Negative Pressure Wound Therapy Market

Negative Pressure Wound Therapy Market Size by Product (Conventional NPWT Devices, Disposable NPWT Devices, NPWT Accessories), Type (Diabetic Foot Ulcers, Venous Leg Ulcers, Pressure Ulcers, Burn Wounds), End Use, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12559
  • Published Date: Oct, 2021
  • Pages: 223
  • Category: Healthcare
  • Format: PDF
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The global negative pressure wound therapy market is expected to reach USD 4.17 billion by 2028, at a CAGR of 10.39% during the forecast period 2021-2028. Increasing demand for advanced wound care therapy across the globe, driving the growth of market.

Market Overview:

The negative pressure wound therapy refers to the wound dressing system, which continuously applies the sub-atmospheric pressure to the system, which provides positive pressure on the surface of the wound. The negative pressure wound therapy also called vacuum-assisted wound closure. This therapy is becoming increasingly popular for the management of acute and chronic injuries. The sub-atmospheric pressure offers various benefits for faster wound healing. The commercially available system for the negative pressure wound therapy are vacuum-assisted closure (VAC therapy) device, and the Chariker-Jeter wound sealing kit. In this therapy, a special dressing is sealed over the wound, and the gentle vacuum is attached. It includes the (bandage), tubing, a negative pressure device, and canister to collect fluids.

The negative pressure wound therapy is generally recommended to the wounds such as burn, ulcer, diabetic ulcer, injury, or the chronic wound. The negative pressure wound therapy helps to heal the wound faster with fewer infections. It is one of the most common treatments used for patients in the treatment of difficult to heal wounds. The negative pressure wound therapy enhances wound healing by reducing edema, increasing tissue formation, and stimulating circulation. Some of the benefits of negative pressure wound therapy are fast wound healing times, reduce the risk of pathogenic infection, reduce the number of dressing changes, and increase blood flow to the wound area.

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Market Dynamics:

Drivers:
  • Increasing prevalence of chronic diseases across the globe

The chronic diseases are characterized by high prevalence worldwide. An ageing population and changes in the lifestyle are contributing to the steady increase in the growth of chronic diseases.  Heart disease, cancer, and diabetes are some of the most common types of chronic diseases. Chronic diseases have a direct impact on the wound healing process and slow down the natural process of wound healing. Negative pressure wound healing helps to heal the wound faster with fewer infection in the people who are suffering from chronic diseases.

  • Rising demand for advanced wound care therapy

Increasing demand for advanced wound care therapy is one of the key primary factor driving the growth of the market. Negative pressure wound therapy helps to heal the wound faster than the other types of treatment. This therapy is specially used for the healing chronic and acute wounds which are slow to heal. Thus, increasing demand for advanced wound care therapy boosting the growth of the market.

Restraints:
  • Complications in using negative pressure wound therapy

Despite the various benefits of negative pressure wound therapy, there is a number of complications while using the therapy. Some of the complications of negative pressure wound therapy are bleeding, pain, infection, rupture, and in a few cases, death in a short time. In addition to this, when this therapy used for the loner time, it decreases the quality of life and increases anxiety, and lead to the malnutrition.

Opportunities:
  • Potential opportunities in the emerging countries

Increasing healthcare spending in emerging countries such as India, China, and Brazil is likely to provide various growth opportunities for the negative pressure wound therapy industry. In addition to this, an increasing population who are suffering from chronic diseases in the developing countries, further providing potential opportunities in the market.

Challenges:
  • High cost of negative pressure wound therapy devices

The high cost of negative pressure wound therapy devices is one of the key challenges in the market. Various types of devices used for the negative pressure wound therapy such as fluid collecting device, and tubes. The prices of these devices are very high, which may hamper the growth of the market over the forecast period.

Segmentation Analysis:

The global negative pressure wound therapy market has been segmented based on product, type, end use, and regions.

