Johnson & Johnson (Ethicon) has consistently held a leading position in the global wound closure products market over the past few years. The market is also dominated by a few other players in specific product categories, such as Stratafix for knotless tissues control, Dermabond for topical skin adhesives, and Everpoint for their cardiovascular needle.
According to a research report published by market intelligence leader Transparency Market Research, the degree of competitive rivalry in the global wound closure products market is expected to remain very high over the coming years. A large number of companies are already in operation within the market and only a handful take up a globally prominent position. Both acquisition and product innovation rate at an optimistic high, creating a highly competitive field for wound closure products manufacturers and distributors.
The global wound closure products market is being projected at a CAGR of 6.4% within a forecast period from 2015 to 2023. By the end of this forecast period (2023), the market’s revenue is expected to reach US$15.22 bn. It is expected to reach US$9.81 bn by the end of 2016. In terms of products within the global wound closure products market, hemostats are expected to overtake sutures in revenue generation, to generate US$4.70 bn by the end of 2023. Hemostats revenues are expected expand at a leading CAGR of 9.5% from 2015 to 2023, among all product types in the global wound closure products market.
APAC Demand for Wound Closure Products Grows Promisingly
North America has consistently led the overall demand for the wound closure products for the past couple of years. This region holds a fairly advanced healthcare industry that is savvy to changes and improvements in technologies and product innovations. This fact, combined with the high outreach of the healthcare industry and the growing number of injury cases in the region are facilitating a strong growth rate for wound closure products manufacturers here.
At the same time, Asia Pacific is proving itself to be the future of the global wound closure products market. A staggeringly fast development rate of healthcare infrastructure and an increasing rate of adoption of new technologies is putting this region out to be highly promising. Asia Pacific holds a massive patient pool as well as a thriving medical tourism industry. Top players in the global wound closure products market are well-aware of this and are looking to make the most of it.
Lifestyle Diseases Grow in Prevalence, Prompt Greater Demand for Better Wound Closure Products
“More than 0.6 mn deaths in the U.S. alone occur due to the high prevalence of heart diseases, according to the CDC. The WHO stated that more than 230 mn of the Chinese population was suffering from CVD in 2010. The problem of diabetes, cardiovascular complications, and other chronic diseases is already quite high across the world and is continuing to increase at an alarming pace. This forms the primary reason for the increasing demand for wound closure products,” states a TMR analyst.
A large portion of the responsibility for this growing number of patients is put on the increasingly negative lifestyle habits that humans are incorporating. With the growing number of people leading extremely hectic and busy daily routines, the level of stress has increased, along with the overconsumption of foods and beverages that are proven to be unhealthy.
Cost of Wound Closure Products Still Running too High for Multiple Regions
One of the key restraints acting on the global wound closure products market is the high cost of some of the popular sealants and glues. Patients in a lot of emerging economies are unable to afford these advanced treatment options and as a result, stick to conventional methods. The healthcare industry in these regions also finds it difficult to bear the costs of providing these alternatives along with staffing a sufficient number of skilled professionals for the same.
“Despite the current shortcomings, emerging economies are showing a massive scope of growth for wound closure products over the coming years. Asia Pacific, Latin America, and the MEA are therefore providing a great chance for both globally prominent players as well as regional ones to flourish,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Wound Closure Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key segments of the Global Wound Closure Products Market
Global Wound Closure Products market has been segmented as below:
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