Global Wound Closure Market: Industry Status, Sales Outlook, Supply-Demand Analysis 2019-2028
The era of doctors or surgeons using cat gut, cotton, silk, stainless, or nylon sutures on patients is losing preference in many developed and even some developing countries across the globe. Urgent need for more effective, safe, easy and quick-to-use options due to increasing number of road accidents and other natural or man-made calamities and events seems to have driven rapid innovation towards development of more convenient products for application in the healthcare sector.
The need of the hour – during any emergency, surgery, or serious injury – are sutures and other products to halt blood loss rapidly and effectively in order to ensure the golden hour is not wasted and human lives are not lost. Surgeons of today have a broad range of products to choose from to close or seal wounds, cuts, post-surgery incisions, for cosmetic or reconstructive surgery, and many others. These include sutures, stapling devices, vascular clips, ligatures, and thermal devices, as well as a wide range of topical hemostats, surgical sealants, and glues.
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Sales of dry bandages and dressings account for over 50% of the global chronic and severe wound care market revenue. Sutures and staplers & staples products contribute around 52% and 29% respectively in terms of value to the overall wound closure market. As some wounds may only require protection against infection, demand for traditional products remain relatively high currently in the healthcare sector across the globe.
The global wound closure market is currently at a mature stage and growth has been relatively slow owing to lack of new product innovation with regard to this category. Revenue from the market in Asia is expected to continue to rise significantly into the future owing to factors such as increasing aging population, rising incidence of chronic and other age-related diseases, and low disposable income.
Other factors driving demand for wound closure products include growing geriatric population, increasing volume of surgeries, rising number of road accidents and incidence of chronic wounds, and growing number of burn cases. In North America and Europe, reimbursement schemes by governments in countries in these regions is driving growth of the market. Physicians and surgeons prefer simple tissue adhesives or dressing to treat less serious wounds or injuries, and also may opt for less labor-intensive and cheaper options. In addition, high prevalence of diabetes and surgical wounds in countries across the globe is driving overall market growth.
Primary factors hampering market growth include high cost of wound closure products, complex technical requirements for utilization of wound closure products, and availability of alternative wound care products.
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Some key players in the global wound closure products market include 3M Company, Medtronic plc, Smith and Nephew plc, DeRoyal Industries Inc., CryoLife Inc., Pfizer Inc., Derma Sciences Inc., Johnson and Johnson, B. Braun Melsungen AG, and Baxter International Inc.
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