The global wound closure devices market size is expected to reach USD 22.98 billion by 2026, expanding at a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic injuries, technological advancements, and rising number of road accidents and surgeries are expected to propel market growth.
Rising incidence of road accidents across the globe has led to increase in demand for various wound closure devices. For instance, as per the reports on Road Traffic Injuries by WHO, every year 20 million to 50 million people suffer from some kind of injuries or disabilities resulting from road accidents. Moreover, increasing prevalence of burn and trauma cases globally is anticipated to drive the market. For instance, as per WHO (2018), around 1,000,000 people suffer from severe or moderate burns in India, each year. In addition, as per the National Center for Biotechnology Information (NCBI), in 2017, countries such as Bulgaria, Finland, the Netherlands, and China reported a rise in incidence of burn injuries. Wound closure devices, such as adhesives, staples, and sutures, are required for the treatment of such injuries.
North America held the largest market share in 2018 owing to the presence of key players in the region. Rising awareness among patients regarding the benefits of surgeries in providing quick relief from pains is driving regional growth. Key players operating in the North America market include B. Braun Melsungen AG; 3M; Medtronic; Johnson & Johnson Services, Inc.; and Baxter. The Asia Pacific market is expected to exhibit the fastest growth rate over the forecast period owing to surge of medical tourism.
Some of the products offered by key players are STRATAFIX suture by Johnson & Johnson, TISSEELfibrin sealant by Baxter, Biatain Adhesive and Biatain Ag Adhesive by Coloplast Corp., and APPOSE Single Use Skin Stapler by Medtronic.
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Key Takeaways from the report:
- On the basis of product, sutures held the largest market share in 2018 owing to rising number of surgeries and increasing incidence road accidents, burn cases, and trauma events across the globe
- The hospital segment held the largest market share in 2018 owing to surge in the number of cosmetic and plastic surgeries
- The acute wound segment held the dominant market share in 2018, driven by increasing number of burn cases across the globe
- The Asia Pacific wound closure devices market is anticipated to witness the fastest growth over the forecast period thanks to rising medical tourism in this region and increasing healthcare expenditure
- Prominent players in the market include 3M; Johnson & Johnson Services, Inc.; B. Braun Melsungen AG; Medtronic; Baxter; Integra LifeSciences Corporation; and Smith & Nephew.
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Grand View Research has segmented the global wound closure devices market on the basis of product, wound type, end use, and region:
Wound Closure Devices Product Outlook (Revenue, USD Million, 2015 – 2026)
- Collagen based
- Mechanical wound closure devices
Wound Closure Devices Wound Type Outlook (Revenue, USD Million, 2015 – 2026)
Wound Closure Devices End-use Outlook (Revenue, USD Million, 2015 – 2026)
- Trauma centers
Wound Closure Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Latin America
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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