Wound Closure Market to Surpass USD 28.6 billion with Highest CAGR of 6.1% by 2031

Wound Closure Market to Reach USD 28.6 Billion by 2031 Driven by rising global cases of diseases.

AUSTIN, TEXAS, UNITED STATES, June 17, 2024 /EINPresswire.com/ -- The SNS Insider report estimates the Wound Closure Market size at USD 17.81 billion in 2023, with a projected CAGR of 6.1% to reach USD 28.6 billion by 2031.

A primary driver of Wound Closure Market is the increasing global cases of diseases. This includes procedures for conditions like cancer, which according to the World Health Organization, is estimated to claim over 10 million lives annually. Also rising cases of respiratory disorders like pneumonia and chronic obstructive pulmonary disease (COPD) are increasing the demand for wound closure solutions. The wound closure market rise this need by offering a diverse range of devices, each with its own advantages. Another key driver of market growth is the increasing cases of diabetes and its associated complication like diabetic foot ulcers. According to the International Diabetes Federation, over 425 million people worldwide live with diabetes, and diabetic foot ulcers are a significant concern for this population.

These chronic wounds require specialized wound closure solutions that promote healing and prevent infection. As the global diabetic population continues to rise, the demand for advanced wound closure technologies specifically designed for diabetic foot ulcers is expected to soar. The rising burden of surgical procedures, the increasing cases of chronic conditions like diabetes, and the continuous development of innovative wound closure technologies are all rising the future demand for the wound closure market.

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List of Wound Closure Companies Profiled in Report:
- 3M Company
- B. Braun SE
- Baxter Internationaland
- Coloplast
- Convatec Group plc
- CryoLife Inc
- Derma Sciences Inc
- DeRoyal Industries Inc
- Essity Aktiebolag AB
- Integra LifeSciences Holdings Corporation
- Johnson and Johnson
- Medtronic plc
- Pfizer Inc
- Smith and Nephew plc.

Key Market Segments
By Product
• Adhesives
• Staples
• Sutures
• Strips
• Sealants
• Mechanical wound closure devices

Sutures dominated the segment in Wound Closure Market with approximately 35% of market share. This segment is dominating due to conventional and material absorbable type.

By Type
• Chronic
• Acute

By End-use
• Hospital
• Clinics
• Trauma centers
• Others

Hospital dominated the segment with high market share due to higher number of surgeries are done in hospitals and surgery centers.

Recent Developments
- November 2023: Kane Biotech Inc. with ProgenaCare Global LLP relaunched their coactiv+ Antimicrobial Wound Gel with a new name revyve Antimicrobial Wound Gel.
- June 2022: Advanced Medical Solutions Group plc, secured U.S. Food and Drug Administration (FDA) clearance for their new LiquiBand XL product.
- June 2022: Ethicon, a subsidiary of Johnson & Johnson MedTech, launched its next-generation ECHELON 3000 Stapler in the United States.
- July 2021: SUTUREGARD Medical, Inc. launched the HEMIGARD ARS device's to preventing Surgical Wound Dehiscence (SWD)

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Regional Analysis
The wound closure market is dominated by North America, due to some factors such as Major industry players have headquartered in North America, fostering innovation in wound closure technologies. The region also faces a rising burden of chronic wounds, creating a constant need for advanced solutions. Also, the increasing number of surgeries and growing awareness of techniques are rising market growth. Leading companies like 3M, B. Braun Melsungen AG, Johnson & Johnson Services, and Medtronic are key players located in North American. The high adoption rate of advanced wound closure devices, with a focus on launching innovative solutions from major players, is expected to continue increasing market expansion.

While North America currently holds the dominated position, other regions like Europe and Asia-Pacific are also have significant growth. Europe's market is expected to see a faster annual growth rate due to its high volume of surgeries. Asia-Pacific holds immense potential due to factors like anticipated regulatory approvals for minimally invasive stapling devices, a large and untapped market, and the growing number of surgeries performed in countries like Japan, China, and India.

Key Takeaways:
• Rising cases of diseases like cancer, respiratory illnesses, and diabetes are increasing the need for wound closure solutions.
• The market offers a variety of devices like sutures, staples, and gels, each suited for different types of wounds.
• The growing diabetic population creates a demand for specialized wound closure solutions for diabetic foot ulcers.
• General surgery is the leading application for wound closure due to the high number of surgeries performed globally.
• Sutures remain the most popular type of wound closure product, with absorbable sutures being a big part of this segment.
• North America dominates the market due to major players, a high number of surgeries, and a focus on innovation.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Wound Closure Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Wound Closure Market Segmentation, By Product
Chapter 9 Wound Closure Market Segmentation, By Type
Chapter 10 Wound Closure Market Segmentation, By End-use
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…

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