ID: MRFR/MED/1469-HCR | February 2021 | Region: Global | 85 pages
The wound closure device market value is aiming for great expansion during the forecast period of 2018-2023. During the stated period, the market operations are expected to rise at a CAGR of 6.9% by the end of the forecast period in 2023.
The main purpose and idea behind using the devices and other products that belong to the wound closure device market is the need to restore the skin structure post the healing of the wound. Using these devices helps in declining the chances of developing scars on the skin, followed by infection and impairment. Rapid wound closure devices are very beneficial as they possess the ability to reduce the amount of bleeding and discomfort that is usually a result of open wounds and infections.
COVID 19 Analysis of Wound Closure Device Market
Since the pandemic has come into the limelight, all the healthcare services and providers have been diverted to treat the people who are corona positive. Hence, this is resulting in a reduced demand for the closure of the wound devices market size, thus, leading to losses. However, with the decrease in cases and normal course of functioning, the demand is expected to rise between the period 2018-2023. During this period, supportive government regulations and increased investment will help the wound closure device market.
Wound Closure Device Market Dynamics
Owing to the demand for the devices, the wound closure device market is expecting the rise of various factors that will drive the demand of the market during the forecast period that ends in 2028. There is a steep rise in the prevalence of chronic wounds related to problems like diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Also, a major increase in the number of accidents happening on an everyday basis is increasing the risk of developing wounds. These factors are anticipating for the wound closure device market to grow as per the projected rate during the forecast period.
However, there are rising concerns related to product recalls and the less availability of any alternative means that might restrain the market operations from growing as per the projected rate during the forecast period. Also, the lack of accessibility of reliable replacements as a part of the industry trends will pose major growth challenges for the wound closure device market between the forecast period of 2018-2023.
The population of the world is rising which in turn is leading to the increase in the rise of the elderly population. This fact backed with the prevalence of disabilities across the global population is showing a lot of potentials for the wound closure device market operations to focus and gain maximum benefit from. Owing to the emergence of the newest technology in the medical and healthcare services departments is increasing the demand for surgeries amongst elders is very common and hence, the demand for the wound closure device market products is expected to cushion during the forecast period that ends in 2023.
Wound Closure Device Market Segmentation
The wound closure device market has been divided in the global market based on the device, application, type of wound, and end-users.
Based on the Device
The market has been divided all across the globe based on the device into mechanical, sutures, staples, and adhesives wound closure devices. The adhesives are further sub-divided into cyanoacrylates adhesives and fibrin tissue adhesives. The sutures are also sub-divided into monofilament, braided, non-absorbable, and absorbable.
Based on the Application
The market has been divided all across the globe based on the application into arterial ulcers, diabetic ulcers, pressure ulcers, surgical wounds, ulcers, and burns.
Based on the Type of Wound
The market has been divided all across the globe based on the type of the wound into acute wounds, chronic wounds, and various other wounds.
Based on the End-User Industry
The market has been divided all across the globe based on the end-user industry into the home care sector, ambulatory surgical centers, community healthcare service providers, hospitals, and various others.
Wound Closure Device Market Regional Analysis
The wound closure device market has been divided in the global market based on the regions into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region due to the presence of an aging population, sports and adventure, increasing injuries related to accidents, and an increasing number of surgical procedures that drive the market demand to this region.
The second-largest market share in the global market is held by the European region owing to the presence of well-established technologically advanced infrastructure along with a healthcare system that drives the market demand to this region. The increasing number of road accidents is another contributing factor that drives the market demand.
Being the fastest-growing region, the third-largest market share in the global market is held by the Asia-Pacific region owing to the presence of various highly populated countries like India and China that drives the market demand in this region. Increasing chronic diseases like ulcers, diabetes, and various others is another factor that drives the market demand in this region.
The Latin American region and the Middle East and African region hold the least market share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
The most prominent major key players in the wound closure device market all across the globe are mentioned:
These major key players use various strategies to sustain their market position in the wound closure device market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the wound closure device all across the globe.
This global wound closure device market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the wound closure device market in the global market along with the factors that restrict its growth in the global market. The role of technology in driving positive demands for market operations is discussed. The impact of COVID 19 on the market across the globe is highlighted.
|Market Size||2027: Significant value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Device, Application, Type of wound, And End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M, Abbott Laboratories, B. Braun Melsungen AG, Ethicon Inc., Medtronic., Smith & Nephew, Baxter International, BSN medical Inc., Derma Sciences, Kinetic Concepts, ConvaTec, DACH Medical Group, Arthrex GmbH, Gecko Biomedical, Integra LifeScience, and CP Medical|
|Key Market Opportunities||Product Manufacturers|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global wound closure device market is projected to expand at approximately 6.9% CAGR during the review period (2018-2023).
Advancement in wound closure technology, the emergence of improved wound closure devices, and augmenting need for reducing surgical expenditure and hospital stay are the major tailwinds pushing the growth of the global wound closure device market.
North America holds the largest share in the global wound closure device market, followed by Europe and the Asia Pacific, respectively.
DACH Medical Group, 3M, Smith & Nephew, Gecko Biomedical, Ethicon Inc., Integra LifeScience, Arthrex GmbH, Baxter International, ConvaTec, BSN medical Inc., B. Braun Melsungen AG, Kinetic Concepts, CP Medical, Abbott Laboratories, Medtronic, and Derma Sciences, are some of the major players operating in the wound closure device market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global wound closure device market adopt to gain a larger competitive advantage.