PUBLISHER: The Business Research Company | PRODUCT CODE: 1425952
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425952
Wound Closure Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wound closure devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wound closure devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wound closure devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Wound closure devices are mechanical tools designed for internal consistency, reliability, and functionality to aid in the closure of wounds by bringing together tissue margins. These devices play a crucial role in stopping bleeding, preventing infection, accelerating healing, and preserving the aesthetic and functional aspects of the injured area.
The primary types of wound closure devices include adhesives, staples, sutures, strips, sealants, and mechanical wound closure devices. Adhesives are substances capable of holding materials together through surface attachment, resisting separation in a functional manner. Wound closure devices are applied to different types of wounds, categorized as chronic and acute. Various end-users, including hospitals, clinics, trauma centers, and other healthcare facilities, utilize these devices in the process of wound closure.
The wound closure devices market research report is one of a series of new reports from The Business Research Company that provides wound closure devices market statistics, including wound closure devices industry global market size, regional shares, competitors with a wound closure devices market share, detailed wound closure devices market segments, market trends and opportunities, and any further data you may need to thrive in the wound closure devices industry. This wound closure devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The wound closure devices market size has grown strongly in recent years. It will grow from $15.82 billion in 2023 to $17.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to various factors, including an increase in surgical procedures, a growing aging population, a higher prevalence of chronic diseases, a rise in traumatic injuries, a shift towards minimally invasive surgeries, patient preferences for aesthetic closure methods, and the utilization of wound closure devices in both hospital and ambulatory care settings. These factors collectively contributed to the expansion of the wound closure devices market during the specified period.
The wound closure devices market size is expected to see strong growth in the next few years. It will grow to $23.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to several factors, including a heightened focus on patient safety and infection control, the integration of telemedicine and remote wound care solutions, the development of biodegradable closure devices, the expansion of home healthcare and self-care practices, preparedness for global health emergencies, the increased adoption of outpatient procedures, and the implementation of value-based healthcare models. Major trends expected during the forecast period include a rise in minimally invasive wound closure techniques, a focus on accelerated wound healing, a growing demand for hemostats and sealants, a shift toward disposable wound closure devices, and regulatory initiatives aimed at enhancing patient safety in the use of wound closure devices.
The anticipated rise in surgical procedures is poised to drive the growth of the wound closure devices market in the future. Surgical interventions, which involve manual and instrumental procedures to treat various medical conditions or injuries, have witnessed a significant surge. Notably, cosmetic surgeries like abdominoplasty, buttock augmentation, and liposuction have seen a remarkable increase since 2020, along with procedures such as breast augmentation and specialized facial surgeries. As a result, the demand for wound closure devices used in treating surgical wounds, skin grafts, and chronic or traumatic injuries is escalating, driving market growth.
The increasing prevalence of diabetes is expected to be a significant driver for the growth of the wound closure devices market. Diabetes mellitus, a chronic condition impacting glucose processing in the body, is linked to impaired wound healing. Wound closure devices play a pivotal role in managing wounds among diabetic individuals, aiding in effective healing and minimizing the risk of complications. With millions affected by diabetes in the US alone, wound closure devices are crucial in preventing chronic ulcers and mitigating diabetic-related issues, thus contributing to the market's expansion.
Technological advancements stand out as a prominent trend in the wound closure devices market, pursued by major companies to maintain a competitive edge. These companies are dedicated to developing innovative technological solutions adaptable to various aspects of wound closure. For example, in March 2021, Ethicon Endo-Surgery introduced the ECHELONTM+ Stapler with GST Reloads, a powered surgical stapler. This device is designed to enhance staple line security by ensuring uniform tissue compression and better staple formation, particularly in challenging scenarios. Equipped with Gripping Surface Technology (GST) reloads, this stapler provides consistent compression for improved staple formation, along with a motor featuring Dynamic Firing to optimize firing speed in dense tissue, ultimately enhancing compression and reducing complications.
Major companies in the wound closure devices market are strategically forging partnerships and collaborations with start-ups and mid-sized entities to diversify their product range and service offerings. These strategic alliances and agreements serve as avenues for expanding product portfolios and market presence. One notable example is the collaboration between KitoTech Medical, a Seattle-based medical device company, and Corza Medical, a US manufacturer of innovative surgical technologies. Through an exclusive partnership agreement, Corza Medical gained the rights to market and distribute KitoTech's microMend family of wound closure products in the medical and surgical sector. This collaboration aligns with Corza's objective to provide superior value to customers by integrating innovative wound closure technology, complementing their existing line of barbed and traditional sutures.
In December 2021, Essity AB, a hygiene and health company headquartered in Sweden, made a significant acquisition by purchasing Hydrofera LLC for $116 million. This strategic acquisition aligns with Essity's strategic vision of expanding its medical solutions division through targeted acquisitions. The deal positions Essity to enhance its innovation capabilities and diversify its range of advanced wound care products. Hydrofera LLC, a US-based company specializing in wound closure devices, adds substantial value to Essity's growing portfolio in the field of wound care solutions.
Major companies operating in the wound closure devices market report are Abbott Laboratories, Advanced Medical Solutions Group PLC, Arthrex Inc., B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corporation, BSN Medical GmbH, Chemence Medical Inc., Coloplast A/S, ConvaTec Group PLC, CryoLife Inc., Dach Medical Group Holding AG, DeRoyal Industries Inc., Futura Surgicare Pvt. Ltd., Futura Surgicare Private Limited, Healthium Medtech Private Limited, Integra LifeSciences Corporation, IVT Medical Limited, Johnson & Johnson Services Inc., Meril Life Sciences Private Limited, 3M Company, Adhezion Biomedical LLC, Becton, Dickinson and Company, Medtronic Inc., Halyard Health Inc., McKesson Corp., Medline Industries LP, Molnlycke Health Care Ltd., Myco Medical Supplies Inc., Nexus Medical Ltd., Smith & Nephew PLC, Smiths Group PLC, Stryker Corp., Teleflex Inc., Wound Care Technologies Inc., Zipline Medical Inc.
North America was the largest region in the wound closure devices market in 2023. The regions covered in the wound closure devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wound closure devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wound closure devices market consists of sales of hemostatic agents and ligating clips. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.