What is the market for Global Wound Closure Devices?

 

Wound closure devices include sutures, staples, and specially designed mechanical devices that help to close wounds by manipulating the edges of the wound tissue more closely. Apart from these, sealants, strips, and adhesives are also used to close the wound.

What is the Global Wound Closure Devices Market?

The global wound closure devices market was valued at USD 11,507.02 million in 2021, growing at a CAGR of 5.65% during the forecast period from 2022 to 2027, to reach USD 15,988.30 million by 2027. The increase in demand for wound closure devices is primarily due to the increasing number of chronic and acute wounds caused due to traumatic injuries such as falls, accidents, and due to chronic disease-associated wounds. Moreover, rising surgical procedures worldwide, recent product approvals, and technological advancements in the wound closure devices product arena are also expected to boost the market for wound closure devices.

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Recent Developmental Activities in the Wound Closure Devices Market:

·         In November 2020, Healthium launched Trubarb, a knotless tissue closure device, an effective triangular end stopper that eliminates the need for knotting when compared to a regular suture.

·         In March 2020, Advanced Medical Solutions Limited received FDA approval for LiquiBand Plus intended to close easily approximated skin edges of wounds from surgical incisions.

·         In February 2020, Foosin Medical Supplies Inc., Ltd received FDA clearance for Wego-Stainless Steel suture for use in abdominal wound closure, hernia repair, and sternal closure.

What are the drivers for the Global Wound Closure Devices?

The major factors driving the demand for wound closure devices are the rising cases of chronic wounds, increasing traumatic injuries, recent product approvals, and increasing manufacturers’ initiative to develop technologically advanced products.

What are the active Global Wound Closure Devices Market Companies?

Some of the key market players operating in the wound closure devices market include Medtronic, 3M, Johnson & Johnson, B. Braun Melsungen AG, Baxter, Smith & Nephew, Stryker, Chemence Medical, Inc., Healthium Medtech, Meril Life Sciences Pvt. Ltd., Futura Surgicare Pvt Ltd. Advanced Medical Solutions Group plc, Microcure (Suzhou) Medical Technology Co., Ltd., CooperSurgical Inc, Adhezion Biomedical, CENTENIAL SURGICAL SUTURE LTD, Cardinal Health, Dukal LLC, ORION SUTURES INDIA PVT LTD, Lotus Surgicals, and others.

Which region has the highest Wound Closure Devices Market Share?

Among all the regions, North America is expected to occupy a major share in the overall wound closure devices market during the forecasted years 2022-2027. This domination can be primarily attributed to the rising prevalence of chronic conditions resulting in chronic wounds, rising traumatic wounds due to falls and accidents, increased expenditure on surgical and chronic wounds, and technological advancements in the product portfolio, among others.

What are the Wound Closure Devices Market Dynamics?

The growing demand for wound closure devices at present is owing to the rising cases of chronic wounds such as diabetic wounds, venous leg ulcers, pressure ulcers, and acute wounds across the globe. According to the latest data released by the International Diabetes Federation in the year 2020, approximately 40 to 60 million people are affected by diabetic foot complications worldwide. 

Moreover, according to the Wounds UK 2021, report there are 15% of the population in the country suffers from venous leg ulcers, 14% have surgical wounds, 9% suffer from diabetic foot ulcers, and approximately 6% suffer from burns. Thus, the rising cases of wounds across the globe are likely to augment the demand for wound closure devices. Furthermore, the escalating number of surgeries across the globe is also anticipated to fuel the wound closure devices market. For instance, according to the report released by the Global Surgery Foundation in the year 2021, approximately 30% of the global burden of disease is caused by conditions that can be treated by surgery. Therefore, rising surgery worldwide will ultimately require devices for closing surgical wounds thereby fuelling the market for wound closure devices.

COVID-19 Impact on the Wound Closure Devices Market

Additionally, the unprecedented COVID-19 pandemic impacted global wound closure devices during its early stages. This is due to national lockdowns, denial of wound care services, canceled or postponed elective surgeries, and reduced access to clinical management for chronic wounds. Also, the pandemic has created opportunities for local market producers as the supply and demand chain was hampered due to the imposition of logistical restrictions at international borders. However, the market is expected to revive and return to normalcy in the post-pandemic situation due to the launch of vaccines.

Get to know more information on the Wound Closure Devices Market Report @ Wound Closure Devices Market Forecast

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