single- use NPWT devices. Hence, the presence of substitutes will affect the market negatively.
For the detailed list of factors that will drive and challenge the growth of the single-use NPWT devices market during the 2019-2023, view our report.
Competitive Landscape
The single-use NPWT devices market is moderately fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.