According to a new market report published by BlueWeave Consulting, The Global Wound Closure Product Market was valued at US$ 10,013 Mn in 2016 and is expected to expand at a CAGR of 5.93% from 2017 to 2024, reaching US$ 16,077 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the global wound closure product market in 2016.
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The growth in the aging population resulting due to increasing life expectancy rate & declining birth rates is driving the global wound closure products market
Wound closure products are antiseptic in nature, which prevents wounds from any bacterial attack. Most wound closure products spread tension along the entire gap in the skin, adding consistent strength to the gaps, formed when the skin is stressed. They also prevent wound dehiscence and gap formation to accelerate wound healing process. These products are used in various internal surgical procedures, such as bariatric surgery, neurosurgical procedures, cardio surgery, orthopedic surgery, gynecology surgery, and ophthalmic. The products are also used to minimize the dead space and control incidence rates of hematoma and seroma, which in turn causes better wound closure. The key drivers for the global wound closure products market are growth in aging population, growth in the number of surgeries and growth in road accidents.
Global Wound Closure Product Market: Scope of the Report
The global market for wound closure product market is segmented on the basis of type of product, application of the product and geography. On the basis of type of product, the market is segmented into Sutures, Hemostats, Surgical Staples and Adhesives & Tissue Sealants. The Sutures market is further bifurcated into absorbable and non-absorbable sutures. The Hemostats market is further sub-segmented into Thrombin-based, Oxidised regenerated cellulose-based, Combination, Gelatin-based, Collagen-based hemostats. The Adhesives & Tissue Sealants is segmented into Fibrin, Collagen-based, Cyanoacrylate-based, Synthetic polymer-based, Album & Glutraldehyde-based sealants. Based on the application of the products, the market is categorized into Cardiovascular, General, Gynecological, Orthopedic, Ophthalmic surgeries.
Geographically, the global wound closure product market is bifurcated into North America, Asia Pacific, Europe and RoW. North America is a major contributor to the global market and is accelerated by the growth in the geriatric population in the region. Moreover, the cases of Obesity and diabetes also slower down the wound recovery period thus creating a demand for the wound closure products in this region. Also, the cases of road accidents in India and China boost this market in Asia Pacific among the other involved factors.
Global Wound Closure Product Market: Competitive Dynamics
Major industry players in wound closure product market are undergoing different strategic initiatives such as mergers and acquisitions and new product development. For example, In August 2016, Pfizer Inc. entered an agreement with AstraZeneca to acquire the development and commercialization rights to its late-stage small molecule anti-infective business outside the U.S. As per the agreement, AstraZeneca received an upfront payment of $550 million from Pfizer Inc. and a deferred payment of $175 million in January 2019. The acquisition has been made to expand Pfizer’s anti-invectives business.
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