The Wound Closure Market size was estimated USD 17.81 billion in 2023 and is expected to reach USD 28.6 billion by 2031 at a CAGR of 6.1% during the forecast period of 2024-2031.
This can be attributed to factors such as an aging population, rising rates of obesity and diabetes, and a lack of awareness regarding proper wound care. As a result, the demand for effective and efficient wound closure devices is expected to rise in order to meet the growing needs of patients and healthcare providers. The global population's rapid aging and increasing impairments have led to a rise in pressure ulcers, with the NCBI estimating a $11.2 billion annual budget spent on care. Pressure sores affect 11.0% of nursing home residents annually. Venous leg ulcers, are the most severe chronic venous problem. The high frequency of chronic wounds will drive demand for wound closure devices in the projection period.
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Additionally, the number of surgical operations has increased recently all around the world. One of the primary causes of the increase in surgery is the rising prevalence of chronic conditions, including cancer, diabetes, and autoimmune disorders. Over the past few decades, both communicable and infectious illnesses have become more common. During the anticipated term, these variables are predicted to boost market expansion.
DRIVERS
A rise in the frequency of chronic wounds and Technological developments in items for wound closure.
The market for wound closure is significantly impacted by the increasing prevalence of chronic wounds such as diabetic ulcers and pressure ulcers. This pattern is influenced by the rising elderly population as well as the prevalence of diabetes. The creation of cutting-edge wound closure solutions, such as hemostats, adhesives, and surgical sutures, is propelling market expansion. These goods lessen the chance of infection, improve wound healing results, and ease patient discomfort.
RESTRAIN
Advanced wound closure products have a high price.
strict regulatory standards.
Alternative methods of wound closure are available.
OPPORTUNITY
Developing economies & Use of bioactive compounds for wound closure.
Transition to outpatient settings.
Significant growth prospects exist in growing areas, including Asia-Pacific, Latin America, and the Middle East, for the wound closure market. The market is expanding in these regions as a result of expanding healthcare expenditure, expanding healthcare infrastructure, and growing public awareness of advanced wound care. Products for bioactive wound closure, such as tissue adhesives, sealants, and growth factors, have demonstrated encouraging outcomes in the healing of wounds. The adoption of these cutting-edge products is made possible by the rising emphasis on tissue engineering and regenerative medicine.
CHALLENGES
Risk of complications and infections.
Limited reimbursement policies.
Governments frequently devote large resources to security and defense during times of conflict, which may lead to a reduction in healthcare spending. The adoption and purchase of goods for wound closure may be impacted by this cut in financing, particularly in areas that have been directly impacted by the war.
On the other side, the battle may result in a greater demand for wound closure goods because of the higher number of wounds and injuries brought on by the war. In the impacted areas, there may be a greater need for emergency medical care, particularly wound closure, which could fuel the market for these goods.
IMPACT OF ONGOING RECESSION
Opting for conservative treatment or non-surgical alternatives, people may delay or postpone elective operations or procedures that involve wound closure during difficult economic times. The demand for wound closure products may be impacted by this postponement of treatments, which could lead to lower sales.
Price pressures during economic downturns can cause consumers and healthcare providers to become more price-sensitive. In order to maintain affordability, there can be pressure to lower the cost of wound closure products. Manufacturers may struggle to retain profitability while meeting pricing expectations, which could have an effect on their revenues.
By Product
Adhesives
Staples
Sutures
Absorbable
Non-absorbable
Strips
Sterile
Non-Sterile
Sealants
Synthetic
Non-synthetic
Collagen-based
Mechanical wound closure devices
By Type
Chronic
Acute
By End-use
Hospital
Clinics
Trauma centers
Others
Due to the presence of large competitors in the region and the increased incidence of chronic wounds, the North American market held the lion's share in 2023. Additionally, the expansion of the regional market is also attributed to an increase in the number of patients having surgery and a rise in awareness of minimally invasive procedures.
Over the projected period, the Asia Pacific market is anticipated to develop at the fastest rate. The increase in medical tourism in the area is responsible for the market's expansion.
