Currently, the global wound closure products market is witnessing an immense rise. The growing prevalence of chronic diseases that require surgeries and increasing incidence of injuries have driven the market for wound closure products significantly in the global arena. According to market experts, in 2014, the value of the global wound closure market was US$8.8 billion. Expanding at a CAGR of 6.3%, the market is projected to reach a value of US$15.2 billion by the end of 2023.
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High Acceptance among Medical Professionals Driving Demand for Sutures and Staples
The major products in the global wound closure market are sutures, adhesives and tissue sealants, wound closure strips, surgical staples, and hemostats. Among these, sutures and surgical staples are the conventional products that are extensively used for wound closure all over the world owing to their low cost and comparatively higher acceptance among healthcare professionals.
Absorbable and non-absorbable sutures are the key components of the sutures markets. The absorbable sutures market is reporting rapid growth owing to the increased application of absorbable sutures in external as well as internal wound closure. However, the markets for sutures and staples are expected to lose their dominance to the hemostats market in the coming years on account of the benefits that hemostatic wound closure products provide, namely faster healing of wounds and decreased need for revisits to hospitals, as they don’t not need to be removed surgically.
Rising Application of Tissue Sealants in Dental and Bariatric Surgeries Fueling Adhesive Tissue Sealant Market
Albumin and glutaraldehyde sealants, fibrin sealants, cyanoacrylate-based sealants, collagen-based sealants, and polymer-based sealants are the main components of the adhesives and tissue sealants market.
In various surgical procedures, such as peripheral bypass and aortic valve replacement, both sutures and tissue adhesives are employed in combination. The rising application of tissue sealants in surgical procedures such as dental as well as bariatric surgeries has fueled the market for adhesives and tissue sealants.
Nowadays, patients are not willing to opt for sutures for wound closures owing to the scars and high risk of infection. This factor is also expected to boost the adhesives and tissue sealants market.
Asia Pacific: Most Attractive Regional Wound Closure Products Market
North America, Europe, Asia Pacific, Latin America, and the Rest of the World are the key regional markets for wound closure products. In 2014, North America emerged as the dominant wound closure products market across the globe, with a share of 39.5%, and was followed by Europe. Continuous development and rollout of new medical devices in North America and Europe, coupled with high prevalence of chronic, non-healing wounds and fast uptake of new technology, is driving the wound closure market in these regions.
Analysts determine Asia Pacific as the most attractive market for wound closure products. The rising incidence of diabetes and obesity in China and India has given a thrust to the wound closure market in this region and it is estimated to report the highest CAGR of all regional segments during the period from 2015 to 2023.
Global Wound Closure Products Market: Key Players
Derma Sciences Inc., Baxter International Inc., Kinetic Concepts Inc., Cryolife, Biomet Inc., B. Braun Melsungen AG, ArthroCare Corp., Covidien plc, 3M Health Care, Smith & Nephew plc, Ethicon Inc. (Johnson & Johnson), and Medline Industries Inc. are some of the major players operating in the global wound closure products market.