Wound Closure Product Market

Global Wound Closure Product Market, By Type (Sutures (Absorbable Sutures, Non- Absorbable Sutures), Hemostats (Thrombin Based, Oxidized Regenerated Cellulose Based, Combination Hemostats, Gelatin Based Hemostats, Collagen Based Hemostats), Surgical Staples (Linear Surgical Stapler, Circular Surgical Stapler, Skin Stapler, And Others), Adhesives and Tissue Sealants (Fibrin, Collagen Based, Cyanoacrylate Based, Synthetic Polymer Based, And Albumin & Glutaraldehyde Based), Wound Closure Strips); By Application (Cardiovascular, General, Gynecological, Orthopedic, Ophthalmic, and Others); By Region (North America, Europe, the Asia-Pacific, Rest of the World); Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC1814
  • Available Format: PDF
  • Page: 182

Report Overview

The global wound closure product market is projected to register strong growth prospects owing to the increasing number of surgeries in the coming years, and implementation of government policies for reducing raw material costs, and the rising cases of chronic wounds.

 

Global Wound Closure Product Market- Industry Trends & Forecast Report 2027

The global wound closure product market was worth USD 14,567.0 million in 2020. The market is further expected to reach USD 21.528.1 million by 2027 at a CAGR of 6.0% during the forecast period (2021-2027). As a result of a rising trend in road accidents, chronic wounds, and an aging population, the global wound closure product market has grown substantially over the past few years. Additionally, the growing healthcare policies focused on reducing raw materials costs, along with the rising healthcare expenditure in some developing nations are expected to boost the global wound closure product market.

Global Wound Closure Product Market

Source: BlueWeave Consulting

Global Wound Closure Product Market Overview

Generally, wound closure products are used to speed up the healing process by joining the edges of the wound, preventing infections and wound dehiscence. These products are used in the treatment of chronic wounds and surgical wounds. Natural raw materials used in wound closure products are surgical steel, silk, cotton, and linen. Synthetic materials used in wound closure products are nylon, polypropylene, and polybutester.

The term primary wound healing refers to the technique of closing a wound with staples, stitches, glue, and other methods of woundclosure. The primary intention closure technique is applied to cleaner wounds. In secondary intention technique, wounds that are contaminated or have been delayed in clinical consultation are treated. Lastly, the tertiary intention techniqueor delayed primary intention technique involves leaving the surface layers of the wound open for a predetermined period. It is possible to close the surface layers later, just as it is done initially inthe primary intention closure technique, but this time in a "delayed" manner.

Global Wound Closure Product Market Trend

Growth Drivers

An increasing number of road accidents

The National Highway Traffic Safety Administration (NHTSA) report stated that more than 38.675 people lost their lives in a vehicle crash in 2020. It translates to a 7.2% increase in the number of road accidents compared to 2019, which stood at 36,095. In the wake of COVID-19 restrictions, fewer vehicles were on the road, reducing the number of vehicle miles traveled (VMT).It demonstrates that more than 1.37 people per 100 million VMT died in road accidents in 2020, compared to 1.10 people per 100 million VMT in 2019. The increasing number of accidents are indicating a rise in demand for wound closure products, thereby propelling the growth of the global wound closure products market.

Restraints

High Costs of wound closure products

Increasing prices of wound closure products have become a universal problem in healthcare.Dressing strips and products cost around USD 25-35, rendering them unaffordable for many households in the U.S. Additionally, some of the tissue sealants cost around USD 40-80.  Due to the high cost of primitive wound closure products, consumers find them unaffordable. It is thus, limiting the growth of the global wound closure market. Moreover, the high cost of chronic wound closure products also limits their adoption in the price-sensitive marketsof developing economies.

Global Wound Closure Product Market - Impact of COVID-19

In March 2020, the WHO declared COVID-19 a pandemic, stating that the countries have no other choice but to implement lockdown restrictions to counter the spread of the virus. Factory operations were put on halt, and key raw materials used for manufacturing wound closure products were also short in supply. However, as the number of COVID-19 cases decreased, it aided in the restructuring of the global wound closure product market.

