Pune, Nov. 25, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Wound Closure Market by Product (Sutures, Hemostatic Agents, Staplers, Others), by Application (Cardiology, Orthopedics, Gynecology, General Surgery, Ophthalmic, Others), by End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Others) – Global Outlook & Forecast 2022-2030″ published by Growth Plus Reports, the wound closure market is expected to grow at a CAGR of 6.1% from 2021 to reach US$ 26.95 billion by 2030. Owing to the rising incidence of chronic wounds and the number of surgical procedures.
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The primary factors driving the global market for wound closure are the rising incidence of chronic wounds and the rising number of surgeries performed worldwide. Additionally, the rise in the prevalence of chronic diseases that call for surgical intervention, such as diabetic foot ulcers, pressure ulcers, cancer, infections, and non-communicable diseases, is also a major factor in expanding the global market. The need for wound closure is rising due to increased surgical operations brought on by industrial and traffic accidents. Furthermore, the growing elderly population and obesity are driving up the number of orthopedic surgery cases, fueling the global market expansion. The need for wound closers is rising with the increased adoption of cutting-edge technology to reduce the risk of hospital-acquired infections, shorten healing times, enhance usability, and provide cost-effective products. Likewise, the increasing number of cosmetic surgeries and the continuous introduction of new products are expected to propel the expansion of the global wound closure market.
The global wound closure market has been analyzed from four perspectives–product, application, end-user, and region.
Excerpts from ‘By Product Segmentation’
Based on product type, the global wound closure market is classified into:
- Hemostatic Agents
The sutures segment dominates the global wound closure market, with the largest market share in 2021. The suture segment is further sub-segmented into absorbable and non-absorbable. Sutures segments have a significant market share due to their preference over other products as they are standard for wound closure. Additionally, sutures have greater tensile strength, lower risk of damaging the cutaneous blood supply. They do not need to be completely removed in cases of infection, thus increasing the demand for sutures. Similarly, the sutures decrease the risk of infection because the wound is entirely sealed off, another factor driving the segment expansion.
Excerpts from ‘By Application Segmentation’
Based on application, the global wound closure market is segmented into:
- General Surgery
The general surgery segment holds the largest market share of the global wound closure market in 2021. The significant workplace and traffic accidents increase is partly responsible for the general surgery segment’s large market share. According to the International Labor Organization, around 2.3 million people worldwide are affected by workplace accidents. Additionally, the rise in the elderly population and obesity are driving up the frequency of surgeries, fueling the expansion of this market.
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Excerpts from ‘By Region Segmentation’
Based on region, the global wound closure market has been segmented into:
- North America
- Asia Pacific
- Rest of the World
North America dominated the global wound closure market in 2021, followed by Europe. Asia Pacific market is anticipated to grow at the fastest CAGR during the forecast period. The main drivers of regional growth are the growing senior population and the rise in chronic wounds. The number of surgical treatments is also rising as the elderly population and obesity rates rise. The increasing use of cutting-edge technologies and the presence of key players in the region are further factors that are anticipated to fuel regional growth.
Excerpts from ‘Competitive Landscape’
Some prominent players operating in the global wound closure market are
- Medtronic plc
- 3M Company
- Smith & Nephew plc
- ETHICON (Johnson & Johnson MedTech)
- Baxter International Inc.
- B. Braun Melsungen AG
- Mölnlycke Health Care AB
- Organogenesis Holdings Inc.
- Boston Scientific Corporation
- Medline Industries Inc.
- MiMedx Group Inc.
- Paul Hartmann AG
- Ethicon Inc.
- DeRoyal Industries
- Integra Life Sciences Holdings Corporation
- DermaRite Industries LLC
- Stryker Corporation
- CP Medical Corporation
- Artivion Inc.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY PRODUCT
- Hemostatic Agents
- Active Hemostats
- Passive Hemostats
- Combination Hemostats
- GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY APPLICATION
- General Surgery
- GLOBAL WOUND CLOSURE MARKET – ANALYSIS & FORECAST, BY END-USER
- Ambulatory Surgical Centers
- Specialty Clinics
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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