Wound Closure Market is Expected to Witness Steady Growth Owing to Increasing Incidences of Traumatic Injuries

The wound closure market comprises wound closure devices and wound closure strips that are used for closing lacerations or wounds after any surgeries or accidents. Wound closure devices including staples, sutures, and clips are used for closing internal and external wounds, lacerations, and incisions. Sutures aid in holding the skin layers together until natural healing begins. Suturing helps restore the tissue integrity and prevents infection. Staples provide a quick and easy way to close wounds and incisions. The rising trauma cases and accidents, growing number of surgeries, and increasing incidence of chronic diseases are some of the major factors driving the demand for wound closure products.

The global wound closure market is estimated to be valued at US$ 1.84 billion in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2022-2030).

Key Takeaways

Key players: Key players operating in the wound closure market are 3M, Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, Convatec Group PLC, Integra LifeSciences, Medtronic, Mölnlycke Health Care AB, Cardinal Health, and Stryker. Ethicon Inc. (Johnson & Johnson) dominates the wound closure market owing to its extensive product portfolio and strong geographical presence across the globe.

The increasing incidence of traumatic injuries due to road accidents and sports injuries provide Wound Closure Market Opportunities for continued growth. According to the World Health Organization (WHO), road accidents account for almost 1.35 million deaths globally per year. Road injuries are the leading cause of death among children and young adults between 5-29 years of age. The rising injuries will foster the demand for advanced wound closure products.

North America held the major share of the global wound closure market in 2020 due to the increasing healthcare infrastructure, rising healthcare expenditure, presence of key players, and growing awareness levels among the population regarding advanced wound care products. However, Asia Pacific is anticipated to exhibit the fastest growth over the forecast period owing to increasing healthcare expenditure, growing income level, rising awareness, and improving access to healthcare facilities.

Market Drivers
The increasing prevalence of chronic diseases like diabetes that often require wound closure procedures is a major market driver. Diabetic foot ulcers are one of the most common chronic complications of diabetes. According to the International Diabetes Federation (IDF), approximately 463 million adults suffered from diabetes around the world in 2019 and the number is expected to rise to 700 million by 2045. Wound closure devices help aid proper healing of diabetic foot ulcers and other chronic injuries.

Market Restrains
The high cost of advanced wound closure devices poses significant challenges for market players. Products featuring advanced technologies are often expensive rendering them unaffordable for patients in developing regions. This limits the adoption potential of the market in low and middle-income countries. Additionally, lack of awareness regarding available advanced wound closure options acts as a restraint on market potential, especially in underdeveloped regions.

Segment Analysis
The wound closure market can be segmented based on product, application, end-user and region. Based on product, the sutures segment currently dominates the market. Sutures are used extensively for closing cuts, lacerations and incisions. They help in holding skin, internal organs or other tissues together after an injury or surgery. Absorbable sutures made from materials like catgut that dissolve naturally in the body over time are preferred by medical practitioners and patients alike.

Global Analysis
Regionally, North America holds the largest share in the wound closure market owing to rising geriatric population and research and development activities. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to improving healthcare facilities and increasing medical tourism. Countries like China, India and Japan are expected to offer high growth potential for market players. Additionally, Lain America will also present lucrative opportunities for market expansion during the forecast years. Advancements in wound closure products and rising awareness about available treatment options will be the key driving factors for regional markets globally.

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About Author:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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