Wound Closure Products Market - Snapshot
Wound closure devices comprise specially made mechanical apparatus, staples, and sutures, which helps in the closure of wounds by handling the edges of the wound tissues together. Devices made for wound closure differ in size and design and might need pressure and tension adjustment when it is applied to a patient or when it is absorbed into the skin. However, it depends on the manufacturer and the function of the device. The global wound closure products market is estimated to be driven by the rising demand for its use in the treatment of pressure ulcers. Wound closure products find wide use in cases of surgical, traumatic, and chronic wounds and for skin flaps and grafts.
Increased Prevalence of Diabetes and Disabilities to Bolster Demand
Increasing incidences of disabilities together with rising geriatric population is estimated to shoot up the occurrences of pressure ulcers. As per the findings of US-based The National Center for Biotechnology Information (NCBI), in the US, nearly US$ 11 Bn is spent every year for pressure ulcer treatment. NCBI also records that the in nursing home patients, the rate of prevalence of pressure ulcers is around 11% per year and for venous leg ulcer vary it is from 0.18% to 1 %. Venous leg ulcer is one of the most advanced types of chronic venous disorders and chances of recurrence are more than 70%. Such high occurrences of chronic wounds are estimated to propel growth of the global wound closure products market in the years to come.
In addition, there has been a surge in the number of surgical processes all over the world. Some of the chronic diseases that require wound closure products are
Chronic wounds comprise conditions like pressure ulcer, venous leg ulcer, and diabetic foot ulcer. Expanding pool of geriatric population together with increased incidences of diabetes is estimated support growth of the global wound closure products market in the years to come.
Wound Closure Market: Snapshot
The demand for wound closure product is growing as result of increasing accident cases, and increase in number of surgeries across the globe. Further, prevalence of chronic wounds such as venous leg ulcers, pressure ulcers, and diabetic foot ulcers are likely to fuel the demand for wound closure products over forecast period 2015 and 2023.
Moreover, nowadays doctors and surgeons are opting for sutures which are quick-to-use, effective, and safe. Hence, in many developed and developing countries doctors refrain from using cotton, silk, cat gut, nylon, or stainless sutures on patients.
Demand for effective and quick to use sutures are some reasons behind innovation in wound closure products in the healthcare sector. Wound closure products have wide range of applications, which include post-surgery incisions, seal wounds, cosmetic surgeries and many more. Owing to various applications, sutures are available in various forms such as vascular clips, surgical sealants, thermal devices, stapling devices, ligatures, and glues. Owing to difference in nature of application, each of these products have their own set of advantages and disadvantages.
As per the report given by the market analysts of Transparency Market Research, the global wound closure market is projected to expand at a CAGR of 6.3% in between 2015 and 2023. The market size is valued to reach USD 15,222.7 million by the end of the forecast period.
New Kind of Wound Closure Products Reduce Need of Hospital re-visit for Removal of Sutures
Increasing cases of surgical procedures and use of sutures in internal and external wounds are major factors propelling the demand for wound closures products. Moving forward, technological advancements in the field have provided hemostat products which include sealants. These products have advantages over the conventional sutures products. Use of hemostat products result in faster healing of wounds in short period of time. Also, patients need not revisit hospitals for removal of staples or sutures. The factor is projected to drive the global wound closure market in the duration of forecast period.
Based on product type, the wound closure products market is divided into sutures, surgical staples, wound closure strips, adhesives and tissue sealants, and hemostats. Sutures are mainly of two types – absorbable and no-absorbable.
Prevalence of chronic wounds due to cardiovascular diseases, and diabetes are fueling the demand for tissue sealants segments and adhesives. These wounds poses high risk of infections.
Moreover, increasing number of plastic and cosmetic surgeries are likely to accelerate the growth of wound closure product market in the course of forecast period. These surgeries involve wide applications of various wound closure products in the entire process of the surgery.
On-going research and development activities are resulting in technological advancement in wound suture products. The advancements are likely to provide huge opportunities for expansion of wound closure product market over the forecast period.
High Adoption Rate of Healthcare Technologies in North America Opens Wide Opportunity for Wound Closure Products Market Expansion
North America, followed by Europe, is projected to dominate the global wound closure products market throughout the forecast period. This is predicted on the basis of rising cases of chronic and non-healing wound in the region. Also, developed countries in the region are inclined towards adoption of new healthcare technologies for better patient outcomes.
Prevalence of diabetes and other lifestyle diseases in Asia Pacific is more likely to play significant role in the expansion of wound closure products market throughout the forecast period.
Some of the pioneers in the global wound closure product market are Johnson & Johnson (Ethicon), Baxter International Inc., Covidien plc, B. Braun, and Cryolife.
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List of Figures
FIG. 1 Global Wound Closure Products: Market Segmentation
FIG. 2 Comparative analysis: Global Wound Closure Products Market 2014 & 2023 (Value %)
FIG. 3 Global Wound Closure Products Market, by Products, 2014 (USD Million)
FIG. 4 Porter’s Five Forces Analysis: Global Wound Closure Products Market
FIG. 5 Market Attractiveness Analysis: Global Wound Closure Products Market, by Geography
FIG. 6 Heat Map Analysis: Global Wound Closure Products Market
FIG. 7 Global Absorbable Sutures Market Revenue, 2013 – 2023 (USD Million)
FIG. 8 Global Non-absorbable Sutures Market Revenue, 2013 – 2023 (USD Million)
FIG. 9 Global Surgical Staples Market Revenue, 2013 – 2023 (USD Million)
FIG. 10 Global Wound Closure Strips Market Revenue, 2013 – 2023 (USD Million)
FIG. 11 Global Fibrin Sealants Market Revenue, 2013 – 2023 (USD Million)
FIG. 12 Global Collagen Based Sealants Market Revenue, 2013 – 2023 (USD Million)
FIG. 13 Global Cyanoacrylate Based Sealants Market Revenue, 2013 – 2023 (USD Million)
FIG. 14 Global Albumin and Glutaraldehyde Based Sealants Market Revenue, 2013 – 2023 (USD Million)
FIG. 15 Global Synthetic Polymer Based Sealants Market Revenue, 2013 – 2023 (USD Million)
FIG. 16 Global Hemostats (Surgical Hemostats, Hemostatic Dressing and Bandages) Market Revenue, 2013 – 2023 (USD Million)
FIG. 17 Rest of the World Wound Closure Products Market Revenue, 2013 – 2023 (USD Million)
FIG. 18 3M Health Care: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 19 ArthroCare Corporation: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 20 B. Braun Melsungen AG: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 21 LVB Acquisitions, Inc.: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 22 Covidien plc: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 23 Derma Sciences, Inc.: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 24 Johnson & Johnson, Inc.: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 25 Kinetic Concepts, Inc.: Annual Revenue, 2011 – 2013 (USD Million)
FIG. 26 Smith & Nephew plc: Annual Revenue, 2011 – 2013 (USD Million)
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