The global wound closure market is set to gain impetus from the ever-increasing inclination of people from traditional suturing techniques to innovative devices, namely, hemostatic agents, clips, and staplers. It is mainly occurring in countries such as India, China, Japan, Germany, and the U.S. Fortune Business Insights™ provided this information in a recent report, titled, “Wound Closure Market Size, Share & Industry Analysis, By Product Type (Sutures, Hemostatic Agents, Staplers, Staples, and Others), By Application (Gynaecology, Cardiology, Orthopedics, Ophthalmic, General Surgery, and Others), By End User (Hospitals and Ambulatory Surgical Centers, Specialty Clinics, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the wound closure market size was USD 13.24 billion in 2018 and is projected to reach USD 21.03 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period.
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Fortune Business Insights™ lists out all the companies that are presently operating in the wound closure market. They are as follows:
- Johnson and Johnson Service, Inc.
- Smith & Nephew
- Braun Melsungen AG
- CP Medical
- Boston Scientific Corporation
- Other prominent players
This Report Answers the Following Questions:
- How many growth drivers and hindrance would the market come across in the near future?
- What are the most significant wound care market trends, challenges, and opportunities?
- How many companies are set to lead the market in terms of maximum revenue?
- Which region is likely to dominate the market in the coming years?
- What are the vital strategies adopted by key players to boost sales?
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Drivers & Restraints-
High Demand for Minimally Invasive Wound Closure Devices to Boost Growth
Since the past few years, the market is exhibiting tremendous technological advancements. They are mainly focused on lower incidence of hospital-acquired infection, reduced price, ease-of-use, and lesser healing time of the incision. Reputed companies are trying to bring about all these features in their products to gain more share. Besides, consumers are nowadays seeking out for minimally invasive devices so that they would reduce a healthcare professional’s time that is usually spent in the ER room, as well as the time for post-operative care. These factors are likely to accelerate the wound closure market growth during the forecast period. However, the rising number of product recalls may obstruct market growth.
Ongoing Advancements to Drive Growth of the Sutures Segment
By type, the market is segregated into staples, staplers, hemostatic agents, sutures, and others. Out of these, the sutures segment generated 30.0% wound closure market share in 2018. It is expected to lead the market in the coming years. This segment is further grouped into absorbable and non-absorbable. This growth is attributable to the ongoing advancements in the absorbable type of sutures. These are also conventional types of devices that are used extensively. The hemostatic agents segment would showcase considerable growth as they require lower post-operative maintenance and are very easy to use.
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