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
The major players are 3M Company, Medtronic plc, Smith and Nephew plc, DeRoyal Industries Inc, CryoLife Inc, Pfizer Inc, Derma Sciences Inc, Johnson and Johnson, Braun Melsungen AG, Baxter Internationaland and others.
B. Braun Medical Inc:
Epitech Group Inc. and B. Braun Medical Inc. B. Braun Medical Inc. announced the acquisition of the Epitech Group, a major manufacturer of wound care products, in March 2023. The transaction is intended to improve Braun's presence in the wound care sector and broaden its product portfolio.
Acelity L.P Inc:
Acality L.P. Inc. and Systagenix Ltd. announced in April 2023 that Acality L.P. Inc. had acquired Systagenix Wound Management Ltd., a leading provider of advanced wound care products. The deal is valued at $486 Million and is expected to expand Acelity’s portfolio of wound care products.
| Report Attributes | Details |
| Market Size in 2023 | US$ 17.81 Bn |
| Market Size by 2031 | US$ 28.6 Bn |
| CAGR | CAGR of 6.1% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Adhesives, Staples, Sutures, Strips, Sealants, Mechanical wound closure device) • By Type (Chronic, Acute) • By End-use (Hospital, Clinics, Trauma centers, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | 3M Company, Medtronic plc, Smith and Nephew plc, DeRoyal Industries Inc, CryoLife Inc, Pfizer Inc, Derma Sciences Inc, Johnson and Johnson, Braun Melsungen AG, Baxter Internationaland |
| Key Drivers | • A rise in the frequency of chronic wounds and Technological developments in items for wound closure. |
| Market Restraints | • Advanced wound closure products have a high price. • strict regulatory standards • Alternative methods of wound closure are available. |
Ans: The CAGR Growth rate of Wound Closure Market is approx. CAGR 6.1% over the forecast.
Ans: The projected size of Wound Closure Market was estimated USD 17.81 billion in 2023 and is expected to reach USD 28.6 billion by 2031
Ans: The major key players are 3M Company, Medtronic plc, Smith and Nephew plc, DeRoyal Industries Inc, CryoLife Inc, Pfizer Inc, Derma Sciences Inc, Johnson and Johnson, Braun Melsungen AG, Baxter International and others.
Ans: The incidence of chronic wounds, growing accident instances, and the rising number of operations are key drivers driving market expansion.
Ans: Yes, you can buy reports in bulk quantity as per your requirements. Check Here for more details.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Wound Closure Market, By Product
8.1 Adhesives
8.2 Staples
8.3 Sutures
8.3.1 Absorbable
8.3.2 Non-absorbable
8.4 Strips
8.4.1 Sterile
8.4.2 Non-Sterile
8.5 Sealants
8.5.1 Synthetic
8.5.2 Non-synthetic
8.5.3 Collagen-based
8.6 Mechanical wound closure devices
9. Wound Closure Market, By Type
9.1 Chronic
9.2 Acute
10. Wound Closure Market, By End-use
10.1 Hospital
10.2 Clinics
10.3 Trauma centers
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Wound Closure Market by country
11.2.2North America Wound Closure Market by Product
11.2.3 North America Wound Closure Market by Type
11.2.4 North America Wound Closure Market by End-User
11.2.5 USA
11.2.5.1 USA Wound Closure Market by Product
11.2.5.2 USA Wound Closure Market by Type
11.2.5.3 USA Wound Closure Market by End-User
11.2.6 Canada
11.2.6.1 Canada Wound Closure Market by Product
11.2.6.2 Canada Wound Closure Market by Type
11.2.6.3 Canada Wound Closure Market by End-User
11.2.7 Mexico
11.2.7.1 Mexico Wound Closure Market by Product
11.2.7.2 Mexico Wound Closure Market by Type
11.2.7.3 Mexico Wound Closure Market by End-User
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Wound Closure Market by country
11.3.1.2 Eastern Europe Wound Closure Market by Product
11.3.1.3 Eastern Europe Wound Closure Market by Type
11.3.1.4 Eastern Europe Wound Closure Market by End-User
