Market Trends of Europe Negative Pressure Wound Therapy Industry
Diabetic Foot Ulcers Segment is Expected to Witness Significant Growth Over The Forecast Period.
Diabetic Foot Ulcers (DFU) are one of the most common complications associated with diabetes and are posing a significant burden on several countries across the European region. Factors such as the high prevalence of diabetes in Europe and the rising prevalence of diabetes and the increasing developments by market players are expected to enhance the segment growth.
For instance, according to the International Diabetes Federation Diabetes Atlas, February 2022 report, an estimated 61 million adults (20-79 years) were living with diabetes in the Europe Region in 2021. The number of adults with diabetes is predicted to rise to 69 million in 17 years, an increase of 13%. The surge in the prevalence of diabetes among all ages in the European Region is likely to increase the cases of diabetic foot ulcers in the region, which is ultimately projected to augment the segment's growth.
The launches and acquisitions by the market players are likely to augment the market growth. For instance, in March 2022, Cork Medical entered into a partnership with MedTech Solutions Group (MTSG). As per the agreement, MTSG will manage Cork Medical's international negative pressure wound therapy (NPWT) business in all countries except the United States (including countries in Europe). Such developments are expected to boost the segment growth in the region.
Thus, the abovementioned factors such as the high prevalence of diabetes in Europe and the rising prevalence of diabetes and the increasing developments by market players are expected to enhance the segment growth.
Germany is is Expected to Hold a Significant Share in the Europe Negative Pressure Wound Therapy Market
Germany is expected to hold a significant share of the market owing to factors such as the rising incidence of diabetic foot ulcer cases, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the country.
The approvals, launches, acquisitions, and partnerships by the key market players in the country are projected to boost the market growth. For instance, in August 2022, 3M Health Care's Medical Solutions Division advanced the delivery of 3M Veraflo Therapy (negative pressure wound therapy). This is expected to help physicians in all countries, including Germany, to make dressing changes easier, faster, and less painful for their patients. Such product developments are predicted to augment the demand for wound management in the country and ultimately boost market growth.
Furthermore, the Federal Statistical Office (Destatis) August 2022 report stated that approximately 22,300 children under 15 years were harmed in Germany's road traffic accidents in 2021. The accidents are associated with developing a wound that requires negative pressure wound therapy for its management, ultimately boosting the market growth.
Therefore, owing to the aforementioned factors, such as the rising accident cases and the increasing developments by market players, the studied market's growth is anticipated in Germany.
