The global wound closure products market was valued at $9,517.1 million in 2015, and it is expected to grow at a CAGR of 6.3% during the period 2016 – 2022. The wound closure products market is growing due to increasing geriatric population, increase in volume of surgeries and growing road accident cases across the globe.
Among the different type of wound closure products, the hemostats segment is expected to witness the fastest growth during the forecast period. Among the various applications, the cardiovascular segment accounted for the largest share in the global market in 2015, and it is expected to witness 6.9% CAGR during 2016 – 2022.
In 2015, North America held the largest share in the global wound closure market whereas, Asia-Pacific market is expected to witness fastest growth, with a CAGR of 7.0% during the period 2016– 2022.
Wound closure products are designed to join the exposed edges of a wound together, which helps in faster healing of wound. The main purpose of using these products is to prevent blood loss, reduce recovery time and prevention from infectious agents. The various types of wound closure products include sutures, hemostats, surgical staples, adhesive and tissue sealants, and wound closure strips. They are commonly used for the treatment of injuries, lacerations, during and after surgical procedures, and to treat wounds, burn cases and ulcers in humans.
However, the high cost of wound closure products coupled with high technical assistance required for the utilization of wound closure products is the key restraint in the growth of the global wound closure products market. In addition, presence of alternative wound care products, such as gauge, sponge, gauge sponge and bandages limits the utilization of wound closure products despite their better effectiveness. Alternative wound care products are used for wound cleaning, to absorb blood and fluids and to maintain hygienic conditions. In addition, these dressings are also used with therapeutic ointments to accelerate the wound healing process. The Asia-Pacific market is expected to witness fastest growth, with a CAGR of 7.0% during the period 2016 – 2022.
Some of the key companies operating in the global wound closure products market include 3M Company, Medtronic plc, Smith and Nephew plc, CryoLife Inc., DeRoyal Industries Inc., Pfizer Inc., Derma Sciences Inc., Johnson and Johnson, B. Braun Melsungen AG and Baxter International Inc.
News Courtesy: P&S Market Research