The global wound closure products market generated revenue worth $9,517.1 million in 2015 and is expected to advance at a CAGR of 6.3% during 2016–2022. Growing geriatric population, rising cases of road accidents, and increasing incidence of chronic wounds are the key factors contributing to the growth of the market. Moreover, growing awareness about wound closure products and increasing volume of surgeries across the world are supporting the market growth.
Bases on type, the wound closure products market is categorized into sutures, hemostats, surgical staples, adhesives and tissue sealants, and wound closure strips. Among these, sutures held the largest share in the market in 2015. The market demand for sutures is primarily driven by the increasing incidence of chronic wounds and rising volume of surgeries across the globe.
Wound care products are widely used in cardiovascular, general, gynecological, orthopedic, ophthalmic, and other surgeries. Among these applications, cardiovascular surgeries dominated the wound closure products market during the historical period. Increasing number of cardiac surgeries on account of the rising prevalence of heart diseases is a major factor fueling the demand for wound care products in this category.
Globally, the cases of road accidents are increasing at a rapid pace, which, in turn, is propelling the demand for various types of wound closure products. Wounds occurred due to accidents are often exposed to soil, debris, microbes, and bodily fluids. Moreover, such accidents also result in tissue loss, which further extends the healing process.
Besides, the rising number of burn cases is playing a significant role in the growth of the wound closure products market. As per the American Burn Association (ABA), in 2011, around 486,000 burn injuries were reported in the U.S. These injuries often require surgical procedures, which involve the use of wound closure products. During such procedures, surgeons make several incisions at the surgical site, which may result in the formation of wounds. Wound closure products help in the management of such wounds in both internal and external surgical applications.
Increasing incidence of chronic wounds is also positively impacting the wound closure products market across the globe. Chronic wounds, such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers, generally require surgical intervention, thus involving the use of wound closure products.
However, factors such as the high cost of wound care products and the availability of substitutes are hampering the growth of the market. Moreover, the usage of wound care products demands medical expertise, as their inappropriate usage may lead to serious side-effects, further delaying the wound healing process. For instance, suturing requires expertise of a medical professional. Moreover, non-absorbable sutures, surgical staples, and wound closure strips are applied and removed only by healthcare professionals. This restricts the adoption of such products to some extent, further impacting the growth of the wound closure products market.
3M Company, Smith and Nephew plc, Medtronic plc, CryoLife Inc., Pfizer Inc., Derma Sciences Inc., DeRoyal Industries Inc., B. Braun Melsungen AG, Johnson & Johnson, and Baxter International Inc. are some of the major companies operating in the global wound closure products market.
Key Questions Addressed in the Report
What is the current scenario of the global wound closure products market?
What are the emerging technologies in the market?
What are the key market segments and their size and future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
Which are the key regions from the investment perspective?
What is the regulatory scenario across different regions?
What are the strategies, product portfolios, and financial performance of the key market players?