Pune, India, March 30, 2021 (GLOBE NEWSWIRE) -- The global wound closure market is set to gain impetus from the ever-increasing inclination of people from traditional suturing techniques to innovative devices, namely, hemostatic agents, clips, and staplers. It is mainly occurring in countries such as India, China, Japan, Germany, and the U.S. Fortune Business Insights™ provided this information in a recent report, titled, “Wound Closure Market Size, Share & Industry Analysis, By Product Type (Sutures, Hemostatic Agents, Staplers, Staples, and Others), By Application (Gynaecology, Cardiology, Orthopedics, Ophthalmic, General Surgery, and Others), By End User (Hospitals and Ambulatory Surgical Centers, Specialty Clinics, and Others), and Regional Forecast, 2019-2026.”
The report further mentions that the wound closure market size was USD 13.24 billion in 2018 and is projected to reach USD 21.03 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period.
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Key Companies Focus on Gaining Fast Track Approvals to Surge Sales
The market is highly fragmented and therefore, is competitive. Enterprises are persistently striving to increase sales by introducing unique products and by gaining FDA approvals to market them worldwide. Below are a couple of the key industry developments:
- October 2018: Teleflex Medical Incorporated, a healthcare technology company based in the U.S., announced that it bagged the FDA approval for its new non-absorbable poly (ethylene terephthalate) surgical suture. It is best suited for usage in ligation and approximation of soft tissues.
- September 2018: Intuitive Surgical Inc., a manufacturer and marketer of robotic products headquartered in the U.S., received FDA approval for its 60mm stapler. It’s called SureForm 60. It can be easily controlled by the surgeons through da Vinci console.
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High Demand for Minimally Invasive Wound Closure Devices to Boost Growth
Since the past few years, the market is exhibiting tremendous technological advancements. They are mainly focused on lower incidence of hospital-acquired infection, reduced price, ease-of-use, and lesser healing time of the incision. Reputed companies are trying to bring about all these features in their products to gain more share.
Besides, consumers are nowadays seeking out for minimally invasive devices so that they would reduce a healthcare professional’s time that is usually spent in the ER room, as well as the time for post-operative care. These factors are likely to accelerate the wound closure market growth during the forecast period. However, the rising number of product recalls may obstruct market growth.
Ongoing Advancements to Drive Growth of the Sutures Segment
By type, the market is segregated into staples, staplers, hemostatic agents, sutures, and others. Out of these, the sutures segment generated 30.0% wound closure market share in 2018. It is expected to lead the market in the coming years. This segment is further grouped into absorbable and non-absorbable. This growth is attributable to the ongoing advancements in the absorbable type of sutures. These are also conventional types of devices that are used extensively. The hemostatic agents segment would showcase considerable growth as they require lower post-operative maintenance and are very easy to use.
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Rising Number of Surgeries to Favor Growth in Asia Pacific
In terms of region, the market is fragmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. Amongst these, in 2018, North America procured USD 5.06 billion wound closure market revenue and is likely to dominate throughout the forecast period. It is likely to occur because of the increasing acceptance and higher adoption of state-of-the-art devices in this region
The Report Lists the Key Players in this Market:
- Johnson and Johnson Service, Inc.
- Smith & Nephew
- B. Braun Melsungen AG
- CP Medical
- Boston Scientific Corporation
- Other prominent players
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Surgeries Performed (Key Surgeries) - by Region
- Technological Advancements in Wound Closure Devices
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Wound Closure Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- New Product Introductions/ Approvals by Major Players
- Overview of Regulatory Scenario, Key Countries
- Market Analysis, Insights and Forecast – By Application
- General Surgery
- Market Analysis, Insights and Forecast – End User
- Hospitals and Ambulatory Surgical Centers
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Hemostatic Agents
- Active Hemostats
- Passive Hemostats
- Combination Hemostats
- Hemostatic Agents
- Market Analysis, Insights and Forecast – By Application
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