Wound Closure Devices Market
New York, September 2023: According to a new research study by Global Insight Services (GIS), the Wound Closure Devices Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 17.7 billion by 2032.
Wound closure devices are those that help to close a wound. It works by drawing the wound edges and tissues jointly to aid in healing. There are several products on the market that aid with wound closure. Strips, mechanical wound closure devices, adhesives, staples, and sutures are some of the most common wound closure devices. These devices aid in the strengthening of injured tissue as well as the reduction of tissue damage. Furthermore, they aid in reducing the chance or hazard of severe scarring and infection.
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Wound Closure Devices Market: Market Drivers and Trends
The rising frequency of chronic wounds that consist of diabetic foot ulcers, venous leg ulcers, and pressure ulcers is expected to drive demand for wound closure devices. According to B. Braun Melsungen AG research, diabetic foot ulcers afflict between 2.0% to 10.0% of patients with diabetes. Furthermore, according to the American College of Physicians, the global yearly incidence of diabetic foot ulcers in 2017 was roughly 6.3%, and the lifetime risk of foot ulcers in diabetic individuals ranged from 19.0% to 34.0%. According to the National Centre for Biotechnology Information (NCBI), the prevalence rate of diabetic foot ulcers in North America in 2017 reached 13.0% (highest), which was 5.5% in Asia, 7.2% in Africa, 5.1% in Europe, and 13.0% in the United States. Chronic wounds are treated using wound closure devices which include sutures, staples, and mechanical wound closure systems.
Furthermore, there has been an increase in the total number of surgical operations performed throughout the world in recent years. One of the primary causes driving an increase in the number of procedures is the rising prevalence of chronic conditions such as cancer, diabetes, and autoimmune disorders. Infectious and non communicable illnesses have become more common in recent decades. These drivers are likely to propel market expansion.
Wound Closure Devices Market: Market Restraints and Challenges
The high rivalry that leads to pricing pressure is one of the major hurdles to the worldwide wound closure devices market’s growth. The market is accessible to small businesses for producing wound closure goods that include sutures, hemostats, surgical staples, and tissue sealants, despite the fact that few big manufacturers dominate a few product groups. When opposed to large, branded enterprises with names like Ethicon and Covidien (Medtronic), local competitors produce and distribute these items at much-reduced costs. Devices that are accessible at a low cost in developing nations are projected to increase faster. However, sophisticated items of greater quality are preferred by industrialized countries. Hence, these factors are expected to restrain growth of the market during the forecast period.
Wound Closure Devices Market Report Findings
The acute segment is likely to hold the major share of the market in 2022
Based on wound type, the Wound Closure Devices Market is segmented into chronic and acute. The acute segment is expected to dominate the market during the forecast period. This is due to an increase in the number of operations and burn cases worldwide. According to WHO, around USD 26.00 million are allocated each year in South Africa for the treatment of burns caused by kerosene cooking burner events. Such severe injuries need prompt treatment using cutting-edge medical technology. Poverty, a lack of basic safety precautions, the use of paraffin for non-electric home appliances, alcohol misuse, and smoking are the key causes of a large number of burn cases.
The sutures segment is likely to hold the major share of the market in 2022
By product, the market is classified into adhesives, staples, sutures, strips, sealants, and mechanical wound closure devices. The sutures segment is further segmented into absorbable, and non-absorbable. Also, the strips segment is further bifurcated into sterile, and non-sterile. Similarly, sealants is sub-segmented into synthetic, non-synthetic, and collgen-based. The sutures segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. attributable to the increased frequency of incidents around the globe. Sutures are needles with thread connected to them that come in a range of forms, sizes, and thread materials. Sutures are further classified as absorbable or non-absorbable. The absorbable suture market is expected to develop the quickest throughout the forecast period because they are far more convenient and easier to use than non-absorbable sutures.
The hospital segment is likely to hold the major share of the market in 2022
Based on end-user, the Wound Closure Devices Market is segmented into hospitals, hospitals, clinics, trauma centers, and others. In 2022, the hospital segment dominated the market in terms of revenue and is expected to be the same during the upcoming years. This is attributed to the increased number of operations and increasing occurrences of road accidents. According to WHO, nearly 1.35 million people die each year in traffic accidents, which cost most nations nearly 3.0% of their GDP.
The North America region is accounted for the majority of market share in 2022
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America has the biggest market share in terms of Wound Closure Devices Market value followed by Asia Pacific. This is because of the presence of key actors in the region, as well as the increased frequency of chronic wounds. Furthermore, the growing number of patients having procedures and growing knowledge about surgeries that are minimally invasive are driving regional market expansion. 3M, Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Medtronic, and Baxter are key participants in the North American market. These firms are making investments in R&D to create medical gadgets that help speed up wound closure.
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The key players studied in the Wound Closure Devices Market are 3M, Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Medtronic, Baxter, Integra LifeSciences Corporation, Smith & Nephew, Mölnlycke Health Care AB, Medline Industries, Inc., and AVITA Medical among others.
Wound Closure Devices Market: Recent Developments
- In June 2021, Ethicon Plus sutures were the first to be approved for use in the NHS by NICE Medical Technologies Guidance as they have been demonstrated to lower the possibility of surgical site infections (SSIs) by over 30%.
- In November 2020, Trubarb, a knotless tissue closure device launched by Healthium, is an efficacious triangular end stopper that removes the need for knotting as compared to a normal suture.
- In March 2020, LiquiBand Plus, developed by Advanced Medical Solutions Limited, was approved by the FDA to heal readily approximated skin margins of wounds after surgical incisions.
- In February 2020, Wego-Stainless Steel suture was approved by the FDA for applications such as abdominal wound closure, hernia repair, and sternal closure by Foosin Medical Supplies Inc., Ltd.
Wound Closure Devices Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Wound Closure Devices Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global Wound Closure Devices Market potential from 2022 to 2032 in terms of revenue ($ Million) and Volume (Units).
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Wound Closure Devices Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Wound Closure Devices Market industry.
Wound Closure Devices Market Segmentation
By Wound Type
- Mechanical Wound Closure Devices
- Trauma centers
- North America
- The U.S.
- The U.K.
- Rest of Europe
- The Asia-Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Johnson & Johnson Services, Inc.
- B. Braun Melsungen AG
- Integra LifeSciences Corporation
- Smith & Nephew
- Mölnlycke Health Care AB
- Medline Industries, Inc.
- AVITA Medical