  • The product type segment is divided into conventional NPWT devices, disposable NPWT devices, and NPWT accessories. The conventional NPWT devices accounted for the major market share of 71.23% in the year 2020. This is mainly due to the high prices of these devices, which contributes to the revenue of the market. These devices are generally used in hospitals for negative pressure wound therapy.
  • The type segment includes diabetic foot ulcers, venous leg ulcers, pressure ulcers, burn wounds, and others. The diabetic foot ulcers segment dominated the market and held the major market share of 46.56% in the year 2020. Diabetic foot ulcers are one of the most common types of the wound occurs in chronic disease. Increasing treatment of negative pressure wound therapy for the diabetic foot ulcers driving the growth of the market.
  • The end use segment classified into hospital, homecare, and others. The home care segment is anticipated to grow at the highest CAGR of 11.5% over the forecast period. Increasing adoption of disposable NPWT devices for home care is one of the key drivers for the growth of the market.
Regional Segmentation Analysis:

The regions analyzed for the global negative pressure wound therapy market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North America region accounted for the major market share of 38.56% in the year 2020.

  • The growth is mainly due to the high prevalence of chronic diseases across the region. In addition to this, high healthcare expenditure and highly developed healthcare infrastructure are some of the other factor driving the growth of the market. In addition to this, the presence of key market players in the region, further driving the growth of the market.
  • The Asia Pacific region projected to grow at the highest CAGR of 12.02% over the forecast period. The growth is owing to increasing spending on healthcare across the region. In addition to this, rising awareness about the new wound therapies in the region, also propelling the growth of the market.

North America Negative Pressure Wound Therapy Market Share in 2020- 38.56%

 

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Competitive Analysis:

The key players of global negative pressure wound therapy market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.

In July 2019, 3M announced the acquisition of Acelity L.P. Inc. (Acelity) to become the leading provider of vacuum dressing products.

In February 2020, Smith+Nephew announced the launch of new PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT) which has the pump duration of 14 days in the U.S.

List of Key Market Players:

  • Devon Medical Products
  • Talley Group Limited
  • Cardinal Health, Inc.
  • Acelity L.P. Inc.
  • DeRoyal Industries, Inc.
  • Paul Hartmann AG
  • Mölnlycke Health Care
  • Medela
  • ConvaTec, Inc.
  • Smith+Nephew

Key Target Audience

  • Government Bodies
  • Investors/Shareholders
  • Regulatory bodies
  • Medical Devices Companies
  • World Health Organization

Report Description:

  • Global Negative Pressure Wound Therapy Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global negative pressure wound therapy market is based on revenue (USD Million/Billion). The report incorporates the market study on the basis of revenue. The study covers the market share revenue/market share for each of the segments, regions and countries catering to global negative pressure wound therapy market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of negative pressure wound therapy and regions which are deduced and formulated on the basis of their growth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global negative pressure wound therapy market. This offers vital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global negative pressure wound therapy market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development &innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors. 
  • Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global negative pressure wound therapy market is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the negative pressure wound therapy market was valued at USD 1.91 billion in 2020 and is anticipated to reach USD 4.17 billion by 2028.

Global negative pressure wound therapy market is growing at a CAGR of 10.39% during the forecast period 2021-2028.

The global negative pressure wound therapy market has been segmented based on product, type, end use, and regions. The conventional NPWT devices segment dominated the global market and held the largest market share in the year 2020.

The North America region emerged as the largest market for the negative pressure wound therapy.

Increasing prevalence of chronic diseases driving the growth of market

Rising preference for the alternative therapies may hamper the growth of the market over the forecast period.

Increasing awareness about negative pressure wound therapy in the developing countries is expected to offer the future growth opportunity in the market.

Key players are Devon Medical Products, Talley Group Limited, Cardinal Health, Inc., Acelity L.P. Inc., DeRoyal Industries, Inc., Paul Hartmann AG, Mölnlycke Health Care, Medela, ConvaTec, Inc., and Smith+Nephew among others.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Product
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By End Use
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing prevalence of chronic diseases across the globe
          5.2.2. Rising demand for advanced wound care therapy
    5.3. Restrains
          5.3.1. Complications in using negative pressure wound therapy
    5.4. Opportunities
          5.4.1. Potential opportunities in the emerging countries
    5.5. Challenges
          5.5.1. High cost of negative pressure wound therapy devices

6. Global Negative Pressure Wound Therapy Market Analysis and Forecast, By Product
    6.1. Segment Overview
    6.2. Conventional NPWT Devices
    6.3. Disposable NPWT Devices
    6.4. NPWT Accessories

