Global Wound Closure Market, by Product Type (Wound Dressings (Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, Collagen Dressings, and Other Dressings), and Surgical (Sutures (Absorbable Sutures and Non-Absorbable Sutures), Staples, Tissue Adhesive, Sealant & Glues, Hemostats, and Traditional/ Basic Wound Closure Products), by Application (Ulcer (Diabetic Ulcers, Venous Leg Ulcer, Pressure Ulcers, Acute & Sub-acute Ulcers, Arterial Ulcers), Surgical Wounds (General Surgery Wounds, Oncology Surgery Wounds, Urology Surgery Wounds, Cardiovascular Surgery Wounds, Obstetrics & Gynecology Surgery Wounds, Neuro & Spine Surgery Wounds, ENT Surgery Wounds, Orthopedic Surgery Wounds, and Plastic, Cosmetics & Reconstruction Surgery Wounds), Burn Injuries, and Other Applications), by End User (Hospitals, Long-term Care Settings, Home Care Settings, and Other end users), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increased adoption of inorganic growth strategies such as acquisitions by the key players in the market is expected to drive the market growth over the forecast period. For instance, in April 2021, Peters Surgical, a company that develops, manufactures and distributes medical devices worldwide, announced the acquisition of Germany-based company Catgut, a manufacturer and distributor of surgical needs and medical devices. This acquisition will help the company expand its sutures product portfolio
Global Wound Closure Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The COVID-19 pandemic had a negative impact on the wound closure market, owing to the decreased rates of surgeries. For instance, according to an article published by Frontiers Media S.A., a publisher of peer-reviewed open-access scientific journals, in August 2021, a retrospective analysis of surgical activities was performed at Innsbruck Medical University Hospital, a research center, during the lockdown period from March 15, 2020 to April 14, 2020, and these activities were compared to the surgical activities performed in the same period during the previous five years. According to the results of the analysis, the total surgical activity was reduced by 65.4% when compared to the same period during the previous five years.
Moreover, the lockdown resulted in delaying patient visits to hospitals for wound care management, which is further expected to impact the wound closure market. Due to the COVID-19 pandemic the supply of various medical products including the wound closure products were hampered, due to the disruptions in supply chains. Therefore, the COVID-19 pandemic had a negative impact on the wound closure market.
Global Wound Closure Market: Key Developments
In January 2021, Axio Biosolutions, a medical technology company, announced that it had received CE Certification from Europe for its next generation advanced wound-care product range, MaxioCel. MaxioCel is based on Bioactive Microfiber Gelling technology that accelerates healing through quicker granulation. It also provides comfort and has shown faster healing on chronic wounds, such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, donor sites and post-operative surgical wounds during clinical studies.
Browse 55 Market Data Tables and 35 Figures spread through 145 Pages and in-depth TOC on “Global Wound Closure Market”- Forecast to 2030, Global Wound Closure Market, by Product Type (Wound Dressings (Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, Collagen Dressings, and Other Dressings), and Surgical (Sutures (Absorbable Sutures and Non-Absorbable Sutures), Staples, Tissue Adhesive, Sealant & Glues, Hemostats, and Traditional/ Basic Wound Closure Products), by Application (Ulcer (Diabetic Ulcers, Venous Leg Ulcer, Pressure Ulcers, Acute & Sub-acute Ulcers, Arterial Ulcers), Surgical Wounds (General Surgery Wounds, Oncology Surgery Wounds, Urology Surgery Wounds, Cardiovascular Surgery Wounds, Obstetrics & Gynecology Surgery Wounds, Neuro & Spine Surgery Wounds, ENT Surgery Wounds, Orthopedic Surgery Wounds, and Plastic, Cosmetics & Reconstruction Surgery Wounds), Burn Injuries, and Other Applications), by End User (Hospitals, Long-term Care Settings, Home Care Settings, and Other end users), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Wound Closure Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/wound-closure-market-1205
Moreover, increasing research and development activities by researchers to develop wound dressings is expected to drive the market growth over the forecast period. For instance, in January 2022, a researcher at the University of Wolverhampton, a U.K.-based university offering undergraduate and postgraduate degree courses, developed a biodegradable wound dressing made with natural materials that support the healing process. The dressings are more than 95% water and are loaded with natural ingredients such as silver and curcumin, which comes from turmeric.
Key Takeaways of the Global Wound Closure Market:
- The global wound closure market is expected to exhibit a CAGR of 7.1% during the forecast period due to the increasing adoption of inorganic growth strategies such as distribution agreements among the key players in the market. For instance, in April 2022, KitoTech Medical, a Seattle-based medical device company, signed an exclusive agreement with Corza Medical, a leading global manufacturer of innovative surgical technologies, giving it the right to market and sell the microMend family of wound closure products in the medical and surgical markets in the U.S.
- Among end users, the hospitals segment is estimated to hold a dominant position in the global wound closure market over the forecast period, owing to the increased hospital administration, growing incidence of accidents, casualties, and surgeries. For instance, according to the American College of Surgeons, 15 million Americans have some kind of surgery, every year.
- On the basis of regions, North America is estimated to account for the largest market share in the global wound closure market over the forecast period, owing to the increasing prevalence of diabetes foot ulcer associated with diabetes. Often diabetes foot ulcer is associated with diabetes and hence the increasing prevalence of diabetes increases the chances of a patient developing diabetes foot ulcers. For instance, according to the National Diabetes Statistics Report 2020, about 10.5% of the U.S. population had diabetes in the year 2018.
- Major players operating in the global wound closure market include 3M, Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, Convatec Group PLC, Integra LifeSciences, Medtronic, Mölnlycke Health Care AB, Cardinal Health, and Stryker
