The Wound Closure Devices Market Size was valued at USD 10.1 billion in 2022 and is projected to grow from USD 10.8 Billion in 2023 to USD 16.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2030).
The report provides a detailed outline of the wound closure devices market’s historical growth trajectory, providing a detailed analysis of the market’s major growth drivers and restraints. The major factors affecting the global wound closure devices market are examined with great care in the report in order to provide readers with a clear picture of which factors are likely to have the most tangible impact on the market. Leading players operating in the global wound closure devices market are also profiled in the report.
Wound closure devices are used to sew up wounds after surgical procedures or trauma. These include bandages, staples, and other variants. The growing healthcare sector and increasing awareness about advanced wound closure devices are likely to be the major factors driving the global wound closure devices market over the forecast period. Innovation in the wound closure devices market is rife, with many players looking to come up with advanced ways of sewing wounds and enabling quick recovery. Developing efficient wound closure devices that help heal the underlying wound is likely to be a major target for players in the global wound closure devices market over the forecast period. Adding healing factors and making wound closure devices medicinal in themselves is also likely to be a key target for players in the global wound closure devices market.
Competitive Analysis:
Leading Wound Closure Devices Market Players include CP Medical, Integra LifeScience, Gecko Biomedical, Arthrex GmbH, DACH Medical Group, ConvaTec, Kinetic Concepts, Derma Sciences, BSN Medical Inc., Baxter International, Smith & Nephew, Medtronic, Ethicon Inc., B. Braun Melsungen AG, Abbott Laboratories, and 3M.
In November 2019, Seattle-based startup KitoTech Medical raised USD 1.5 million for the development of its microMend wound closure device.
Segmentation:
The global wound closure device market has been segmented based on device, application, type of wound, end user, and region.
- On the basis of device, the global wound closure device market has been classified into adhesives, staples, sutures, and mechanical wound closure devices. Adhesives are furthers classified into fibrin tissue adhesives and cyanoacrylates. The sutures segment has been further divided into absorbable, non-absorbable, braided, and monofilament sutures.
- On the basis of application, the global wound closure device market has been classified as burns, ulcers, surgical wounds, pressure ulcers, diabetic ulcers, and arterial ulcers. On the basis of type, the surgical wounds segment has been sub-segmented into chronic wounds, acute wounds, and others.
- By end user, the market has been segmented into hospitals, community healthcare service providers, ambulatory surgical centers, and home care.
Regional Analysis:
The Americas is likely to be the leading revenue generator in the global wound closure devices market, followed by Europe and Asia Pacific. Asia Pacific is likely to be the fastest growing regional market for wound closure devices over the forecast period due to the increasing prevalence of diabetes, leading to a growing prevalence of diabetic foot ulcers and other injuries. The increasing awareness about wound closure devices in Asia Pacific is also likely to be a major driver for the global wound closure device market over the forecast period, as this is likely to lead to increasing adoption of advanced wound closure solutions in the region.
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