The global wound closure products market is projected to generate $10,148.7 million revenue by 2030, advancing at a CAGR of 5.0% during 2021–2030. This can be ascribed to the growing number of road accidents and burn injuries, rising cases of diabetes, increasing incidence of chronic, surgical, and traumatic wounds, high R&D expenditure, and technological advancements in wound care.
Based on product type, the market is categorized into sutures, hemostatic agents, staples, adhesives & tissue sealants, strips, and mechanical wound closure devices. Among these, sutures accounted for the largest revenue share, around 35%, in 2021, and this category is expected to further dominate the market during the forecast period. This can be attributed to the growing demand for absorbable sutures owing to their ability to degrade naturally, rising number of players offering these products, and increasing R&D spending.
Moreover, adhesives & tissue sealants accounted for a significant revenue share in 2021, due to their biocompatibility, ease of use, minimal invasion, and low toxicity. Additionally, these products are used in conjunction with other wound closure products, to achieve better therapeutic efficacy.
Hospitals and clinics held the largest revenue share in 2021, and they are further expected to dominate the market during the forecast period. This will be due to the increasing number of patients visiting hospitals, high investment in healthcare, growing service standards of hospitals and clinics, rising number of accidents, and booming count of people with diabetic foot ulcers. Moreover, the rising rate of hospitalization of patients and high probability of developing surgical wounds are expected to fuel the wound closure products market advance.
Based on wound type, the market is categorized into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, burns, venous leg ulcers, and others. Among these, the surgical & traumatic wounds category accounted for the largest revenue share in 2021. This was a result of the rising prevalence of chronic conditions, growing number of surgeries, increasing practice of regenerative medicine, and surging prevalence of post-operative surgical wounds that are difficult to heal.
In addition, the diabetic foot ulcers category contributes significant revenue to the market due to the surging diabetic population, especially the elderly population.
Geographically, North America held the largest revenue share in 2021, and it is expected to further dominate the market during the forecast period. This will be due to the increasing road accident and sports injury incidence, presence of several key players, availability of an adequate number of skilled professionals, and highly developed healthcare infrastructure.
APAC will witness the fastest growth during the forecast period. This can be attributed to the rising disposable income, enhancing healthcare infrastructure, increasing number of road accidents, growing aging population, booming diabetes incidence, and technological developments in the region.
Some of the major wound closure products market players are 3M Company, Mölnlycke Health Care AB, Johnson & Johnson, Medline Industries LP, Cardinal Health Inc., and Medtronic plc.