11.3.1.5 Poland
11.3.1.5.1 Poland Wound Closure Market by Product
11.3.1.5.2 Poland Wound Closure Market by Type
11.3.1.5.3 Poland Wound Closure Market by End-User
11.3.1.6 Romania
11.3.1.6.1 Romania Wound Closure Market by Product
11.3.1.6.2 Romania Wound Closure Market by Type
11.3.1.6.4 Romania Wound Closure Market by End-User
11.3.1.7 Turkey
11.3.1.7.1 Turkey Wound Closure Market by Product
11.3.1.7.2 Turkey Wound Closure Market by Type
11.3.1.7.3 Turkey Wound Closure Market by End-User
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Wound Closure Market by Product
11.3.1.8.2 Rest of Eastern Europe Wound Closure Market by Type
11.3.1.8.3 Rest of Eastern Europe Wound Closure Market by End-User
11.3.2 Western Europe
11.3.2.1 Western Europe Wound Closure Market by Product
11.3.2.2 Western Europe Wound Closure Market by Type
11.3.2.3 Western Europe Wound Closure Market by End-User
11.3.2.4 Germany
11.3.2.4.1 Germany Wound Closure Market by Product
11.3.2.4.2 Germany Wound Closure Market by Type
11.3.2.4.3 Germany Wound Closure Market by End-User
11.3.2.5 France
11.3.2.5.1 France Wound Closure Market by Product
11.3.2.5.2 France Wound Closure Market by Type
11.3.2.5.3 France Wound Closure Market by End-User
11.3.2.6 UK
11.3.2.6.1 UK Wound Closure Market by Product
11.3.2.6.2 UK Wound Closure Market by Type
11.3.2.6.3 UK Wound Closure Market by End-User
11.3.2.7 Italy
11.3.2.7.1 Italy Wound Closure Market by Product
11.3.2.7.2 Italy Wound Closure Market by Type
11.3.2.7.3 Italy Wound Closure Market by End-User
11.3.2.8 Spain
11.3.2.8.1 Spain Wound Closure Market by Product
11.3.2.8.2 Spain Wound Closure Market by Type
11.3.2.8.3 Spain Wound Closure Market by End-User
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Wound Closure Market by Product
11.3.2.9.2 Netherlands Wound Closure Market by Type
11.3.2.9.3 Netherlands Wound Closure Market by End-User
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Wound Closure Market by Product
11.3.2.10.2 Switzerland Wound Closure Market by Type
11.3.2.10.3 Switzerland Wound Closure Market by End-User
11.3.2.11.1 Austria
11.3.2.11.2 Austria Wound Closure Market by Product
11.3.2.11.3 Austria Wound Closure Market by Type
11.3.2.11.4 Austria Wound Closure Market by End-User
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Wound Closure Market by Product
11.3.2.12.2 Rest of Western Europe Wound Closure Market by Type
11.3.2.12.3 Rest of Western Europe Wound Closure Market by End-User
11.4 Asia-Pacific
11.4.1 Asia-Pacific Wound Closure Market by country
11.4.2 Asia-Pacific Wound Closure Market by Product
11.4.3 Asia-Pacific Wound Closure Market by Type
11.4.4 Asia-Pacific Wound Closure Market by End-User
11.4.5 China
11.4.5.1 China Wound Closure Market by Product
11.4.5.2 China Wound Closure Market by End-User
11.4.5.3 China Wound Closure Market by Type
11.4.6 India
11.4.6.1 India Wound Closure Market by Product
11.4.6.2 India Wound Closure Market by Type
11.4.6.3 India Wound Closure Market by End-User
11.4.7 Japan
11.4.7.1 Japan Wound Closure Market by Product
11.4.7.2 Japan Wound Closure Market by Type
11.4.7.3 Japan Wound Closure Market by End-User
11.4.8 South Korea
11.4.8.1 South Korea Wound Closure Market by Product
11.4.8.2 South Korea Wound Closure Market by Type
11.4.8.3 South Korea Wound Closure Market by End-User
11.4.9 Vietnam
11.4.9.1 Vietnam Wound Closure Market by Product
11.4.9.2 Vietnam Wound Closure Market by Type
11.4.9.3 Vietnam Wound Closure Market by End-User
11.4.10 Singapore
11.4.10.1 Singapore Wound Closure Market by Product
11.4.10.2 Singapore Wound Closure Market by Type
11.4.10.3 Singapore Wound Closure Market by End-User
11.4.11 Australia
11.4.11.1 Australia Wound Closure Market by Product
11.4.11.2 Australia Wound Closure Market by Type
11.4.11.3 Australia Wound Closure Market by End-User
