Wound Closure Device Market Revenue Share Analysis, Growth Forecast To 2027
Research Reports
Feb 22, 2022
Wound closure device holds the edges of wound together firmly to facilitate speedy wound healing. The global wound closure devices market is expected to strike a CAGR of 6.9% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in an in-depth study.
The steep rise in the volume of surgical procedures owing to surging cases of road accidents, sports injuries, burns, and other surgical procedures have subsequently generated high demand for wound closure devices and boosted the growth of the global wound closure device market.
An increase in global geriatric population has further augmented the growth of the global wound closure device market. The aged populace undergoes a substantially high number of surgeries and also their self-wound healing capacity is reduced owing to old age which induces high demand for wound closure devices. In addition, the widespread prevalence of diabetes across the globe has reflected positively on the growth of the global wound closure devices market. Wound healing in diabetic patients is impaired and they require wound closure devices for effective healing. In addition, foot ulcers are very common among diabetic patients which require wound closure devices and consequently boost the market for wound closure devices.
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Advancement in wound closure technology has resulted in the development of improved wound closure devices which are improved and without the drawbacks of conventional wound closure devices. Other factors substantiating the growth of the market include augmenting need for reducing surgical expenditure and need to reduce hospital stay.
On the other hand, unfavorable reimbursement scenario might restrain the growth of the global wound closure devices market to some extent. Additionally, risks of infection, discomfort & pain caused by traditional wound closure devices, and scarring associated with wound closure devices are also possible bottlenecks to the growth of the market.
Segmentation
The global wound closure device market has been segmented based on device, application, and end user.
By device, the global wound closure market has been segmented into adhesives, staples, sutures, and mechanical wound closure devices. The adhesives segment has been further segmented into fibrin tissue adhesives and cyanoacrylates. The sutures segment has been further segmented into absorbable, non- absorbable, braided, and monofilament.
By application, the global wound closure device market has been segmented into burns, ulcers, surgical wounds, pressure ulcers, diabetic ulcers, and arterial ulcers. The surgical wounds segment has been further segmented into chronic wounds, acute wounds, and others.
By end user, the global wound closure device market has been segmented into hospitals, community healthcare service providers, ambulatory surgical centers, and home care.
Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are the key markets for wound closure device.
The Americas account for the majority share of the global wound closure device market. Rise in a number of surgical procedure, increasing incidences of road accidents, sports injuries and orthopedic surgeries in the region spur demand for wound closure devices. As per the American Association for the Surgery of Trauma, approximately over 150,000 deaths due to injuries and over 3 million non-fatal injuries are reported in the US every year. Well spread awareness regarding wound closure technology and high healthcare spending are other factors.
Europe is the second largest market for wound closure device. Increase in the occurrence of sports injuries and accidents, as well as rise in number of surgical procedures due to growing aging population, are factors driving Europe wound closure device market.
APAC is poised to be the fastest growing market for wound closure device. A key factor influencing the growth of the market is the widespread prevalence of chronic diseases in the region, especially diabetes which results in delayed wound healing and in turn, boosts the market for wound closure device. Diabetic foot ulcers are very common in APAC. Increased healthcare spending and increasing awareness regarding wound closure devices have further driven the market.
The MEA market accounts for the minority share of the global wound closure device market. Underdeveloped healthcare sector, poor medical facilities, and low healthcare spending are factors that limit market growth.
Competitive Landscape
The eminent players in the global wound closure device market include 3M, DACH Medical Group, Smith & Nephew, Ethicon Inc., Gecko Biomedical, Integra LifeScience, Baxter International, Arthrex GmbH, ConvaTec, B. Braun Melsungen AG, BSN medical Inc., Kinetic Concepts, Abbott Laboratories, CP Medical, Derma Sciences, and Medtronic.
Industry Updates
- In February 2019, Teleflex, a provider of specialty medical devices, announced that it has received FDA premarket approval for its wound closure Manta device designed to seal femoral punctures following vascular access medical procedures. The company plans to launch the manta device in the US in 2019 to ensure strong initial outcomes.
- In November 2018, BandGrip, Inc., a medical device company focused on revolutionizing wound closure, introduced a new wound closure device BandGrip Micro-Anchor Skin Closures which represents a significant innovation in wound care. The new wound closure device uses micro-anchor technology for enhanced healing results. The new device is non-invasive, quick, and equipped with micro-anchors which facilitate firm grip to hold wound edges together.
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