Wound Closure Device Market Expected to Grow at High Cagr during Forecast Period 2018 – 2023
Posted: Jan 27, 2019
The global wound closure device market is expected to grow during the forecast period (2018 to 2023) at a CAGR ~6.9%.
Wound closure devices are used for closure of the wound by pulling both the edges together. After surgical procedures, incisions and small wounds are created due to medical interventions. Wound closure devices are used for fast recovery and healing of such wounds. Growing volume of surgical procedures is the primary reason behind increasing the demand for wound closure devices. The increase in a number of plastic and cosmetic surgeries, increasing number of burns, trauma, and accidents, and sports-related injuries are expected to drive the growth of the market. The market is highly fragmented and major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
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Moreover, advancement in technology, decrease in a number of surgical site infections and attempts to reduce hospital stays for reducing surgical expenditure is contributing to the growth of the market. According to a survey conducted by the American Professional Wound Care Association (2017), chronic nonhealing wounds impact nearly 15% of Medicare beneficiaries (8.2 million). The estimated spending for primary wound diagnosis is USD 28 billion per year and the cost for secondary wound diagnosis is estimated to be USD 31.7 billion.
The risk associated with infectious wounds, side effects of wound closure devices, and unfavorable reimbursement policies may hamper the growth of the market during the assessment period.
Some of the key players in the global wound closure device market are 3M, Abbott Laboratories, B. Braun Melsungen AG, Ethicon Inc., Medtronic., Smith & Nephew, Baxter International, BSN medical Inc., Derma Sciences, Kinetic Concepts, ConvaTec, DACH Medical Group, Arthrex GmbH, Gecko Biomedical, Integra LifeScience, and CP Medical.
The global wound closure device market has been segmented based on device, application, type of wound, and end-user.
On the basis of device, the market has been classified into adhesives, staples, sutures, and mechanical wound closure devices. Adhesives are furthers classified into fibrin tissue adhesives and cyanoacrylates. The sutures segment has been further divided into absorbable, non- absorbable, braided, and monofilament.
On the basis of application, the market has been classified into burns, ulcers, surgical wounds, pressure ulcers, diabetic ulcers, and arterial ulcers. On the basis of type, the surgical wounds segment has been sub-segmented into chronic wounds, acute wounds, and others.
The market, by end-user, has been segmented into hospitals, community healthcare service providers, ambulatory surgical centers, and home care.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The wound closure device market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European wound closure device market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The wound closure device market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.
The wound closure device market in the Middle East and Africa has been segmented into the Middle East and Africa.
Regional Market Summary
The Americas is likely to hold the majority of the global wound closure device market owing to increase in the number of surgical procedures, increasing injuries related to accidents, sports and adventure, aging population, the presence of a well-established healthcare system, and adoption and awareness of the wound closure technology. According to the American Association for the Surgery of Trauma, injury accounts for over 150,000 deaths and over 3 million non-fatal injuries are reported per year in the US.
The European market is expected to be the second-largest wound closure device market after the Americas. The market growth in this region can be attributed to an increase in aged population and rising occurrence of sports injuries and accidents. Moreover, the growing number of road accidents in the European region are contributing to the growth of the market in this region. According to data published by the European Commission in 2018, more than 135,000 people suffered serious injury from road accidents.
Asia-Pacific is expected to be the fastest-growing wound closure device market during the forecast period owing to the significant increase in aged population, increasing prevalence of chronic diseases such as diabetes leading to the increasing cases of diabetic foot ulcer. According to WHO, there are more than 96 million diabetics patients in the Asia-Pacific region.
The market in the Middle East and Africa is expected to account for the smallest share of the global wound closure device market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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