Published: Sep, 2017
The global wound closure products market is marked by intense competition. The market thus, witnesses regular product innovation as each player is taking efforts to come up with something new by investing in research and development. The players in the wound closure market are also attempting to upgrade their existing product portfolio so as to increase their market share. Developing technologically advanced products and gaining a strong foothold in the market is becoming a key strategy for many top players, states Transparency Market Research (TMR), a market intelligence company in its report. The report further profiles key players operating within the market such as: Cryolife, and Johnson & Johnson (Ethicon), Baxter International, Inc., and B. Braun, Covidien plc.
According to Transparency Market Research, the global wound closure products market is expected to be worth US$15.2 bn by the end of 2023. On the basis of product, the market for sutures is witnessing a healthy demand as sutures are increasingly being preferred for wound closure. Advancements in technology are improving the capability and efficiency of surgical sutures, driving their demand. By geography, the Asia Pacific market for wound closure products will emerge as most lucrative in the years to come. As per the WHO, China had reported 90 mn cases of diabetes and India, 61 mn. This makes Asia Pacific a good market for wound closure products. North America, followed by Europe has been leading in the market on account of higher prevalence of diseases and quick acceptance of latest technology.
Increasing Demand for Cosmetic Surgery Driving Growth of Market
The global wound closure products market is driven by the growing application in internal as well as external wounds. There are various surgical procedures that require sutures and tissue adhesives and this will boost the growth of the market. The application of tissue sealants in dental and bariatric surgeries is fueling the growth of the wound closure products market. This market will mainly be driven by the increasing number of surgical procedures across the globe. The increasing demand for plastic and cosmetic surgeries due to accidents, traumas, burns, and congenital disability will fuel the growth of the global wound closure products market. The demand for restoring, reshaping, and enhancing the appearance is also increasingly appealing to people worldwide. This too, will drive the demand for cosmetic surgery, in turn benefitting the wound closure products market.
High Demand for Products that Lead to Quick Recovery of Wounds to Pressurize Market Players to Develop Better Products
The growing number of chronic injuries and the increasing demand for advanced technology are compelling market players to make newer products and this will ensure the continued growth of this market. The aging population is growing rapidly and also demanding sophisticated and advanced wound care solutions for quick recovery. This will also pressurize players within the wound closure products market to develop advanced products and in turn drive the market. Faster recovery of wounds also reduces hospital stay time and is increasingly desired by patients. All these factors will help the market to grow.
The study presented here is based on a report by Transparency Market Research (TMR), titled, Wound Closure Products (Sutures, Surgical Staples, Wound Closure Strips, Adhesives and Tissue Sealants and Hemostats) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Global Wound Closure Products market has been segmented as below:
- Global Wound Closure Products Market, by Product Type
- Absorbable Sutures
- Non-Absorbable Sutures
- Surgical Staples
- Wound Closure Strips
- Adhesives and Tissue Sealants
- Fibrin Sealants
- Collagen Based Sealants
- Cyanoacrylate Sealants
- Albumin and Glutaraldehyde Based Sealants
- Polymer Based Sealants
- Global Wound Closure Products Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
- North America
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