Market Size of Vacuum Therapy Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vacuum Therapy Devices Market Analysis
The vacuum therapy devices market is expected to register a CAGR of 3.5% during the forecast period.
COVID-19 swiftly became a pandemic, causing significant disruptions in health services such as wound care and vacuum therapy devices. Vacuum devices, which are crucial in wound care and should be considered important medical devices, have changed as a result of the necessity. The article published in Wound Repair Regeneration in October 2021 demonstrated a paradigm shift in wound care toward hybrid telemedicine and home healthcare models to keep patients at home and reduce the amount of in-person clinic visits and hospitalizations, except in extreme instances such as chronic limb ischemia. As a result of the aforementioned characteristics, COVID-19 significantly impacted the vacuum therapy devices market. Additionally, the market is growing again as all of the activities return to normal and are expected to follow the same trend over the forecast period.
The rising cases of road accidents and the increase in cases of chronic diseases are expected to be the key contributors to the market growth. Vacuum therapy is preferably used for wound healing, and thus, the growing prevalence of wounds is expected to boost the market growth. The study published in SAGE Journal in August 2021 reported that venous leg ulcers (VLU) accounted for 70% of all chronic leg ulcers and had a recurrence rate of 60-70% after ten years. Deep venous ulcers account for 90% of the venous return to the right atrium from the lower extremities. The recurrence of the illness necessitates the use of vacuum medical devices, which is projected to fuel market expansion.
Additionally, as per the International Diabetes Federation (IDF) report 2021, there were around 537 million people across the globe having diabetes. The same report suggests that the number of persons with diabetes is increasing rapidly every year, contributing to the high incidence of diabetic ulcers. With rising ulcers, the need for vacuum medical equipment is predicted to rise, which will help the market expansion in the coming years.
Increasing the burden of injuries and road accidents is likely to support the market's growth. According to the World Health Organization (WHO) Report, in 2021, between 20-50 million people will suffer from non-fatal injuries, with many incurring a disability as a result of their injury. 93% of the world's fatalities on the roads occur in low and middle-income countries, even though these countries have approximately 60% of the world's vehicles. Even within high-income countries, individuals from lower socioeconomic backgrounds are more likely to be involved in road traffic crashes. Thus, increasing road traffic-related crashes result in injuries, which is expected to boost market growth.
Furthermore, strategic initiatives implemented by market participants are projected to boost the market growth. For instance, in April 2021, Joerns Healthcare signed a distribution agreement with Medela to distribute Medela's negative pressure wound therapy (NPWT) product line on a national basis to skilled nursing and long-term acute care hospital settings. Thus, all aforementioned factors are expected to boost market growth over the forecast period. However, the high cost of devices may restrain the market growth.
