The Worldwide Wound Closure Industry is Expected to Reach $5.4 Billion by 2027 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Wound Closure Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global wound closure market was valued at US$3.854 billion in 2020 and is expected to grow at a CAGR of 5.07% over the forecast period to reach a market size of US$5.449 billion by 2027.
Wound closure devices are specifically designed sutures, staples, and mechanical equipment that assist in wound closure by moving wound tissue edges closer together. They vary in design and, depending on the purpose and manufacturer, may require tension/pressure adjustment once applied to a patient or absorb into the skin. It may be used to treat chronic, traumatic, and surgical wounds, as well as skin transplants and flaps.
One of the major factors driving the growth of the wound closure devices market is the increase in the number of surgeries worldwide. The rise in demand for these devices, which help in strengthening the injured tissue and reducing tissue stress, as well as the increase in the incidence of impairments, accelerate market expansion.
Furthermore, these devices are gaining popularity as they minimize the risk or danger of excessive scarring and infection, as well as the rise in the prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers, further affecting the market. Attempts to minimize hospital stays in order to reduce surgical healthcare expenses, as well as a growing preference for goods that improve therapeutic results, are also increasing demand for improved wound closure and closure devices.
For instance, the Independent Diabetes Trust in the United Kingdom reported in 2019 that each year, about 115,000 people are affected by diabetic foot ulcers and 278,000 people are treated for venous leg ulcers in the United Kingdom. These ulcers take an average of 200 days to cure. According to the report published by National Center for Biotechnology Information (NCBI), the annual incidence of diabetic foot ulcers globally ranges from 9.1 to 26.1 million.
Approximately 15 to 25% of people with diabetes mellitus will develop a diabetic foot ulcer in their lifetime. As the number of newly diagnosed diabetics rises year after year, so will the prevalence of diabetic foot ulcers. Similarly, in the United States and Europe, it is believed that 1 to 3% of the aging population is affected by Venous Leg Ulcers. According to an epidemiological survey conducted in Asia, Eastern Europe, Latin America, and Western Europe, 2.21 % of 99,359 CVI patients had an active or healed VLU when consulting their primary care physician for various reasons. Individual regional rates of 1.27 %, 2.87 %, 3.97 %, and 1.67 % were recorded, respectively. Therefore, the rising prevalence of chronic wounds will boost the market growth.
The rise in the number of operations worldwide
Physical health problems such as acute wounds, chronic wounds, and surgical wounds all have a detrimental impact on wound healing. The prevalence of acute, chronic, and surgical wounds has risen significantly over the last decade, owing primarily to the growing global geriatric population, rising traumatic wounds, an increase in the number of surgeries, and an increase in the prevalence of conditions such as obesity and diabetes. Diabetes and obesity can increase the overall prevalence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, all of which necessitate treatment (wound management) and entail expensive medical costs. Therefore, the rising prevalence of chronic wounds will boost the market growth.
High-cost of advanced wound closure products
The high cost of chronic wound treatments and advanced wound closure products may restrict their implementation, particularly in cost-sensitive countries such as Asia and the Rest of the World. In these countries, patients and physicians choose inexpensive wound closure treatments. Despite the availability of numerous bioengineered dressings in these areas, clinicians and patients prefer traditional and basic wound closure treatments due to their low cost.
Impact of COVID-19 on the wound closure market
The COVID-19 pandemic had an adverse impact on the wound closure market during the first half of the forecast period. Due to nationwide lockdowns, denied wound closure services, canceled or postponed elective surgeries, and increased skin injuries among COVID-19 healthcare personnel, the wound closure market is anticipated to decline in the first half of the projection period. However, demand for wound closure products is expected to increase significantly in the second half of the projection period.
- Mechanical Wound closure devices
- Hospitals & Clinics
- Ambulatory Care Centers
- Home Healthcare
- North America
- United States
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- B. Braun Melsungen AG
- Johnson & Johnson
- 3M Healthcare
- Integra Lifesciences
- Cardinal Health
- DermaClip US LLC
- BandGrip Inc.
- Clozex Medical Inc.
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