Wound Closure Products Market Leaders, Segmentation, Regional Analysis and Future Growth

The wound closure products market valued $9,517.1 million in 2015 and is predicted to grow at a 6.3% CAGR during the forecast period. The market is prospering due to the increasing burn cases, incidence of chronic wounds, volume of surgeries, geriatric population, and road accidents. Wound closure products are used for the treatment of chronic and surgical wounds. They are primarily used to accelerate the wound healing process by joining the edges of the wound, and they also prevent wound dehiscence and entry of infectious agents.

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On the basis of type, the wound closure products market is divided into hemostats, surgical staples, wound closure strips, sutures, and adhesives & tissue sealants. Out of these, sutures held the largest share of the market during the historical period (2012-2015) and are expected to retain their position during the forecast period. This is attributed to their assistance in rapid wound healing and reduction of chances of infection by joining the edges of the wound. Hemostats are projected to grow at the highest CAGR during the forecast period.

The increasing incidence of chronic wounds is one of the major factors driving the wound closure products market. An article published in 2016 by the National Institute for Health and Care Excellence (NICE) stated that the prevalence of venous leg ulcers ranges from 0.1%-0.3% in the U.K. Similarly, diabetes also obstructs the wound healing process after surgical procedures. According to the World Health Organization (WHO), during 1980-2014, the prevalence of diabetes increased from 4.7% to 8.5%. Due to these reasons, the demand for wound closure products is increasing rapidly.

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The key companies in the wound closure products market are launching new products to drive their profits. For example, in November 2016, B. Braun Medical Inc. announced the launch of Prontosan Wound Gel X, which prevents the growth of microorganisms and maintains a clean and moist wound environment that helps the healing process. Similarly, in September 2015, Smith & Nephew PLC announced the launch of NASASTENT dissolvable nasal dressing made from carboxy methyl cellulose (CMC), a plant-based material.

Hence, the various product launches, in addition to the increasing volume of surgeries and rising incidence of chronic wounds, are resulting in the growth of the market.

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