Overview:

Wound closure devices help in closure of wounds with the help of devices specifically made to handle wound tissues. The product comprises of mechanical devices such as specially made mechanical apparatus, staples, sutures, etc. The devices are available in different size and design.

Market Dynamics:

Increasing number of patients in hospitals related diabetic foot ulcers, venous leg ulcers, and pressure ulcers across the globe, coupled with innovative surgical product offerings by major players are major factors expected to drive the growth of global wound closure market. Approximately 34.1 million U.S. adults more than 1 in 10 have type 1 or type 2 diabetes and every day around 230 people in the United States will undergo amputation as a direct result of a diabetic foot ulcer.

Increasing number of cosmetic and plastic surgeries in developed countries coupled with innovative product offerings is another important factor expected to augment the growth of target market.

However, factors such as unfavorable reimbursement policies and stringent government policies related to product approval are major factors expected to hamper growth of the global wound closure market. In addition, high cost of treatment is another factor expected to challenge the growth of target market.

Key Trends:

High spending by major players towards development of advance products is a key trend observed in the target market. In 2016, Ethicon, received the U.S. FDA approval for extended indication of its EVARREST Fibrin Sealant Patch as an adjunctive hemostat across a broad range of surgical procedures, including coagulopathic and anticoagulated patients.

Regional Analysis:

For detailed understanding of market dynamics, the global marketis analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounted for major revenue share in 2018. This dominance can be attributed to increasing number of patient pool sufferings from various chronic diseases in the region. The market in Asia Pacific is expected to witness highest growth in terms of revenue during the forecast period. Rising healthcare spending is one of the key reasons driving growth of the market in the region.

Scope of the Report:

Detailed Segmentation:

Global Wound Closure Products Market, By Product Type:

• Sutures
• Surgical Staples
• Wound Closure Strips
• Adhesives and Tissue Sealants
• Hemostats

Global Wound Closure Products Market, By End User:

• Hospital
• Clinics
• Trauma centers

Key Players Covered:

Key players operating in the market includes Johnson & Johnson, B.Braun Melsungen AG, Baxter International Inc., 3M Company, Medtronic plc., Smith and Nephew plc., CryoLife Inc., Derma Sciences Inc., DeRoyal Industries Inc., and Pfizer Inc.

Key features of the study:

Foresight Market Research provides detailed analysis on global market in our report- Global Wound Closure Products Market by product type, end user, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global wound closure products market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, ongoing trends, market expansion, and marketing tactics used overall the globe.