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Understanding Impact of COVID-19 on Wound Closure Products Market

09-23-2020 01:57 PM CET | Health & Medicine

Press release from: Transparency Market Research

The global wound closure products market is a highly competitive market with a high number of global and local players operating in it around the world, states a new market research study by Transparency Market Research. The key players in the market are focusing on the expansion of the product portfolio and the innovations, which is expected to support the growth of the overall market in the next few years. In addition to this, the rising research and development activities and technological developments are projected to enhance the growth of the market in the next few years. Furthermore, the rising collaborations and mergers and acquisitions are projected to generate potential growth opportunities for the market players throughout the forecast period. Some of the key players operating in the wound closure products market across the globe are Covidien plc, Baxter International, Inc., Johnson & Johnson (Ethicon), B. Braun, and Cryolife.

According to the market research study by Transparency Market Research, the global market for wound closure products is expected to reach a value of US$15.2 bn by the end of year 2023. The market is estimated to register a promising growth rate throughout the forecast period.

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High Contribution from US to Drive North America Wound Closure Products Market

Among the key regional segments, North America is expected to hold a large share of the market and is likely to remain in the leading position throughout the forecast period. The launch of new medical devices and the rising contribution from the U.S. are some of the key factors that are estimated to enhance the growth of this region in the next few years. In addition to this, the well-established healthcare sector and the presence of several leading players are some of the other key factors that are estimated to support the growth of the North America market in the next few years. Furthermore, Europe is likely to remain at the second position with a significant share of the global market. However, Asia Pacific is estimated to offer lucrative opportunities for the players, thanks to which, this region is likely to register a strong growth rate throughout the forecast period.

The global market for wound closure products on the basis of product type into surgical staples, adhesive and tissue sealants, sutures, and hemostats. Among these, the surgical staples and sutures are considered the key segments and are projected to account for a large share of the overall market in the next few years. On the other hand, with the help of technological advancements, the sealants segment is predicted to witness a healthy growth rate in the next few years. The advent of new products, thanks to the rising research and development activities is predicted to enhance the growth of this segment throughout the forecast period.

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Advent of New Products to Enhance Growth of Global Wound Closure Products Market

The rising application in external as well as internal wounds and the increasing number of surgical procedures are considered as the major factors that are projected to enhance the growth of the global wound closure products in the next few years. In addition to this, the rising demand for cosmetic and plastic surgeries is another key factor that is likely to encourage the growth of the overall market throughout the forecast period. The increasing focus of key players on the research and development activities is expected to accelerate the market growth in the near future. Furthermore, the introduction of new products and the rapidly rising geriatric populations are predicted to generate potential growth opportunities for the market players in the next few years.

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Wound Closure Products (Sutures, Surgical Staples, Wound Closure Strips, Adhesives and Tissue Sealants and Hemostats) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”

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Key Takeaways:

The rising focus of key players on the research and development activities and advancements are predicted to enhance the growth of the global wound closure products market in the near future.
The growing demand for cosmetic and plastic surgery is considered as one of the major factors that is likely to enhance the growth of the market in the next few years.
Read our Case study at : https://www.transparencymarketresearch.com/casestudies/innovative-medical-device-manufacturing-start-up

The global wound closure products market has been segmented as below:

Global Wound Closure Products Market, by Product Type
Sutures
Absorbable Sutures
Non-Absorbable Sutures
Surgical Staples
Wound Closure Strips
Adhesives and Tissue Sealants
Fibrin Sealants
Collagen Based Sealants
Cyanoacrylate Sealants
Albumin and Glutaraldehyde Based Sealants
Polymer Based Sealants
Hemostats
Global Wound Closure Products Market, by Geography
North America
U.S.
Canada
Europe
U.K.
Germany
Rest of Europe
Asia Pacific
India
China
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Rest of the World
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2. https://www.biospace.com/article/bone-growth-stimulators-market-personalized-electric-stimulation-devices-gain-prominence-in-market/

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About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”

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