Injury is a common event in all age groups and varies in severity. Although majority of the injuries are healed without treatment, some injuries such as diabetic foot ulcers and pressure ulcers are difficult to treat. Wound closure can help avoid infection and can accelerate healing. Products used in wound closure include sutures, surgical staples, wound closure strips, adhesives and tissue sealants, and hemostats. Although each of these have their own advantages and disadvantages, the overall wound closure products market is growing rapidly. The global wound closure products market was valued at USD 8,750.5 million in 2014 and is projected to expand at a CAGR of 6.3% from 2014 to 2020 to reach USD 15,222.7 million by 2023.
Sutures and staples are the traditional forms of wound closure that are used extensively across the world due to low cost and higher adaptability rate among the health care staff. However, new technology hemostat products such as sealants provide obvious advantages such as faster wound closure in shorter duration of time. These also help patients avoid hospital revisit for removal of sutures or staples. Adhesives and tissue sealants include fibrin sealants, collagen-based sealants, cyanoacrylate-based sealants, albumin and glutaraldehyde sealants, and polymer-based sealants. The market for absorbable sutures is growing rapidly due to increased application in external as well as internal wound closure. Various surgical procedures such as aortic valve replacement and peripheral bypass employ combination of sutures or staples as well as tissue adhesives. Increased application of tissue sealants in surgeries such as bariatric surgeries and dental surgeries has fueled the wound closure products market. Increased prevalence of lifestyle diseases such as diabetes and cardiovascular diseases and reluctance in the use of sutures due to development of scars and high risk of infection are the other factors driving the adhesives and tissue sealants segment.
Geographically, North America dominated the global wound closure products market with a share of 39.5% in 2014, followed by Europe. Dominance of these regions was majorly due to launch of new medical devices in these regions, especially the U.S. Hence, the longer incubation period is available for the market to inflate. According to an article published in Wound Repair and Regeneration in 2009, over 2% of the population of the U.S. suffers from chronic non-healing wounds. Statistics published in the Journal of Wound Care estimate annual incidence of chronic wounds of 4 million in the European Union. Such higher prevalence and quicker acceptance of new technology have driven the wound closure products market in these regions. Asia Pacific was identified as the most lucrative market destination. India and China have also experienced a surge in prevalence of diabetes and obesity. According to the World Health Organization, 90 million adults in China and 61 million adults in India were diagnosed with diabetes in 2011. Therefore, the wound closure products market in Asia Pacific is anticipated to expand at the highest growth rate during the forecast period from 2015 to 2023.
Baxter International, Inc., B. Braun, Cryolife, Covidien plc, and Johnson & Johnson (Ethicon) are the leading companies operating in the global wound closure products market.
The global wound closure products market report provides market size estimation and forecast of major wound closure products. These products are an integral part of any hospital and trauma center, and have wide scope of application. The wound closure products market has been studied from the perspective of product types and geography. Global market for wound closure products has been segmented into sutures, surgical staples, wound closure strips, adhesive and tissue sealants, and hemostats. The sutures segment has been sub-segmented into absorbable sutures and non-absorbable sutures. The adhesives and tissue sealants segment has been further sub-segmented into fibrin sealants, collagen-based sealants, cyanoacrylate sealants, albumin and glutaraldehyde sealants, and polymer based sealants.
Geographically, the wound closure products market has been segmented into five major geographical regions which include North America, Europe, Asia Pacific, Latin America, and Rest of the World. Each of these geographical regions have been further segmented into major countries. North America has been segmented into the U.S. and Canada. Europe has been segmented into the U.K., Germany, and Rest of Europe. Asia Pacific has been segmented into India, China, and Rest of Asia Pacific. Latin America has been segmented into Brazil, Mexico, and Rest of Latin America. Market size estimation for each of the geographies as well as countries has been provided considering 2013 and 2014 as base years and forecast has been provided from 2015 to 2023. The forecast model is based on event impact analysis of the overall wound closure products market which considers macro and microeconomic events such as new product approvals, changes in regulatory policies, product recalls, and strategic agreements. Apart from quantitative analysis, the wound closure products market report also provides facts and figures on disease prevalence and epidemiology published by organizations such as the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and the National Institute of Health (NIH).
The report also identifies key market drivers, restraints, and lucrative opportunities in the global wound closure products market. Furthermore, detailed Porter’s Five Forces analysis is provided for comprehensive market study. Market attractive analysis based on various macro and micro economic factors such as current stage of life cycle, market size, customer base, market competition, and annual growth rate reveals most lucrative geographical markets in the forecast period. Detailed heat map analysis provides segment wise presence of key players in the wound closure products market. Recommendations have also been provided for new entrants and existing players to help establish a strong presence, and for existing market players to increase their market shares. The global wound closure products market report profiles ten key players in the market. These include B. Braun Medical Inc., Baxter International Inc., Biomet, Inc., Covidien plc, C.R. Bard, Inc., CryoLife, Ethicon, and Smith & Nephew plc.
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