PUBLISHER: The Insight Partners | PRODUCT CODE: 1738021
PUBLISHER: The Insight Partners | PRODUCT CODE: 1738021
According to our new research study on "Wound Closure Devices Market Forecast to 2031 -Global Analysis - by Product, Wound Type, End User, and Geography," the market is anticipated to grow from US$ 11.86 billion in 2024 and is projected to reach US$ 17.46 billion by 2031; it is expected to register a CAGR of 5.8% during 2025-2031. An upsurge in the number of surgical procedures and technological advancements in wound closure devices are contributing to the growing wound closure devices market size. However, the high price of advanced wound closure devices hampers the wound closure devices market growth. Further, shift toward minimally invasive wound-closing methods is expected to bring in new wound closure devices market trends in the coming years.
In terms of revenue, North America dominated the market in 2024. It is estimated to dominate the global market during the forecast period. The US is the largest market for wound closure devices in the world. Chronic wounds associated with diabetes include foot, venous, and pressure ulcers. According to The International Journal of Tissue Repair and Regeneration, active or healed venous ulcers occur in 1% of the US population. As per the National Diabetes Statistics Report 2020, a publication of the Centers for Disease Control and Prevention (CDC), 34.2 million people of all ages in the US have diabetes, and ~1 million diabetics develop a foot ulcer each year, while 6-7 million diabetes patients develop ulcers in their lifetime. Thus, the rising incidence of diabetes and chronic wounds leads to an increase in demand for wound dressing and contributes to the wound closure devices market growth during the forecast period. Companies in the US are focused on expanding their presence by adopting organic and inorganic strategies. In October 2021, Medline Industries announced an investment of US$ 77.5 million to build a new distribution center in Kansas.
Wound Closure Devices Market Analysis
Growing Incidence of Chronic Diseases and Trauma Cases to Provide Market Opportunities in Future
The growing number of chronic disease cases, including diabetes and cardiovascular diseases, presents a major opportunity for the wound closure devices market. Chronic diseases tend to cause complications that may necessitate surgeries or prolonged wound care. For instance, diabetic patients are likely to develop chronic wounds, including diabetic ulcers, which require appropriate care and closure devices for healing. As per the University of Michigan Health, in the US, diabetic foot ulcer is prevalent among 15% of diabetic patients, and ~14-24% of patients with diabetes who develop a foot ulcer undergo an amputation procedure. Moreover, the increasing number of trauma cases such as burns, accidents, and injuries is fueling the demand for effective wound care solutions. As per the US Department of Transportation, in 2021, ~43,230 people were killed in motor vehicle crashes, including 7,388 pedestrians. Wound closure devices form an essential part of the treatment of these conditions, providing quicker healing, minimizing infection risk, and enhancing overall patient outcomes. With a growing population of older people who are more susceptible to chronic conditions and a rise in the incidence of trauma cases, healthcare professionals prefer sophisticated wound closure solutions to meet these demands. As a result, market players continuously emphasize innovations specific to chronic wounds and trauma, which will likely generate significant growth opportunities for them in the long term.
Wound Closure Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wound closure devices market analysis are product, wound type, and end user.
Based on product, the wound closure devices market is segmented into sutures, adhesives, staplers, strips, and others. The sutures segment held the largest share of the market in 2024.
In terms of wound type, the wound closure devices market is bifurcated into chronic wound and acute wound. The chronic wound segment dominated the market in 2024.
In terms of end user, the wound closure devices market is categorized into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment dominated the market in 2024.
Wound Closure Devices Market: Competitive Landscape and Key Developments
B Braun SE:Johnson & Johnson; Medtronic Plc; 3M Co; Stryker Corp; Baxter International Inc; Meril Life Sciences Pvt Ltd; CooperSurgical, Inc; Smith & Nephew Plc; TI Medical; Futura Surgicare Pvt Ltd (Dolphin Sutures); Corza Medical GmbH; Essity AB; Advanced Medical Solutions Group plc; Healthium Medtech Limited are among the key companies operating in the wound closure devices market.
The Open Journal of Nursing, Ministry of Internal Affairs and Communications, International Wound Journal, Diabetic Foot Australia, Journal of Personalized Medicine, Centers for Disease Control and Prevention (CDC), International Journal of Tissue Repair and Regeneration, the Canadian Institute for Health Information (CIHI), the International Diabetes Federation (IDF), the Organization for Economic Co-operation and Development (OECD) are among the primary and secondary sources referred to while preparing the wound closure devices market report.