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Wound Closure Market by Product
11.4.12.2 Rest of Asia-Pacific Wound Closure Market by Type
11.4.12.3 Rest of Asia-Pacific Wound Closure Market by End-User
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Wound Closure Market by country
11.5.1.2 Middle East Wound Closure Market by Product
11.5.1.3 Middle East Wound Closure Market by Type
11.5.1.4 Middle East Wound Closure Market by End-User
11.5.1.5 UAE
11.5.1.5.1 UAE Wound Closure Market by Product
11.5.1.5.2 UAE Wound Closure Market by Type
11.5.1.5.3 UAE Wound Closure Market by End-User
11.5.1.6 Egypt
11.5.1.6.1 Egypt Wound Closure Market by Product
11.5.1.6.2 Egypt Wound Closure Market by Type
11.5.1.6.3 Egypt Wound Closure Market by End-User
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Wound Closure Market by Product
11.5.1.7.2 Saudi Arabia Wound Closure Market by Type
11.5.1.7.3 Saudi Arabia Wound Closure Market by End-User
11.5.1.8 Qatar
11.5.1.8.1 Qatar Wound Closure Market by Product
11.5.1.8.2 Qatar Wound Closure Market by Type
11.5.1.8.3 Qatar Wound Closure Market by End-User
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Wound Closure Market by Product
11.5.1.9.2 Rest of Middle East Wound Closure Market by Type
11.5.1.9.3 Rest of Middle East Wound Closure Market by End-User
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by country
11.5.2.2 Africa Wound Closure Market by Product
11.5.2.3 Africa Wound Closure Market by Type
11.5.2.4 Africa Wound Closure Market by End-User
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Wound Closure Market by Product
11.5.2.5.2 Nigeria Wound Closure Market by Type
11.5.2.5.3 Nigeria Wound Closure Market by End-User
11.5.2.6 South Africa
11.5.2.6.1 South Africa Wound Closure Market by Product
11.5.2.6.2 South Africa Wound Closure Market by Type
11.5.2.6.3 South Africa Wound Closure Market by End-User
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Wound Closure Market by Product
11.5.2.7.2 Rest of Africa Wound Closure Market by Type
11.5.2.7.3 Rest of Africa Wound Closure Market by End-User
11.6 Latin America
11.6.1 Latin America Wound Closure Market by country
11.6.2 Latin America Wound Closure Market by Product Type
11.6.3 Latin America Wound Closure Market by Type
11.6.4 Latin America Wound Closure Market by End-User
11.6.5 Brazil
11.6.5.1 Brazil America Wound Closure by Product Type
11.6.5.2 Brazil America Wound Closure by Type
11.6.5.3 Brazil America Wound Closure by End-User
11.6.6 Argentina
11.6.6.1 Argentina America Wound Closure by Product Type
11.6.6.2 Argentina America Wound Closure by Type
11.6.6.3 Argentina America Wound Closure by End-User
11.6.7 Colombia
11.6.7.1 Colombia America Wound Closure by Product Type
11.6.7.2 Colombia America Wound Closure by Type
11.6.7.3 Colombia America Wound Closure by End-User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Wound Closure by Product Type
11.6.8.2 Rest of Latin America Wound Closure by Type
11.6.8.3 Rest of Latin America Wound Closure by End-User
12 Company profile
12.1 3M Company
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Medtronic plc.
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Smith and Nephew plc.
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 DeRoyal Industries Inc.
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 CryoLife Inc.
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Pfizer Inc.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Derma Sciences Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Johnson and Johnson.
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Braun Melsungen AG.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Baxter International
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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