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.
On the other hand, the growing demand for minimally invasive operations is likely to hamper the market growth.
The North American region is expected to hold a dominant share due to the presence of major players in the region and the rising prevalence of chronic wounds. Due to the existence of significant competitors in the area and the growing frequency of chronic wounds, the North American market is projected to maintain a leading position. Furthermore, the rising number of patients undergoing operations, as well as increased awareness regarding minimally invasive surgeries, are driving regional market expansion. 3M, Johnson & Johnson Services, Inc., B. Braun Melsungen AG and Medtronic are among the key competitors in the North American market. These companies are investing in R&D to create medical devices that help speed up wound closure. Over the projected period, the Asia Pacific region is expected to develop rapidly. The development of innovative medical devices that can be used to close wounds quickly and effectively will enhance regional growth.
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.
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.
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.
|Market size value in 2020||US$3.854 billion|
|Market size value in 2027||US$5.449 billion|
|Growth Rate||CAGR of 5.07% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||B. Braun Melsungen AG, Johnson & Johnson, 3M Healthcare, Integra Lifesciences, Cardinal Health, Medtronic, DermaClip US LLC, BandGrip Inc., Stryker, Clozex Medical Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the wound closure market?
A1. The global wound closure market is expected to grow at a CAGR of 5.07% during the forecast period.
Q2. What will be the wound closure market size by 2027?
A2. The wound closure market is expected to reach a market size of US$5.449 billion by 2027.
Q3. What is the size of the global wound closure market?
A3. Wound Closure Market was valued at US$3.854 billion in 2020.
Q4. Which region holds the maximum market share in the wound closure market?
A4. The North American market is expected to hold a dominant share due to the presence of major players in the region and the rising prevalence of chronic wounds.
Q5. What factors are anticipated to drive the wound closure market growth?
A5. One of the major factors driving the wound closure market growth is the increase in the number of surgeries worldwide.
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