USD 21 Billion “Wound Closure Device Industry” Size and Revenue Expected to Reach by 2023

“Wound Closure Device Industry”
Market Research Future has a premium research report on Global Wound Closure Device Industry. Global Wound Closure Device Market is growing rapidly and expected to continue its growth by the end of 2023.

Wound Closure Device Market Highlights:

The Global Wound Closure Device Market is expected to grow during the forecast period (2018 to 2023) at a CAGR ~6.9%. Moreover, advancement in technology, decrease in a number of surgical site infections and attempts to reduce hospital stays for reducing surgical expenditure is contributing to the growth of the market. According to a survey conducted by the American Professional Wound Care Association (2017), chronic nonhealing wounds impact nearly 15% of Medicare beneficiaries (8.2 million). The estimated spending for primary wound diagnosis is USD 28 billion per year and the cost for secondary wound diagnosis is estimated to be USD 31.7 billion. 

Surgical procedures, tissue sealants and hemostats are expected to emerge as the most preferred method of wound closure in cosmetic surgery segments, which itself is expected to increasing its market and demand in coming year.

Stapling devices are expected to witness high growth due to increased efficiency, safety and reduced recovery time with the cost effectiveness of the devices.

Factors influencing the growth of these devices in Asia pacific region include development of new diagnostic centers and hospitals, increased expenditure in healthcare and continuously growing healthcare infrastructure in developing countries.

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Key Players Business Overview

  • Adhezion Biomedical
  • Aesculap, Inc.
  • Advanced Medical Solutions Group plc
  • Arthrex, Inc
  • Braun Melsungen AG
  • Baxter
  • CollPlant Ltd.
  • Connexicon Medical
  • ConvaTec Group PLC
  • CP Medical, Inc.
  • Derma Sciences Inc.
  • Dolphin Sutures
  • Durect Corporation
  • Ethicon Inc
  • Gecko Biomedical
  • Gust
  • Hollister Incorporated
  • IVT Medical Ltd
  • Imbed Biosciences
  • Imbed Biosciences and more

Segmentation

“Global Wound Closure Device Market” is majorly segmented on the basis of types of wounds, device, application and end users. Based on the type of wound the market is further segmented into chronic, acute and more. . On the basis of type of devices the market is again classified into sutures, wound closure strips, wound closure adhesive, staplers, tissue sealants, hemostats and more. Further depending on the type of wound the market is again classified into surgical wounds, ulcers, burn, trauma and others. Similar on the basis of end-users the market is again classified into hospitals, clinics, trauma centers and others etc.

Global Wound Closure Device Market Share, by Region, 2017 (%)

Geographical Analysis of Wound Closure Device Market

Source: MRFR Analysis

The Americas is likely to hold the majority of the global wound closure device market owing to increase in the number of surgical procedures, increasing injuries related to accidents, sports and adventure, aging population, the presence of a well-established healthcare system, and adoption and awareness of the wound closure technology. According to the American Association for the Surgery of Trauma, injury accounts for over 150,000 deaths and over 3 million non-fatal injuries are reported per year in the US.

The European market is expected to be the second-largest wound closure device market after the Americas. The market growth in this region can be attributed to an increase in aged population and rising occurrence of sports injuries and accidents. Moreover, the growing number of road accidents in the European region are contributing to the growth of the market in this region. According to data published by the European Commission in 2018, more than 135,000 people suffered serious injury from road accidents.

Asia-Pacific is expected to be the fastest-growing wound closure device market during the forecast period owing to the significant increase in aged population, increasing prevalence of chronic diseases such as diabetes leading to the increasing cases of diabetic foot ulcer. According to WHO, there are more than 96 million diabetics patients in the Asia-Pacific region.

The market in the Middle East and Africa is expected to account for the smallest share of the global wound closure device market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.

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