Valued at $9,517.1 million in 2015, the global wound closure products market is projected to demonstrate a CAGR of 6.3% during the forecast period (2016–2022). Wound closure products play a pivotal role in the management of various types of wounds, by preventing blood loss and infections and expediting the healing process. Sutures, surgical staples, hemostats, adhesives and tissue sealants, and wound closure strips are some of the key products utilized for wound management across the globe.
Growing incidence of chronic wounds and rising number of surgical procedures are the major factors driving the growth of the wound closure products market, globally. Besides, the increasing number of road accidents and rising awareness on the management of wounds are playing a pivotal role in the market growth.
However, the expensive nature of wound closure products and the need for trained medical professionals for their usage affect the product adoption, to some extent, across the world. Moreover, the availability of substitutes limits the growth of the wound closure products market. Alternatives such as bandages, gauges, and sponges absorb blood and fluids while ensuring hygiene. Moreover, these products are affordable, which further increases their demand in the market.
Among the different types of wound closure products, hemostats are expected to witness the highest demand during the forecast period. Of all applications, cardiovascular surgeries contributed the highest revenue to the wound closure products market in 2015. Moreover, the market in this category is expected to progress at a CAGR of 6.9% during the forecast period.
Globally, North America led the wound closure products market during the historical period and Asia-Pacific (APAC) is projected to the fastest-growing regional market, progressing at a CAGR of 7.0% during the forecast period.
Major players operating in the global wound closure products market include Medtronic plc, 3M Company, CryoLife Inc., Smith and Nephew plc, DeRoyal Industries Inc., Derma Sciences Inc., Pfizer Inc., Johnson & Johnson, B. Braun Melsungen AG, and Baxter International Inc.
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WOUND CLOSURE PRODUCTS MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography