PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490312
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490312
Wound Closure Devices Market size was valued at USD 13,581.2 Million in 2023, expanding at a CAGR of 6.00% from 2024 to 2032.
The global wound closure devices market refers to the worldwide market for medical devices used to close wounds and injuries following surgery or damage. These devices are used in healthcare for a variety of operations, from tiny cuts and wounds to large surgical surgeries. The market offers a diverse range of products aimed at facilitating wound closure, promoting healing, and lowering the risk of infection and consequences.
Wound Closure Devices Market- Market Dynamics
Increasing the Number of Surgeries Worldwide is Expected to Boost the Market Demand
The growing number of surgeries worldwide is primarily driving the market. The market for wound closure devices has seen a spike in recent years, owing to an increase in the prevalence of disorders needing surgical intervention. According to data given by the Organisation for Economic Cooperation and Development (OECD), around 57,812 appendectomy procedures were performed in the United States in 2022. In addition, the rising senior population has also contributed to an increase in orthopedic surgeries worldwide, with knee surgery being the most common. Moreover, patients' desire for devices that lessen the appearance of scars after surgery has increased demand for staplers in the market. This market expansion is further aided by an increase in cosmetic and plastic surgery around the world. According to the American Society of Plastic Surgeons, there were 1.8 million cosmetic procedures performed in the United States in 2022. These factors, along with others, are expected to drive market expansion over the forecast period.
Wound Closure Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
Based on product type segmentation, Sutures was predicted to show maximum market share in the year 2023
Based on Wound Type segmentation, Acute wound was the leading type in 2023
Based on End-Use segmentation, Hospitals was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Wound Closure Devices Market is segmented on the basis of Product Type, Wound Type, Application, End User, and Region.
The market is divided into three categories based on product type: Adhesives, Staples, Sutures, Sealants and Mechanical devices. Sutures dominated the market in 2023 due to the increasing number of accidents worldwide. Sutures are needles with thread connected to them, and they come in a range of forms, sizes, and thread materials. The sutures market has been further divided into absorbable and non-absorbable categories. The absorbable sutures market is expected to develop the fastest throughout the forecast period because they are more convenient and easy to use than non-absorbable sutures.
The market is divided into two categories based on Wound Type: Acute wound and Chronic wound. The Acute wound segment retained the dominant market share in 2023 owing to the increasing number of surgeries and burn cases worldwide. According to WHO, in South Africa, around USD 26.00 million is spent each year to treat burns caused by kerosene cooking stove events. Such acute injuries necessitate prompt closure with modern medical technologies. Poverty, a lack of basic safety precautions, the use of kerosene for non-electric household equipment, alcohol misuse, and smoking are the primary causes of the high prevalence of burn cases.
Wound Closure Devices Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The North American market dominated in 2023 due to the existence of large companies and the increased prevalence of chronic wounds. Furthermore, the growing number of patients undergoing surgery, as well as increased awareness of minimally invasive surgeries, are driving regional market expansion. Key companies in the North American market include 3M, Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Medtronic, and Baxter. These companies are investing in R&D to create medical devices that can help wounds heal faster.
Asia-Pacific are expected to have a higher CAGR during the projection period. The huge volume of operations conducted in Asia-Pacific countries such as Japan, China, and India is expected to drive up demand for wound closure devices in the region. Expected regulatory approvals for these minimally invasive stapling devices in Asia-Pacific, together with the region's vast and underserved market, are expected to fuel market expansion in Asia-Pacific during the projection period.
The Wound Closure Devices market is highly competitive, with several major companies in the industry. Leading companies in the Wound Closure Devices market are Molnlycke Health Care AB (Sweden), Smith & Nephew plc (UK), Medline Industries, Inc. (US), AVITA Medical (UK), and ConvaTec Inc. (UK). These firms provide a wide range of wound closure products, including sutures, staples, surgical tapes, and hemostats used in surgical operations and wound treatment. To sustain their competitive advantage, these businesses prioritize innovation, product quality, regulatory compliance, and customer service. Factors driving the wound closure device market include an increase in the number of surgical procedures, developments in healthcare infrastructure, and a growing desire for minimally invasive surgery techniques.
In January 2023, Convatec Group plc has launched ConvaFoam, a line of innovative foam dressings designed to meet the demands of healthcare practitioners and patients in the United States. ConvaFoam can be used on a variety of wound types at any stage of the healing process, making it the ideal dressing for wound management and skin protection.
GLOBAL WOUND CLOSURE DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Molnlycke Health Care AB. (Sweden)
Smith & Nephew plc (U.K.)
Medline Industries, Inc. (U.S.)
AVITA Medical, (U.K.)
ConvaTec Inc. (U.K.)
Cytori Therapeutics Inc. (U.S.)
Human BioSciences (U.S.)
Stryker Corporation (U.S.)
Organogenesis Inc. (U.S.)
Wright Medical Group N.V. (U.S.)
Others