The global wound closure surgical products market is growing at a CAGR of 6.8% during the forecast period from 2021 to 2029. The rising volume of surgical procedures, growing adoption of wound closure products, preference of patients shifting towards minimally invasive surgeries, and aesthetic procedures are the major factors catalyzing the growth of the global market. However, the lack of trained professionals who can effectively apply the wound closure products hinders the growth of the market.
Wound closure products are utilized in all surgical procedures wherein it is used for fusing the tissue ends together. The type of wound closure products determines the healing time and risk for infection. Products that are patients specific, cost-efficient, have lesser recovery time, and are less painful is are more likely to exhibit a favorable potential in this market. The traditional methods of using sutures may have a lesser demand in the forecast period owing to its painful effect, longer recovery time, and high risk of acquiring infections, but are still used as it’s less expensive. Companies with a product portfolio that comprise lesser painful products with reduced recovery time and minimal scarring have a higher potential to grow in this market.
Based on the product type, the sutures segment dominated the global wound closure surgical products market in 2020 with a market share of around 35.0%, in terms of market value. The sutures are utilized as wound closure products from ancient times; however, with incessant advancement in the field of wound care management technologies, several types of sutures have evolved thereby reducing scar formation and infections. In 2020, absorbable sutures dominated the global sutures market for wound closure. The absorbable sutures dominated the sutures market for wound closure due to their advantages over non-absorbable sutures. Furthermore, as the world is inclining towards minimally invasive and aesthetic procedures, the tissue adhesives segment is expected to be the fastest-growing segment in the market.
The outreach of wound closure products across geographies is quite extensive as it is a prime requirement for any kind of surgery. However, the availability of advanced and newer closure products namely tissue sealants, adhesives, and wound closure strips in the developing economies are still not extensive.
To understand this extent of competition amongst the key players, the report consist of company profiles of the top leaders that dominate the wound closure products market. The key players profiled are B. Braun Melsungen AG, Alfresa Pharma Corporation, 3M, Abbott, BSN medical, Baxter International, Ethicon Inc., Genzyme Corporation, Derma Sciences Inc., Acelity, NeatStitch Ltd., Medtronic Plc., Smith & Nephew, Radi Medical Systems Inc. and Teleflex Medical Inc.
Based on the type, global wound closure surgical products market is segmented into absorbable hemostats, tissue sealants, tissue adhesives, ligating clips, wound closure strips, mechanical stapling products, and sutures. In 2016, the sutures segment dominated the global market owing to huge adoption in developed as well as developing countries. Tissue adhesives were identified as the fastest-growing segment due to fewer post-surgical effects on physical appearance. Additionally, the demand for absorbable hemostats and tissue sealants are expected to grow in the near future due to increasing demand for cosmetic surgeries. Preference of minimally invasive technologies in developed countries further contributes to the growth of adhesives and sealants.
Wound closure surgical products are designed to assist the complete closure of wounds by sealing the ends of the wound tissue and attain complete healing with minimal risk for infections. The various products currently available in the market are hemostats, tissue sealants, adhesives, ligating clips, wound closure strips, mechanical stapling products, and sutures. Of the aforementioned products, sutures predominate the wound closure surgical products market owing to their ease of use, cost efficiency, wide accessibility across geographies. Staplers have advanced from the traditional suture types. They are similar to sutures in functionality but are more preferred as they offer reduced recovery time and are easy and quick to use.
Cosmetic procedures are on the rise which requires minimally invasive techniques for wound closure without the occurrence of any kind of scars. This has led to an increase in demand for the recent wound closure surgical products viz., tissue sealants, adhesives and wound closure strips. These products are expected to predominate the market during the forecast period of 2017-2025 with an increase in its demand. However, the higher cost of these minimally invasive techniques would have an unfavorable impact on the wound closure surgical products market.
Based on the geographical demarcation, the global wound closure surgical products market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the global market with a market share of around 34.0% and is expected to retain its dominance throughout the forecast period. The dominance of North America is attributed to the high adoption of wound closure surgical products during surgical procedures. High burden of post-surgical recovery and rising prices of products further contribute to its dominance in the global market. Asia Pacific is identified as the fastest-growing market segment owing to the advancement in technology, and the rising burden of diseases creating a huge demand for invasive and minimally invasive surgeries. Moreover, few developing countries such as Brazil in Latin America and South Africa in Middle East & Africa contribute to the growth of the market.
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 Surgical Products market are as follows:
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.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