Rising road accidents and emerging diseases, such as COVID-19, and black fungus, which causes chronic wounds will contribute to the potential of surgeries in the coming years. Therefore, this factor is expected to positively impact the growth of the global wound closure product market.

Global Wound Closure Product Market: By Type

Based on types, the global wound closure product market is segmented into sutures, hemostats, surgical staples, adhesives, and tissue sealants, and wound closure product strips. The sutures segment accounted for the largest share in the global wound closure product market in 2020. A suture holds damaged tissue (resulting from surgery, a cut, a laceration, a road accident, and an injury) together with a thread-like material. They accelerate the healing of wounds and help minimize the risk of infection by tying the edges of the wound, protecting it from infectious bodies.The advantages of sutures are driving the growth of the segment in the global wound closure product market.

Wound Closure Product Market

Source: BlueWeave Consulting

Global Wound Closure Product Market: By Application

Based on the applications, the global wound closure product market is categorized into cardiovascular, general, gynecological, orthopedic, ophthalmic, and others. The cardiovascular segment garnered the highest share in the global wound closure product market in 2020. According to the WHO, an estimated 17.5 million people lose their lives every year to cardiovascular diseases in lower and middle-income countries. The reduced emphasis on a healthy diet and lifestyle is contributing to the death rates caused by cardiovascular diseases every year. The problem is exacerbated by rising rates of obesity, a problem prevalent in most developed nations. These factors are contributing to the growth of the global wound closure product market.

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. Among these regions, North America held the largest share in the global wound closure product market in 2020. The U.S. Census Bureau estimated that there were 40.3 million U.S. residents aged 65 and older in 2010, which has increased to 54 million in July 2019. The report indicates that the United States is experiencing an increasing burden of geriatric residents, which may increase the demand for wound closure products in the coming years, thus creating growth opportunities for the global wound closure market.

Regional Insights

Source: BlueWeave Consulting

 

Competitive Landscape

Some of the key players in the global wound closureproduct market are3M 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. These players are consistently earmarking investments for the research and development of better and efficient wound closure products for reducing the healing period for an individual and capture a higher market share in the global wound closure product market. 

Recent Developments

  • In July 2021, Smith + Nephew plc announced the launch of its FAST FIX FLEX Meniscus Repair System, which is the only device that provides surgeon-guided flexible needles and shafts that can access all areas of the meniscus. The improved access may allow more opportunities to repair the meniscus rather than remove it altogether, resulting in long-term benefits for the patient.

 

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S., Rest of North America, Germany, UK, France, Rest of Europe, Brazil,Japan, China, India, Rest of Asia-Pacific, and Rest of the World

Type/Service Segmentation

By Type, Application, and Region

Key Players

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

 

By Type

  • Sutures
    • Absorbable Sutures
    • Non- Absorbable Sutures
  • Hemostats
    • Thrombin Based
    • Oxidized Regenerated Cellulose Based
    • Combination Hemostats
    • Gelatin Based Hemostats
    • Collagen Based Hemostats
  • Surgical Staples
    • Linear Surgical Stapler
    • Circular Surgical Stapler
    • Skin Stapler
    • Others
  • Adhesives and Tissue Sealants
    • Fibrin
    • Collagen Based
    • Cyanoacrylate Based
    • Synthetic Polymer Based
    • Albumin & Glutaraldehyde Based
  • Wound Closure Strips

By Application

  • Cardiovascular
  • General
  • Gynecological
  • Orthopedic
  • Ophthalmic
  • Others

By Region

  • North America
  • Europe
  • the Asia-Pacific
  • Rest of the World

Frequently Asked Questions:

Ans: The global wound closure product market has reached USD 14,567.0 million in 2020.
Ans: The major factors driving the growth of the global wound closure product market are the increasing number of road accidents, the growing number of surgeries performed, and emerging cases of chronic wounds.
Ans: The key players in the global wound closure product marketinclude, 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.
Ans: The cardiovascular segment accounted for the largest share in the global wound closure product market.
Ans: The Asia-Pacific is growing at the fastest rate in the coming years in the global wound closure product market.