7. Global Negative Pressure Wound Therapy Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Diabetic Foot Ulcers
    7.3. Venous Leg Ulcers
    7.4. Pressure Ulcers
    7.5. Burn Wounds
    7.6. Others

8. Global Negative Pressure Wound Therapy Market Analysis and Forecast, By End Use
    8.1. Segment Overview
    8.2. Hospital
    8.3. Homecare
    8.4. Others

9. Global Negative Pressure Wound Therapy Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Negative Pressure Wound Therapy Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Negative Pressure Wound Therapy Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Devon Medical Products
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Talley Group Limited
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Cardinal Health, Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Acelity L.P. Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. DeRoyal Industries, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Paul Hartmann AG
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Mölnlycke Health Care
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Medela
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. ConvaTec, Inc.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Smith+Nephew
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

2. Global conventional NPWT devices, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

3. Global disposable NPWT devices, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

4. Global NPWT accessories, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

5. Global Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

6. Global diabetic foot ulcers Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

7. Global venous leg ulcers Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

8. Global pressure ulcers Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

9. Global Burn Wounds Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

10. Global Others Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

11. Global Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

12. Global Hospital, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

13. Global Home Care, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

14. Global Others, Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

15. Global Negative Pressure Wound Therapy Market, By Region, 2018–2028 (USD Billion)

16. North America Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

17. North America Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

18. North America Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

19. U.S. Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

20. U.S. Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

21. U.S. Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

22. Canada Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

23. Canada Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

24. Canada Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

25. Mexico Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

26. Mexico Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

27. Mexico Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

28. Europe Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

29. Europe Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

30. Europe Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

31. Germany Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

32. Germany Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

33. Germany Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

34. France Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

35. France Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

36. France Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

37. U.K. Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

38. U.K. Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

39. U.K. Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

40. Italy Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

41. Italy Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

42. Italy Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

43. Spain Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

44. Spain Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

45. Spain Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

46. Asia Pacific Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

47. Asia Pacific Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

48. Asia Pacific Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

49. Japan Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

50. Japan Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

51. Japan Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

52. China Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

53. China Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

54. China Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

55. India Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

56. India Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

57. India Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

58. South America Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

59. South America Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

60. South America Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

61. Brazil Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

62. Brazil Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

63. Brazil Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

64. Middle East and Africa Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

65. Middle East and Africa Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

66. Middle East and Africa Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

67. UAE Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

68. UAE Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

69. UAE Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

70. South Africa Negative Pressure Wound Therapy Market, By Product, 2018–2028 (USD Billion)

71. South Africa Negative Pressure Wound Therapy Market, By Type, 2018–2028 (USD Billion)

72. South Africa Negative Pressure Wound Therapy Market, By End Use, 2018–2028 (USD Billion)

List of Figures 

1. Global Negative Pressure Wound Therapy Market Segmentation

2. Negative Pressure Wound Therapy Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Negative Pressure Wound Therapy Market Attractiveness Analysis By Product

9. Global Negative Pressure Wound Therapy Market Attractiveness Analysis By Type

10. Global Negative Pressure Wound Therapy Market Attractiveness Analysis By End Use

11. Global Negative Pressure Wound Therapy Market Attractiveness Analysis By Region

12. Global Negative Pressure Wound Therapy Market: Dynamics

13. Global Negative Pressure Wound Therapy Market Share By Product(2021 & 2028)

14. Global Negative Pressure Wound Therapy Market Share By Type(2021 & 2028)

15. Global Negative Pressure Wound Therapy Market Share By End Use(2021 & 2028)

16. Global Negative Pressure Wound Therapy Market Share by Regions (2021 & 2028)

17. Global Negative Pressure Wound Therapy Market Share by Company (2020)

This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global negative pressure wound therapy market on the basis of below mentioned segments:

Global Negative Pressure Wound Therapy Market by Product:

  • Conventional NPWT Devices
  • Disposable NPWT Devices
  • NPWT Accessories

Global Negative Pressure Wound Therapy Market by Type:

  • Diabetic Foot Ulcers
  • Venous Leg Ulcers
  • Pressure Ulcers
  • Burn Wounds
  • Others

Global Negative Pressure Wound Therapy Market by End Use:

  • Hospital
  • Home Care
  • Others

Global Negative Pressure Wound Therapy Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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