Wound Closure Devices Market (Product - Staples, Adhesives, Sutures, Sealants, Strips, and Mechanical Wound Closure Devices; End-use - Hospital, Trauma Centers, Clinics, and Other End-uses): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on the wound closure devices market provides an in-depth analysis of segments and sub-segments in the global as well as regional wound closure devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional wound closure devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global wound closure devices market. According to the report, the global wound closure devices market is projected to grow at a CAGR of 7.1% over the forecast period of 2020-2026.

Market Insight

Wound closure devices are used in closing down a wound. It pulls down wound edges and tissues together and helps in healing. These devices help in minimizing the trauma of the tissue. The wound closure devices are useful in cutting down the risk or danger of excessive scarring and infection. Every wound closure device differs in shape and size. Its varied nature helps to cater to a wide range of wounds.

The increasing demand for wound closure devices to improve the therapeutic outcome and reduce hospital stay tenure contributes to the growth of the global wound closure devices market. The rising occurrence of chronic wounds led to increased demand for cost-effective and efficient wound healing products. A chronic wound is a silent epidemic that affects a huge amount of the world population. A study estimated that around 1 to 2% of the population in developed countries experience a chronic wound during their lifetime. Further, lifestyle diseases are majorly leading to chronic wounds such as venous leg ulcers, diabetic foot ulcers, and pressure ulcers. The growing use of wound closure devices in plastic and cosmetic surgeries has a positive impact on the growth of the market. Additionally, the rise in demand for artificial absorbable sutures propels the expansion of the wound closure devices market. The growing number of mishaps and accidents occurring worldwide boosts the growth of the wound closure devices market. Furthermore, the rising aging population and growing incidences of disabilities fuel the market growth. As per the World Health Organization, around 15% of the global population lives with some kind of disability.

Additionally, the increasing prevalence of pressure ulcers in nursing home patients bolsters the expansion of the wound closure devices market. The surging number of surgical procedures worldwide promotes market growth. The rising incidences of infectious and non-communicable diseases accelerate the expansion of the wound closure devices market. On the flip side, minimally invasive surgeries minimize the size of incisions made which reduces the requirement of the wound closure devices market. Moreover, the development of technologically advanced products creates numerous opportunities for the growth of the wound closure devices market.

The current concerns over the spread of coronavirus have had a positive impact on the wound closure devices market. There is increasing use of novel adhesive suture retention wound closure devices during the COVID-19 pandemic which helps to prevent patient follow-up visits. Medical professionals are using wound closure methods that would adequately support the patient’s wound and reduce the need to have physical contact with them. Companies are focused on developing advanced wound care consists of therapeutic interventional devices that will efficiently and economically heal the wound.

Geographically, the global wound closure devices market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is expected to have a dominant share in the global wound closure devices market. The growing number of knee replacement surgeries, aesthetic surgeries, spinal surgeries, hip replacement surgeries in North America drives the growth of the wound closure devices market. Asia-Pacific region is anticipated to grow with a healthy CAGR in the global wound closure devices market. The surge in the number of patients in hospitals and rising demand for advanced wound closure devices in Asia-Pacific propel the growth of the wound closure devices market in the Asia-Pacific region. Europe has significant growth opportunities in the global wound closure devices market owing to evolving healthcare infrastructure in the region.

Segment Covered

The report on the global wound closure devices market covers segments such as product, and end-use. On the basis of product, the sub-markets include staples, adhesives, sutures, sealants, strips, and mechanical wound closure devices. On the basis of end-use, the sub-markets include hospital, trauma centers, clinics, and other end-uses.

Companies Profiled:

The report provides profiles of the companies in the market such as Abbott Laboratories, Integra LifeSciences Holdings Corporation, Teleflex Medical Incorporated, Sutura Inc., Smith and Nephew plc, Radi Medical Systems, Inc, Ethicon Inc., NeatStitch Ltd., Baxter International Inc., BSN Medical GmbH, and Other companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the wound closure devices market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.