Published: December 2016
Report Code: LS10731
Category : Healthcare
The global wound closure products market was worth $9,517.1 million in 2015 and it is expected to grow at a CAGR of 6.3% during 2016-2022. Among the various wound closure product types, the sutures segment held the largest share in the global market in 2015. Among the various applications, cardiovascular segment held the largest share in the global market in 2015. The global wound closure products market is witnessing high growth due to increasing geriatric population, increasing road accidents and growing chronic wound cases. In addition, increasing awareness about wound closure products and increasing volume of surgeries are also leading to its higher adoption.
Surgeries are performed by making incision on the body which leads to the wound formation. Wound closure products are used in both internal and external surgical procedures for wound closure. For instance, they are used in neurosurgical procedures, cardiac surgery, bariatric surgery, leg surgery, cesarean and orthopedic surgery. Wound closure products, such as sutures, surgical staples and adhesive tissue sealants, are commonly used to prevent infection and reduce recovery time after surgery.
The increase in road accidents across the globe is expected to increase the demand for wound closure products. The wound formed as a result of accidents are exposed to debris, soil, bodily fluids and microbes. Tissue is also lost during road accidents that increases the time for wound to heal. According to the American Burn Association (ABA), approximately 486,000 burn injuries were reported in the U.S in 2011. Also, according to the World Health Organization (WHO) publication in 2014, nearly 1 million people suffer from moderate to severe burns every year in India. Thus, the increasing incidence of burn cases is driving the demand of wound closure products.
Increasing incidence of chronic wounds is among the major factors responsible for the growth of wound closure products market. Wound closure products, such as sutures, surgical staples, adhesive and tissue sealants, are used in adjunct with wound care products to accelerate wound healing.
The restraints associated with its growth in the global market include high cost of wound closure products and presence of alternative treatment options. The utilization of wound closure products requires high technical assistant for their efficient usage. The inappropriate usage of wound closure products leads to tissue damage, increased risk of infection and discomfort to patients. For instance, utilization of sutures requires a technically trained person to perform the wound closure procedures. In addition, wound closure products, such as surgical staples, non-absorbable sutures and wound closure strips are applied and removed by a technically trained person. As a result, high technical requirement for utilization of wound closure products limits their sales, leading to lesser adoption rates.
Some of the key companies operating in the global wound closure products market include 3M Company, Medtronic plc, Smith and Nephew plc, CryoLife Inc., DeRoyal Industries Inc., Pfizer Inc., Derma Sciences Inc., Johnson and Johnson, B. Braun Melsungen AG and Baxter International Inc.