The wound closure strips market is poised to grow at a CAGR of 7.2% during the forecast period of 2024 to 2032, driven by innovations in flexible and reinforced strips, the growing preference for sterile solutions, and the diverse applications across end-user segments. However, supply chain challenges and raw material shortages present a notable restraint. The market's segmentation by type, sterility, and end-user reveals distinct leaders in revenue and CAGR, reflecting the varied dynamics within the industry. Geographically, North America and Asia-Pacific emerge as key growth drivers. The competitive landscape showcases key players employing varied strategies to secure their market positions. As the market progresses from 2024 to 2032, these trends are expected to shape the trajectory of the wound closure strips market, offering opportunities and challenges for industry stakeholders.

Key Market Drivers

Innovations in Flexible wound closure strips

Innovations in flexible wound closure strips emerged as a primary driver, reshaping the landscape of wound care. In 2023, companies like 3M, a renowned player in the medical supplies industry, introduced advanced flexible strips designed for improved wound closure. These strips, incorporating novel materials and adhesive technologies, enhanced flexibility and adherence, providing a comfortable and effective solution for wound closure. The evidence supporting this driver includes a surge in the adoption of flexible wound closure strips by healthcare providers, resulting in increased sales and market share for companies investing in innovation.

Reinforced wound closure strips in Surgical Settings

The application of reinforced wound closure strips in surgical settings gained prominence as a pivotal driver of market growth. Companies such as Ethicon, a subsidiary of Johnson & Johnson, played a key role in introducing reinforced strips designed for use in surgical procedures. These strips, characterized by added strength and durability, found widespread acceptance in diverse surgical applications. The evidence supporting this driver includes a notable increase in the use of reinforced wound closure strips in hospitals and clinics, driven by their efficacy in supporting wound healing post-surgery.

Growing Preference for Sterile wound closure strips

The growing preference for sterile wound closure strips marked another significant driver in the market. In 2023, companies like Covidien (a part of Medtronic) capitalized on the demand for sterile wound closure solutions, catering to healthcare facilities' infection control measures. Sterile strips gained traction for their role in minimizing the risk of infections associated with wounds. The evidence supporting this driver includes a surge in sales of sterile wound closure strips, particularly in hospital settings, where maintaining a sterile environment is of paramount importance.

Restraint of wound closure strips market

Supply Chain Challenges and Raw Material Shortages

Despite the positive trajectory, the wound closure strips market encountered a notable restraint in 2023. Supply chain challenges, including disruptions and raw material shortages, impacted the production and distribution of wound closure strips. Companies like Smith & Nephew faced difficulties in sourcing key materials, leading to production delays and fluctuations in product availability. The evidence supporting this restraint includes industry reports citing challenges in the procurement of raw materials and disruptions in the supply chain, affecting the overall market dynamics.

Market Segmentation: Type

The wound closure strips market is segmented by type into flexible and reinforced categories. In 2023, the reinforced wound closure strips segment emerged as the highest revenue-generating market, driven by increased adoption in surgical settings. Simultaneously, the flexible segment exhibited the highest Compound Annual Growth Rate (CAGR) during the forecast period of 2024 to 2032. The emphasis on comfort and versatility in wound closure contributed to the remarkable growth of flexible strips.

Market Segmentation: Sterility

Further segmentation by sterility categorizes the market into sterile and non-sterile wound closure strips. In 2023, the sterile segment recorded the highest revenue, attributed to the increased emphasis on infection control measures in medical settings. Conversely, the non-sterile segment demonstrated the highest CAGR during the forecast period, indicating a growing preference for cost-effective solutions in diverse healthcare applications.

Market Segmentation: End User

The market segmentation by end-user categorizes it into hospitals & clinics, households, and others. In 2023, hospitals & clinics recorded the highest revenue, driven by the extensive use of wound closure strips in professional healthcare settings. Conversely, the household segment demonstrated the highest CAGR during the forecast period, reflecting the increasing trend of self-administered wound care.

North America Remains the Global Leader

Geographically, the wound closure strips market exhibited diverse trends in 2023. North America led in both revenue percentage and CAGR, fueled by advanced healthcare infrastructure and early adoption of innovative wound closure solutions. Asia-Pacific, on the other hand, emerged as the region with the highest CAGR, driven by increasing healthcare investments and rising awareness. Europe secured the highest revenue percentage, supported by established healthcare systems and a robust demand for wound closure strips.

Market Competition to Intensify during the Forecast Period

In 2023, the wound closure strips market featured a competitive landscape with top players employing various strategies to maintain and enhance their market positions. Leading companies such as 3M, Johnson & Johnson, Medtronic, McKesson Medical-Surgical Inc., Cardinal Health, BSN medical (Essity Aktiebolag (publ.)), DermaRite Industries, LLC., Dynarex Corporation, DUKAL, ZipLine Medical (Stryker), priMED Medical Products, Inc., and Smith & Nephew plc. demonstrated robust financial performances, reporting substantial revenues. Strategies employed included product innovation, strategic partnerships, and geographical expansions. Notably, 3M focused on expanding its product portfolio, Johnson & Johnson leveraged strategic collaborations, and Medtronic capitalized on market penetration in emerging regions.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wound Closure Strips market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Wound Closure Strips market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Wound Closure Strips market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Wound Closure Strips market?
• Which is the largest regional market for Wound Closure Strips market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Wound Closure Strips market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Wound Closure Strips market worldwide?