Strategic collaborations among the key players and technological advancements are expected to propel the global wound closure market
An external force causes a circumscribed damage to any tissue or organ, which is known as a wound. Wounds are categorized into chronic and acute groups based on the severity of the injury. Wounds have a substantial impact on patients’ health, causing loss of mobility and function, pain, as well as anxiety, stress, and depression.
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According to the National Health Service (NHS) of U.K., the cost of wound care and related disease situations in the U.K. is US$ 6.60 billion annually. According to a General Physician (GP) report, around 2.2 million people in the U.K. had wounds in 2016, with around 30% of those wounds going undiagnosed and untreated. In the U.K., pressure ulcers cost between US$ 1.7 to 2.6 million per year, or around 4% of total NHS spending in 2016.
Furthermore, increasing geriatric population, growing rate of chronic and sub-chronic wounds, increasing diabetic population, and rising cases of accidents and casualties are expected to propel growth of the global wound closure market. These factors need to have the development of wound closure products to speed up the process of wound healing. According to the International Diabetes Federation, there were around 415 million individuals of age 20 to 79 who had diabetes in 2015, with that figure predicted to rise to 642 million by 2040.
The global wound closure market is projected to be worth at US$ 1.4 Billion in 2017 and is projected to grow at a CAGR of 7.1% in the forecast period (2021 – 2027).
Rising incidences of diabetes and diabetes related ulcers are expected to drive the growth of global wound closure market.
Diabetes foot ulcers are a leading source of disability, death and morbidity in diabetic patients, with studies estimating that 15% of all diabetics may develop an ulcer at some point in their lives. Growing rate of diabetes and the resulting diabetes foot ulcers are expected to propel growth of the global wound closure market over the forecast period. Diabetes is one of the top 10 causes of death worldwide, according to the International Diabetes Federation’s (IDF) Diabetes Atlas 2017. Diabetes, along with other chronic illnesses including cardiovascular disease, respiratory disease, and cancer, were responsible for 80% of all NCD deaths globally. Furthermore, it is expected that 425 million (8.8%) individuals globally, including adults aged 20 to 79, have diabetes. Furthermore, according to the same source, about 87 % to 91 % of all persons with diabetes in high-income nations had type 2 diabetes in 2016. According to an article published in the Journal of Diabetes Research in 2017, diabetes mellitus is the most common metabolic disease in Europe, affecting 2-5 % of the population, and diabetes mellitus is estimated to affect 366 million people by 2030.
Introduction of new technology enhancements in wound closure treatment is expected to drive the growth of wound closure market
To tap emerging markets, wound closure market players are concentrating on new product launches and innovation. For instance, DePuy Synthes and Ethicon teamed up in March 2017 to release a custom wound closure kit for orthopedic surgery. Ethicon’s DERMABOND PRINEO skin closure system and the innovative wound closure product STRATAFIX- a knotless tissue control device- are included in the new wound closure kit. The new wound closure kit gives the orthopedic surgeon the option of selecting various types of sutures based on the closure layer. The Kit is easy to use for definite procedures and helps to standardize and streamline operations.
For instance, in December 2015, Acelity completed acquisition of SNaP Treatment, which is disposable single-patient negative pressure wound therapy (NPWT) product portfolio, Spiracur Inc. To treat complicated and difficult-to-heal wounds, the SNaP treatment system employs disposable, portable, and non-powered negative pressure technology. Furthermore, strategic cooperation and acquisition to bring new wound closure solutions to market are likely to boost the global wound closure market ahead over the forecast period.
Major Players Are: Acelity L.P.Inc., Smith & Nephew plc, Johnson & Johnson, Braun Melsungen AG, ConvaTec Group plc, Baxter International Inc., Integra LifeSciences Corporation, Medtronic plc, Molnlycke Health Care AB, and Cardinal Health, Inc.
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