Wound Closure Devices Market Size, Share, Growth Analysis, By Product(Adhesives, Staples), By Wound Type(Chronic, Acute), By End-use(Hospital, Clinics), By Region(North America, Europe) - Industry Forecast 2024-2031

Wound Closure Devices Market Competitive Landscape

To understand the competitive landscape, we are analyzing key Wound Closure Devices Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Wound Closure Devices Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

• are launching technologically advanced products to ease surgical procedures. For instance, in November 2015, Medtronic launched the 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
• 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. The 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
• The wound closure devices market has been segmented into chronic and acute. The acute segment held the dominant market share in 2018 owing to the 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 the 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 ulcers, venous leg ulcers, and pressure ulcers. 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 the 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 the 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 clinic segment is anticipated to witness the fastest growth over the forecast period owing to the 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 the 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
• The North America market held the dominant share in 2018 owing to the presence of major players in the region and the rising prevalence of chronic wounds. In addition, the 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 the closure of the 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. The 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.
• KEY MARKET SEGMENTS
• By Product
• Adhesives
• Staples
• Sutures
• Absorbable
• Non-absorbable
• Strips
• Sterile
• Non-Sterile
• Sealants
• Synthetic
• Non-synthetic
• Collagen-based
• Mechanical wound closure devices
• By Wound Type
• Chronic
• Acute
• By End-use
• Hospital
• Clinics
• Trauma centers
• Others
• By Region
• North America
• Europe
• Asia Pacific
• MEA
• KEY PLAYERS
• 3M; Johnson & Johnson Services, Inc.
• B. Braun Melsungen AG
• Medtronic
• Baxter
• Integra LifeSciences Corporation
• Smith & Nephew