Global Wound Closure Product Market Set to Witness Vigorous Growth: Projected to Reach USD 21,528.1 Million by 2027
Published | 07 September 2021
The growth of the global wound closure product market is attributable to an increase in road accidents over the past few years, a rise in chronic wounds, and the growth of the geriatric population...
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global wound closure product market reached USD 14,567.0 million in 2020. The market is further expected to reach USD 21,528.1 million by 2027 and is projected to grow at a CAGR of 6.0% during the forecast period (2021-2027). A growing number of road accidents, a rising number of surgeries, and an increasing number of chronic wounds contribute to the growth of the global wound closure product market. Due to the factors outlined above, the global wound closure product market is growing substantially.
Emerging cases of chronic wounds driving the demand for wound closure products
According to International Diabetes Federation, over 1,16,466 people and 77,000 people were diagnosed with diabetes in China and India, respectively, in 2019. Undiagnosed diabetes still affects many people. These undiagnosed and diagnosed patients will likely experience increased health-related issues such as diabetic foot ulceration in the next few years. As a result, the number of patients is directly proportional to the number of chronic wound procedures performed on these individuals. It promotes the demand for wound closure products, allowing the global wound product market to grow faster.
Improved wound closure products are driving the global wound closure market
Despite their benefit, sutures take a few months to eliminate scars and the redness around the wounds.However, recent advancements in sutures have made them more effective. Recently developed antibacterial sutures are some of the most popular wound closure products available in the market. These sutures have proven helpful in reducing surgical site infection rates by over 30%.New collagen adhesives have also been developed, which absorb blood better and reduce the likelihood of disease transmission from wounds.Such advances in wound closure products are driving the growth of the global wound closure product market.
The Sutures segment occupiesthe largest market share in the global wound closure product market
Sutures have proved to be the most effective tool for stitching wounds. They protect the inner lining of the skin tissues by ensuring they are connected to one another, thereby preventing infectious agents from entering. The role of stitches in the recovery process is crucial since a foreign body entering a wound can impede the healing process. Due to the ease of use and the high level of reliability of sutures, there is an increased demand for these types of products, which contributes to the growth of the global wound closure product market.
The cardiovascular segment accounted for the largest share in the global wound closure product market
Based on applications, the global wound closure product market is bifurcated into cardiovascular, general, gynecological, orthopedic, ophthalmic, and others. The cardiovascularsegment accounted for the largest share in the global wound closure product market in 2020. According to one estimate from the WHO, over 17.4 million people have been found to lose their lives to cardiovascular diseases each year. Additionally, developed nations have been recording higher obesity rates than developing nations worldwide. An overweight or obese person is at greater risk of developing cardiovascular disease (CVD), such as heart failure. As a result, more surgeries related to cardiovascular disease are being performed, driving the growth in the global wound closure product market.
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Global Wound Closure Product Market: Regional Insights
Based on regions, the global wound closure product market is divided into North America, Europe, the Asia-Pacific, and the rest of the world. North America garnered the most significant share in the global wound closure product market in 2020. Association for Safe International Road Travel estimates that road accidents in the United States were one of the leading causes of death for people aged 18 to 54, with over 38,000 deaths in 2020. An increase of 7% was recorded in the rate of road accidents. Therefore, it is increasing the demand for wound closure products to treat burns, contagious wounds, and pressure ulcers, thus driving the global wound closure product market.
Global Wound Closure Product Market - COVID-19 Impact Analysis
The COVID-19 pandemic has had a negative impact on the global wound closure productmarket.Patients with COVID-19 were put at the forefront, and focus shifted from chronic wound patients to COVID-19 patients. As a result, there was a reduced utilization of wound closure products amid the pandemic.Additionally, healthcare spending registered a slump of about 2.6% in December 2020 in the United States. However, the rising vaccination rates are again influencing healthcare access, which is expected to boost health spending in the coming years, capturing a more significant share of the global wound closure market.
The leading players in the global wound closure product market are 3M Company, Medtronic plc, Smith & Nephew plc, CryoLife Inc., Pfizer Inc., Integra LifeSciences Corporation, Johnson & Johnson, B. Braun Melsungen AG, Baxter International Inc., DeRoyal Industries Inc., and other prominent players. The major players in the global wound closure product market have been consistently investing in improving the efficiency rates of wound closure products to eliminate the need for additional healing time.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global wound closure productmarket.It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global wound closure productmarket and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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