Wound Closure Products Market Segments Analysis, Growth Drivers, Trends and Future Scope
The wound closure products market valued $9,517.1 million in 2015 and is predicted to grow at a 6.3% CAGR during the forecast period (2016–2022). The market is prospering due to the increasing burn cases, incidence of chronic wounds, volume of surgeries, geriatric population, and road accidents. Wound closure products are used for the treatment of chronic and surgical wounds. They are primarily used to accelerate the wound healing process by joining the edges of the wound, and they also prevent wound dehiscence and entry of infectious agents.
On the basis of type, the wound closure products market is divided into hemostats, surgical staples, wound closure strips, sutures, and adhesives & tissue sealants. Out of these, sutures held the largest share of the market during the historical period (2012–2015) and are expected to retain their position during the forecast period. This is attributed to their assistance in rapid wound healing and reduction of chances of infection by joining the edges of the wound. Hemostats are projected to grow at the highest CAGR during the forecast period.
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The increasing incidence of chronic wounds is one of the major factors driving the wound closure products market. An article published in 2016 by the National Institute for Health and Care Excellence (NICE) stated that the prevalence of venous leg ulcers ranges from 0.1%–0.3% in the U.K. Similarly, diabetes also obstructs the wound healing process after surgical procedures. According to the World Health Organization (WHO), during 1980–2014, the prevalence of diabetes increased from 4.7% to 8.5%. Due to these reasons, the demand for wound closure products is increasing rapidly.
The high cost of wound closure products limits the growth of the wound closure products market. High cost of wound closure products, such as adhesives and tissue sealants, haemostats, sutures and wound closure strips limits the affordability of the users. In addition, the manufacturing of these products also requires material with specific characteristic features, thus leading to higher cost. Moreover, raw materials required for manufacturing of wound closure products have specific requirements.
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. are some of the key companies operating in the wound closure products market.
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