Wound Closure Device Market Research Report- Forecast to 2027

Wound Closure Device Market: Information by Device (Adhesives, Staples, and Others), Application (Burns and Others), Types of Wound (Acute Wound and Others), End-User (Hospitals, Community Healthcare Services, and Others)- Forecast Till 2027

ID: MRFR/MED/1469-HCR | February 2021 | Region: Global | 85 pages

Wound Closure Device Market Overview


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


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • To project the CAGR rate of the wound closure device market during the forecast period of 2018-2023. The report aims to consider the impact of the coronavirus outbreak on the market operations and the revival strategies of the market in the form of drivers, opportunities, challenges, and restraints that are underway during the period.

  • To analyze the degree of the scale of the market operations and the ability of the market segments to cater to the elaborated needs of the target audience and hence, earn revenues that will impact the forecasted market value by the end of the period in 2028.

  • To analyze the segment functioning in major geographies and the rising competitiveness amongst the players that have their manufacturing and production units in these regions. Also, the report aims to discuss the objectives and goals of the players by understanding the scale of the recent developments undertaken to dominate the region and the wound closure device market operations.


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.


Competitive Landscape


The most prominent major key players in the wound closure device market all across the globe are mentioned:



  • CP Medical

  • Integra Lifescience

  • Gecko Biomedical

  • Arthrex GmbH

  • DACH Medical Group

  • ConvaTec

  • Kinetic Concepts

  • Derma Sciences

  • BSN Medical Inc.

  • Baxter International

  • Smith & Nephew

  • Medtronic

  • Ethicon Inc.

  • B Braun Melsungen AG

  • Abbott Laboratories

  • 3M


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.


Recent Developments



  • All the major market key players are highly investing in mergers and acquisitions, joint ventures, and new products.

  • Baxter International is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales revenue.

  • In the North American region, there were approximately 3 million non-fatal injuries coupled with 150,000 deaths suffered from road accidents according to the reports of the American Association for the Surgery of Trauma and Injury.

  • In the Asia-Pacific region, there are more than 96 million diabetics patients according to the reports of WHO owing to the presence of the aged population in this region.


Report Overview


This global wound closure device market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


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.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant value
  CAGR   2017-2023:~6.9%.
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  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

  • Advancement in technology
  • Decrease in a number of surgical site infections
  • Growing volume of surgical procedures


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    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.