Surge in surgical procedures to spur global wound closure device market growth and help the market achieve a 6.9% CAGR during the forecast period (2018-2023). Wound closure devices are used to pull in edges together and seal the wound to stop it from getting infected or blood rolling out. The process also is needed in cases of burn. These processes ensure faster healing of wounds.
The wound closure device market is expected to grow with technological advancement. This becomes even more important when the demand to reduce hospital stay rises. In addition, the market is witnessing several strategical moves undertaken by prominent companies through merger, acquisition, product launch, and other methods. These methods can help in the expansion of the market. But the wound closure device market also faces daunting tasks in terms of risk associated with infectious wounds, side-effects, and poor reimbursement policies.
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Segmentation:
MRFR talks in detail about the wound closure device market after segmenting it by device, application, type of wound, and end-user. These segments are keener on providing a holistic report of the market through volume and value-based figures.
Based on the device, the wound closure device market can be segmented into adhesives, staples, sutures, and mechanical wound closure devices. The adhesives segment comprises fibrin tissue adhesives and cyanoacrylates. The sutures segment includes absorbable, non-absorbable, braided, and monofilament.
By application, the wound closure device market comprises burns, ulcers, surgical wounds, pressure ulcers, diabetic ulcers, and arterial ulcers.
Based on the type of wound, the wound closure device market can be segmented into chronic wounds, acute wounds, and others.
Based on the end-user, the wound closure device market can be segmented into ambulatory surgical centers, community healthcare service providers, hospitals, and home care. The home care segment is gaining substantial traction and can fetch in considerable revenue during the forecast period.
Regional Analysis:
In their region-specific take on the global wound closure device market, MRFR included the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) as their point of the study. This analysis would reveal growth pockets that would help in further growth.
Technological integration, robust healthcare infrastructure, high investment in research and development, and others are major reasons to inspire the market of the Americas in claiming the top spot. The region witnesses several surgical procedures owing to increasing injuries related to accidents, sports & adventure, and others.
Europe’s market is the second-largest in terms of implementation of such devices. Governments in the region are investing considerably to boost the research and development sector. The APAC market is the fastest growing one, and the push that helps it going forward is provided by, primarily, the huge population. The regional market has also emerged as one of the choicest destinations for several big market players. The revamping healthcare sector is also one big thrust-provider for the regional market.
The market in the Middle East and Africa can only contribute a small share to the global wound closure device market as the regional healthcare sector is underdeveloped. The region also lacks the technical expertise to provide support to innovations.
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Competitive Landscape:
The global wound device closure market is finding it easy to expand owing to the contributions made by several companies through their strategic moves. These companies, as per MRFR report, are Abbott Laboratories, 3M, Ethicon Inc., B. Braun Melsungen AG, Smith & Nephew, Medtronic., Integra LifeScience, BSN medical Inc., Kinetic Concepts, Derma Sciences, DACH Medical Group, Arthrex GmbH, Baxter International, Gecko Biomedical, ConvaTec, and CP Medical.
In 2019, Avita Medical is launching a new cost-saving tool RECELL Autologous Cell Harvesting Device that can heal burn wounds. The treatment is a spray that requires a bit of patient’s skin, and in less than 30 minutes, it provides required treatment. The product got clearance from the FDA in September 2018 and is waiting for market penetration.
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