A new research report published by Transparency Market Research states that the global wound closure products market will grow at a CAGR of 6.30% from 2014 to 2020. According to the recent market research report, titled “Wound Closure Products Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, the global wound closure products market was valued at US$8.7 bn in 2014 and is expected to reach US$15.2 bn by the end of 2023. This market will mainly be driven by the increasing number of surgical procedures across the globe.
Wounds that lead to infections and sepsis are common in the case of injuries, diabetic complications, and surgical procedures. Incorrect treatment of these or any other kind of wounds can lead to irreversible complications or even amputation. Another terrible outcome of wounds during surgeries and trauma is excessive blood loss, which can take a fatal turn if not treated properly and in time. Owing to these reasons, wound closure is given utmost importance in every situation and in every treatment unit.
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The most commonly used would closure products are wound closure strips, staples, sutures, hemostats, adhesives, and tissue sealants. Most of the acute wounds and post-surgical wounds use staples and sutures for closing the wounds. However, their market is fragmented in nature, as it has a huge number of local as well as international players. The only restraint for the staples and sutures segment is that they need surgical removal after the wound has healed. Companies are trying to overcome this obstacle by developing absorbable sutures, which will dissolve or degrade as the wound heals. The sutures segment is further segmented into the absorbable and non-absorbable sutures segments, wherein the former is responsible for the rapid growth of the sutures segment.
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The newer types of wound closure products such as adhesives and tissue sealants are gaining popularity, as they considerably reduce the time taken for healing and would closure. This segment is inclusive of collagen-based sealants, polymer-based sealants, fibrin sealants, albumin and glutaraldehyde sealants, and cyanoacrylate-based sealants.
Out of the aforementioned, tissue sealants are used with staples or sutures in specific surgical procedures. Heart valve replacement procedures and bariatric surgeries are common examples of this kind of usage of wound closure products.
The wound closure products market report profiles some of the key players in this market, such as B. Braun, Covidien plc, Baxter International, Inc., Cryolife, and Johnson & Johnson (Ethicon). The report offers an insight into the company profile, financial overview, research and development activities, the list of existing products and those in the pipeline, marketing and business strategies, and investment outlook for the near future.
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