Global Wound Closure Product market report provides analysis for the period 2013 – 2024, wherein the period from 2018 -2024 is the forecast period and 2017 as the base year. The market study projects an estimated market growth with a CAGR over 5.2% during 2018-2024 in terms of value. The aforementioned market growth is driven by a number of factors such as growth in aging population, increase in the number of surgeries and growing road accident cases. Moreover, increased burn cases across the globe and the growing incidence of chronic wounds is also impacting the demand for the market.
The report exhibits the analysis of the factors driving and restraining the market and their impact on the market forecast. The wound closure products are prevalent for the treatment of lacerations, injuries and to treat surgical and chronic wounds during and after surgical procedures. This creates demands for innovative and more effective or effortless products among the users within the market. Thus, the report gives a detailed description of the strategic developments carried out by the key players in the market to substantiate the revolution happening for the wound closure products.
Global Wound Closure Product Market: Scope of the Report
On the basis of the type of the product, the market is segmented into Sutures, Hemostats, Surgical Staples and Adhesives & Tissue Sealants. The Sutures market is further bifurcated into absorbable and non-absorbable sutures. The Hemostats market is further sub-segmented into Thrombin-based, Oxidized regenerated cellulose-based, Combination, Gelatin-based, Collagen-based hemostats. The Adhesives & Tissue Sealants is segmented into Fibrin, Collagen-based, Cyanoacrylate-based, Synthetic polymer-based, Album & glut aldehyde-based sealants. Based on the application of the products, the market is categorized into Cardiovascular, General, Gynecological, Orthopedic, Ophthalmic surgeries. Finally, the report covers the analysis of these segments across North America, Europe, Asia-Pacific & RoW along with the qualitative analysis for market estimates that boosts the growth of the global wound closure product market during the forecast period.
The report also features the competitive benchmarking of key players, competitive analysis of the global wound closure product market that covers business overview, product & service offerings, new product launches, and mergers & acquisitions.
As per the findings of the research, the sutures segment was the largest contributor to the global wound closure products market in 2017, and the hemostats market is estimated to witness the fastest growth during 2018-2024.
Global Wound Closure Product Market: Key Findings of the Report
According to BlueWeave Consulting, the key findings of the report “Global Wound closure product Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
·North America led the global wound closure
products market in 2017 and it is expected to grow with a CAGR over 6.6% during
the anticipated period
·U.S. held the largest in the North America
market in 2017 and it is expected to grow with a CAGR 5.4% during the period
2018 – 2024
·Based on type, sutures generated the largest
revenue in the global wound closure products market in 2017 and it is expected
to exhibit the fastest growth during the expected period
·Cardiovascular surgeries segment was the largest
application area of wound closure products in 2017 and it is expected to
exhibit the fastest growth during the period 2018 – 2024
Global Wound Closure Product Market, Revenue Forecast, USD(Million),2013-2024
Global Wound Closure Product Market: Research Methodology
Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global wound closure products market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global Wound Closure Product Market: Research Summary
The global wound closure products market is growing exponentially due to increased utilization of these products for the treatment of chronic wounds, surgical wounds, burns, and ulcers. The other wound closure products available in the market include sutures, hemostats, surgical staples, adhesive, tissue sealants, and wound closure strips. The usage of wound closure products is increasing due to growing geriatric population, incidences of diabetes and obesity and increase in volume of surgeries. Moreover, road accidents and burn cases also leading to abundance usage. However, presence of alternative options and high cost of wound closure products act as restraints in the growth of global wound closure products market.
Global Wound Closure Product Market: Competitive Dynamics
The global wound closure product market is dominated by a number of players in the market, amongst them the major players are 3M Company, Medtronic plc., Smith and Nephew plc., CryoLife Inc., Johnson & Johnson, B.Braun Melsungen AG, Baxter International Inc., Derma Sciences Inc., DeRoyal Industries Inc., Pfizer Inc.
1.Research Scope and Methodology
1.2.1.Global wound closure products market, by type
1.2.2.Global wound closure product market, by application
1.2.3.Global wound closure product market, by geography
Methodology and Sources
Driving the Demand of the Market and its Impact on Market Forecast
3.2.1.Growth in aging population
3.2.2.Growth in the number of surgeries
3.2.3.Growth in the number of road accidents
3.2.4.Growing burn cases
3.2.5.Growing incidence of chronic wounds
3.2.6.Summary of the influence of drivers on market forecast
3.3.Factors Restraining the Market to grow and its Influence on Market
3.3.1.Expensive wound closure products
3.3.2.Need for advanced technical skills for the usage of wound closure
3.3.3.Availability of substitutes of wound closure products
3.3.4.Summary of the influence of restraints on market forecast
4.Global Wound Closure Products Market Size and Forecast (2012-2024)
Wound Closure Products Market, by Type
Wound Closure Products Market, by Application
Wound Closure Products Market, by Region
5.Global Wound Closure Products Market, by various segments
FIG 18: PORTER’S FIVE FORCES OF COMPETITIVE POSITION ANALYSIS
1. Research Methodology
2. Regional Split of Primary & Secondary Research
3. Secondary Research
The research process began with obtaining historical market sizes of the entire wound closure market and the share of each type of segmentation, through exhaustive secondary research to understand the potential of the market under the prevailing market environment during the past years. The growth rate of the market and its segments was studied with a comparative approach to understand the impact of factors that shaped the market during the recent past.
The next step involved the study of present market environment that is influencing the wound closure market and its expected long-term impact. Weightage was given to several forces that are expected to affect the home security market, during the forecast period. Based on the interim analysis, the market numbers were formulated for each of the forecast years for every segment.
4. Primary Research
Various industry experts including CEOs, presidents, vice presidents, directors, sales managers, products managers, organization executives and other key people of the global wound closure market were interviewed. The third step involved validation of hypothesis through segmented primary research with the key opinion leaders in the industry, including the company representatives, experts from distributer agencies, service providers and other industry experts. The primary research helped in assessing the gathered and assumed data with the real-time experience of industry representatives. This also led to modification in certain assumptions that were taken during the process of preliminary research. The analysts arrived at solid data points after the completion of primary research process.
In the fourth step, the market engineering was conducted, where the data points collected through secondary and primary sources were compiled to compute the final market sizes
4.1 Breakdown of Primary Research Respondents, By Region
4.2 Breakdown of Primary Research Respondents, By Industry Participants
5. Market Size Estimation
Top-down approach has been followed to obtain the market size by region, and by country. Bottom-Up approach has been followed to obtain market size by type and by application.
An amalgamation of bottom-up and top-down approach has been performed to determine the revenue.
6. Assumptions for the Study
The macro-economic factors would remain same during the forecast period.
The market players would exhibit consistent performance during the forecast period without having any adverse ripple effects on the industry.