Global Wound Closure Devices Market Size, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Wound Closure Devices Market


The global wound closure devices market size was valued at USD 13.23 billion in 2018 and is expected to exhibit a CAGR of 7.1% over the forecast period. The demand for wound closure devices is on a rise owing to prevalence of chronic wounds, increasing cases of accidents, and rising number of surgeries. Rising incidence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers are anticipated to spur the demand for wound closure devices over the forecast period.

For instance, as per studies conducted by B. Braun Melsungen AG, around 2.0% to 10.0% people affected with diabetes suffer from diabetic foot ulcers. In addition, as per the American College of Physicians, in 2017, the global annual incidence of diabetic foot ulcers was around 6.3% and the lifetime incidence of foot ulcers in patients suffering from diabetes ranges from 19.0% to 34.0%. Furthermore, as per the National Center for Biotechnology Information (NCBI), in 2017, the prevalence rate of diabetic foot ulcers in North America was 13.0% (highest), 5.5% in Asia, 7.2% in Africa, 5.1% in Europe, 1.5% in Australia, 16.6% in Belgium, 14.8% in Canada, and 13.0% in the U.S. Wound closure devices such as sutures, staples, and mechanical wound closure systems are used for the treatment of such chronic wounds.

The incidence rate of pressure ulcers is rising owing to rapidly aging population and increase in the incidence of disabilities across the globe. In the U.S., around USD 11.00 billion is spent every year on the treatment of pressure ulcers, as per NCBI. Furthermore, the prevalence rate of pressure ulcers in nursing home patients is around 11.0% per year. Similarly, the prevalence rate of venous leg ulcers ranges from 0.18% to 1.0%, as per NCBI. Venous leg ulcers are the most advanced form of chronic venous disorders and the recurrence rate of these ulcers is more than 70.0%. Such high incidence of chronic wounds is anticipated to propel the demand for wound closure devices over the forecast period.

Furthermore, in the recent past, there has been a rise in the number of surgical procedures across the globe. Rising prevalence of chronic diseases, such as cancer, diabetes, and autoimmune diseases, is one of the key factors leading to an increase in the number of surgeries being performed. The incidence of infectious and non-communicable diseases has increased over the past few decades. These factors are likely to accelerate market growth during the forecast period.

Key players are launching technologically advanced products to ease surgical procedures. For instance, in November 2015, Medtronic launched VenaSeal (TM) closure system in the U.S. This system is the only non-sclerosant, non-tumescent, and non-thermal product used in the treatment of symptomatic venous reflux. It uses proprietary medical adhesive to close lower extremities superficial veins in minimally invasive procedures. The system is currently available in the U.S., Europe, UAE, Hong Kong, New Zealand, Canada, Chile, Australia, and South Africa.

Product Insights of Global Wound Closure Devices Market

On the basis of product, the market has been segmented into adhesives, staples, sutures, strips, sealants, and mechanical wound closure devices. Sutures held the dominant market share in 2018 owing to the rising number of accidents across the globe. Sutures comprise a needle with a thread attached to it and it comes in various shapes, sizes, and a wide variety of thread materials. Sutures market has been further segmented into absorbable and non-absorbable. Absorbable sutures market is anticipated to witness the fastest growth over the forecast period as they are more convenient and easy-to-use as compared to the non-absorbable sutures.

The staples segment is anticipated to witness the fastest growth over the forecast period. The usage of staples is on a rise as stapling is more convenient and faster than suturing. Surgical staples are usually made of titanium or stainless steel. Staple lines can be circular, straight, or curved. However, unlike sutures, staples are not absorbable, and thus requires constant care. This factor might restrain segment growth.
Wound


Type Insights of Global Wound Closure Devices Market

The wound closure devices market has been segmented into chronic and acute. The acute segment held the dominant market share in 2018 owing to rising number of surgeries and burn cases, globally. For instance, as per WHO, in South Africa, approximately USD 26.00 million is spent every year on care of burns resulting from kerosene cooking stove incidents. Such acute injuries require quick closure using advanced medical devices. The major reasons leading to the high prevalence of burn cases include poverty, lack of proper safety measures, use of kerosene for non-electric domestic appliances, alcohol abuse, and smoking.

Chronic wounds include diabetic foot ulcer, venous leg ulcer, and pressure ulcer. Increasing cases of chronic diseases, especially diabetes, and rising geriatric population across the globe are the major factors driving the segment. For instance, as per the United States Census Bureau, the number of people aged 65 and above grew by 1.6 million from 2014 to 2015. Increasing geriatric population susceptible to chronic diseases and injuries is expected to impel demand for wound closure devices.

End-use Insights

End users of wound closure devices are hospitals, hospitals, clinics, trauma centers, and others. The hospital segment held the largest market share in 2018 due to rising number of surgeries and increasing cases of road accidents. For instance, as per WHO, around 1.35 million people die every year in road accidents and it costs almost 3.0% of the Gross Domestic Product (GDP) for most of the countries.

The clinics segment is anticipated to witness the fastest growth over the forecast period owing to increasing demand for reduced hospital stay. As per the American Hospital Association (AHA), approximately 20.0% of Medicare beneficiaries, when discharged from hospitals, return within 30 days for closure of fresh wounds. Identifying and reducing avoidable readmissions is expected to improve healthcare safety and minimizing expenditure. Hence, policymakers are striving to reduce the stay of patients in hospitals.

Regional Insights of Global Wound Closure Devices Market

The North America market held the dominant share in 2018 owing to the presence of major players in the region and rising prevalence of chronic wounds. In addition, increasing number of patients undergoing surgeries and rising awareness about minimally invasive surgeries are also responsible for regional market growth. Key players operating in the North America market include 3M; Johnson & Johnson Services, Inc.; B. Braun Melsungen AG; Medtronic; and Baxter. These companies are investing in R&D to develop medical devices that can expedite closure of wound.
The Asia Pacific market is anticipated to witness the fastest growth over the forecast period. The growth of the market is attributable to rising medical tourism in the region. For instance, as per a report on Export Health Services by Directorate-General of Commercial Intelligence and Statistics of India, in 2015-2016, India had 58,300 medical tourists on medical visas. Advent of advanced medical devices that can be used for quick and effective closure of wounds will drive regional growth.

Wound Closure Devices Market Share Insights

Prominent players in the market include 3M; Johnson & Johnson Services, Inc.; B. Braun Melsungen AG; Medtronic; Baxter; Integra LifeSciences Corporation; and Smith & Nephew.Key players are involved in adopting strategies such as mergers and acquisitions, collaborations, and partnerships to strengthen their position in the market.

For instance, in February 2017, Medtronic launched Signia stapling system, a surgical stapler for minimally invasive surgery. The system provides real-time feedback to surgeons and automated response to real-time data. The Adaptive Firing technology in the device detects tissue variability and automatically adjusts the speed of stapling during minimally invasive procedures. Such product development strategies are anticipated to increase the consumer base of the company, thereby, strengthening its foothold in the market.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Wound Closure Devices Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global wound closure devices market report on the basis of product, wound type, end use, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Adhesives
  
Staples
  
Sutures
  
Absorbable
  
Non-absorbable
  
Strips
  
Sterile
  
Non-Sterile
  
Sealants
  
Synthetic
  
Non-synthetic
  
Collagen based
  
Mechanical wound closure devices

Wound Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Chronic
  
Acute

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospital
  
Clinics
  
Trauma centers
  
Others