Global Wound Closure Product Market: Overview
According to a new market report published by BlueWeave Consulting, the global wound closure product market was valued at US$ 10,013 Mn in 2016 and is expected to expand at a CAGR of 5.93% from 2017 to 2024, reaching US$ 16,077 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the global wound closure product market in 2016.
The growth in the aging population resulting due to increasing life expectancy rate & declining birth rates is driving the global wound closure products market
Wound closure products are antiseptic in nature, which prevents wounds from any bacterial attack. Most wound closure products spread tension along the entire gap in the skin, adding consistent strength to the gaps, formed when the skin is stressed. They also prevent wound dehiscence and gap formation to accelerate wound healing process. These products are used in various internal surgical procedures, such as bariatric surgery, neurosurgical procedures, cardio surgery, orthopedic surgery, gynecology surgery, and ophthalmic. The products are also used to minimize the dead space and control incidence rates of hematoma and seroma, which in turn causes better wound closure.
The key drivers for the global wound closure products market are growth in aging population, growth in the number of surgeries and growth in road accidents. Furthermore, increased burn cases across the globe and growing incidence of chronic wounds is also impacting the demand for the market. Aging people are more prone to chronic diseases, such as neurological disorders and cardiovascular diseases, cancer and diabetes, that leads to increasing demand of wound closure products. The prevalence of chronic diseases, such as stroke, respiratory diseases, heart diseases and cancer, is increasing due to changing lifestyle and insufficient preventive care. As per the Centers for Disease Control and Prevention (CDC), approximately 117 million people in the U.S. had one or more chronic health conditions in 2012. According to a report by WHO in 2016, approximately 1.25 million people die each year because of road traffic crashes, and approximately 20 to 50 million people suffer from non-fatal injuries. A variety of factors like radiation, electricity, heat chemicals and friction causes burns. These factors results in loss of tissue, skin and blood vessels and creates demand for wound closure products
Global Wound Closure Product Market: Scope of the Report
The global market for wound closure product market is segmented on the basis of type of product, application of the product and geography. On the basis of type of 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, Oxidised 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 & Glutraldehyde-based sealants. Based on the application of the products, the market is categorized into Cardiovascular, General, Gynecological, Orthopedic, Ophthalmic surgeries.
Geographically, the global wound closure product market is bifurcated into North America, Asia Pacific, Europe and RoW. North America is a major contributor to the global market and is accelerated by the growth in the geriatric population in the region. Moreover, the cases of Obesity and diabetes also slower down the wound recovery period thus creating a demand for the wound closure products in this region. Also, the cases of road accidents in India and China boost this market in Asia Pacific among the other involved factors.
Global Wound Closure Product Market: Competitive Dynamics
Major industry players in wound closure product market are undergoing different strategic initiatives such as mergers and acquisitions and new product development. For example, In August 2016, Pfizer Inc. entered an agreement with AstraZeneca to acquire the development and commercialization rights to its late-stage small molecule anti-infective business outside the U.S. As per the agreement, AstraZeneca received an upfront payment of $550 million from Pfizer Inc. and a deferred payment of $175 million in January 2019. The acquisition has been made to expand Pfizer’s anti-invectives business.
The wound closure product market has been segmented as below:
Market Segmentation: Global wound closure product Market
By Type of Product
- Surgical Tapes
- Adhesive & Tissue Sealants
By Type of Suture
- Absorbable Sutures
- Non-absorbable Sutures
By Type of Hemostats
- Thrombin-based Hemostats
- Oxidised regenerated cellulose-based Hemostats
- Combination Hemostats
- Gelatin-based Hemostats
- Collagen-based Hemostats
- Cardiovascular Surgeries
- General Surgeries
- Gynecological Surgeries
- Orthopedic Surgeries
- Ophthalmic Surgeries
In addition, the report provides analysis of the global wound closure products market with respect to the following geographic segments:
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
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