Wound Closure Products Market to Rise at 6.3% CAGR from 2014-2023 with North America Leading the Way
Transparency Market Research has published a new research report about the global wound closure products market.Furthermore, this research report offers an in-depth explanation of new wound closure products and the growth of this market in the coming years. According to the research report, the global wound closure products market was valued at US$8.8 bn in 2014 and is expected to reach US$15.2 bn in 2023, surging at a CAGR of 6.3% from 2014 to 2023.
Wound closure is an exceptionally important part of surgeries and treating injuries to prevent the occurrence of dangerous infections. Surgical complications or any other complications can lead to serious complications, which could further result in amputations of limbs. Owing to these reasons, medical practitioners give special importance to wound closure in terms of materials used for treating wounds and the methods in which they treated.
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The global wound closure products market is segmented on the basis of type and geography. On the basis of type, the global wound closure products market is segmented into sutures, surgical staples, wound closure strips, adhesives and tissue sealants, and hemostats. Geographically, this market is segmented into Europe, North America, Asia Pacific, Latin America, and Rest of the World.
Out of all the types of wound closure products, adhesives and tissue sealants are popularly used due to their advantage of faster wound closure. This not only saves the patient’s time, but also reduces the number of revisits to the hospital for the dressing of stitches or their removal. The adhesives and tissue sealants segment is further sub-segmented into fibrin sealants, cyanoacrylate sealants, collagen-based sealants, albumin and glutaraldehyde based sealants, and polymer based sealants. The research analysts predict that the demand for adhesives and tissue sealants will go up due to the aforementioned benefits. Tissue sealants are used with sutures and staples in specific surgical procedures such as heart valve replacement surgery and bariatric surgery.
Geographically, North America held a dominant share in the global wound closure products market. This region represented a share of 39.5% in the overall market, with Europe following the market leader closely. The introduction of new medical devices is expected to drive the growth of the wound closure products market in these two regions in the coming years.
Some of the key players operating in the global wound closure products market are B. Braun Melsungen AG, C. R. Bard, Inc., Baxter International Inc., Covidien plc, Ethicon (Johnson & Johnson), and CryoLife amongst others. The research report profiles these players to explain the competitive landscape present in the overall market. Furthermore, the research report also provides a comprehensive outlook of the research and development strategies being carried out by these players to gain a competitive advantage. For a holistic point of view on the global wound closure products market, the research report has provided a detailed assessment of the financial overview, business and marketing ideas, and strategic mergers and acquisitions of these top players in the overall market.
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