Wound Closure Market Set to Surge Past US$ 26.95 Billion by 2030 – Growth Plus Reports

According to a new analysis by Growth Plus Reports, the global wound closure market is estimated to be worth US$ 26.95 billion by 2030, with a revenue CAGR of 6.10%. The study examines the major strategies, factors, opportunities, competition, evolving industry patterns, market size, financial information and forecasts, and potential business opportunities.

Key Takeaways:

• The increasing number of surgeries will drive market growth.
• An increasing number of road and industrial accidents will support market revenue growth.
• Asia Pacific will register the fastest revenue growth in the global market.

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Wound Closure Market Scope

Report Attribute	Details
Market size value in 2021	US$ 15.82 billion
Revenue forecast in 2030	US$ 26.95 billion
Growth Rate	CAGR of 6.1% from 2022 to 2030
Base year for estimation	2021
Forecast period	2022-2030
Segments covered	product, application, end-user, and region.
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Market Drivers

The rising prevalence of chronic wound and the increased number of surgeries is the primary factor driving the revenue growth of the wound closure market. Furthermore, the growth in the prevalence of chronic diseases necessitating surgical operations, the rise in the road and industrial accidents, and the growing number of orthopedic surgeries are expected to contribute to market revenue growth. Besides this, the rising geriatric population and obesity, the increased adoption of advanced technologies, the rise in cosmetic surgeries, and the launch of new products will boost market revenue growth.

Market Segmentation

Growth Plus Reports has analyzed the global wound closure market from four perspectives: Product, Application, End-User, and Region. 

Product Segmentation: Based on the product, the wound closure market is segmented into sutures, hemostatic agents, and staplers. The sutures segment accounts for the largest revenue share because of the use of sutures, as it provides high tensile strength and has less risk of injuring cutaneous circulation.

Application Segmentation: Based on the application, the wound closure market is segmented into cardiology, orthopedics, gynecology, general surgery, and ophthalmic surgery. The general surgery segment leads the market because of the rising number of road and workplace accidents, the rise in the geriatric population, and obesity.

End-User Segmentation: Based on the end-user, the wound closure market is segmented into hospital, ambulatory surgical center, specialty clinic, and others. The hospital segment leads the market because of the availability of diverse services and specializations, an increase in accidents, and the existence of experienced healthcare personnel and advanced services.

Regional Growth Dynamics

Based on the region, the global wound closure market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

Asia Pacific region will register the fastest revenue growth because of the rising geriatric population, increased chronic wounds, the increasing acceptance of new technology, and the presence of the region’s significant companies.

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Competitive Landscape

The important companies in the global wound closure market are:

• Medtronic plc
• 3M Company
• Smith & Nephew plc
• ETHICON (Johnson & Johnson MedTech)
• Baxter International Inc.
• B. Braun Melsungen AG
• Mölnlycke Health Care AB
• Organogenesis Holdings Inc.
• Boston Scientific Corporation
• Medline Industries Inc.
• MiMedx Group Inc.
• Paul Hartmann AG
• Ethicon Inc.
• DeRoyal Industries
• Integra Life Sciences Holdings Corporation
• DermaRite Industries LLC
• Stryker Corporation
• CP Medical Corporation
• Artivion Inc.

There is moderate competition in the wound closure market. To introduce novel products, market leaders emphasize on research and development. Major players often engage in mergers and acquisitions to enhance their market share.

Recent developments:

• Advanced Medical Solutions obtained the FDA 510(k) approval for LiquiBand XL in June 2022. These devices include a surgical mesh for wounds and a LiquiBand glue to enhance the closure and prevent infection.
• KitoTech Medical partnered with Corza Medical in April 2022 and signed an exclusive deal to distribute the microMend series of wound closure products in the United States.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2020
      2. Base Year – 2021
      3. Forecasted Years – 2022 to 2030
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources
      2. Primary Sources
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2021)
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY PRODUCT
   1. Sutures
      1. Absorbable
      2. Non-Absorbable
   2. Hemostatic Agents
      1. Active Hemostats
      2. Passive Hemostats
      3. Combination Hemostats
   3. Staplers
   4. Others
6. GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY APPLICATION
   1. Cardiology
   2. Orthopedics
   3. Gynecology
   4. General Surgery
   5. Ophthalmic
   6. Others
7. GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY END-USER
   1. Hospitals
   2. Ambulatory Surgical Centers
   3. Specialty Clinics
   4. Others

TOC Continued…

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• ‘Business Profile’ of Key Players

 

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