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Wound Closure Devices Market Forecast and Innovations 2024
Wound Closure Devices Market Forecast
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According to The Business Research Company's, The wound closure devices market size has grown strongly in recent years. It will grow from $15.82 billion in 2023 to $17.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing surgical procedures, growing aging population, prevalence of chronic diseases, rise in traumatic injuries, shift to minimally invasive surgeries, patient preference for aesthetic closure, hospital and ambulatory care settings.
The wound closure devices market size is expected to see strong growth in the next few years. It will grow to $23.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to patient safety and infection control, telemedicine and remote wound care, biodegradable closure devices, home healthcare and self-care, global health emergency preparedness, expansion of outpatient procedures, value-based healthcare models. Major trends in the forecast period include rise in minimally invasive wound closure techniques, focus on accelerated wound healing, growing demand for hemostats and sealants, shift toward disposable wound closure devices, regulatory initiatives for patient safety.
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Market Drivers and Trends:
Increased prevalence of diabetes is expected to propel the growth of the wound closure devices market going forward. Diabetes, refers as diabetes mellitus, is a chronic medical condition that affects how your body processes glucose (sugar), a crucial source of energy. Wound closure devices in diabetes management by promoting efficient healing and reducing the risk of complications. Proper wound closure can prevent the development of chronic ulcers and other diabetic-related complications, ultimately improving the overall health and quality of life for individuals with diabetes. For instance, in June 2022, according to the data published by American Diabetes Association, 37.3 million people have diabetes (11.3% of the US population). Therefore, the increased prevalence of diabetes is driving the growth of the wound closure devices market.
Technological advancements are a key trend gaining popularity in the wound closure devices market. Major companies operating in the wound closure devices market are focused on developing new technological solutions flexible across other elements to gain a competitive edge in the market. For instance, in March 2021, Ethicon Endo-Surgery, a US-based advanced medical device company, launched an ECHELONTM+ Stapler with GST Reloads, a new powered surgical stapler that has been designed for increasing staple line security and will reduce complications through uniform tissue compression and better staple formation, even in challenging situations. This has Gripping Surface Technology (GST) reloads for more consistent compression to better capture and form staples, and a motor with Dynamic Firing, which optimizes firing speed in thick tissue to improve compression.
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Major Key Players of the Market:
Abbott Laboratories, Advanced Medical Solutions Group plc, Arthrex Inc., B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corporation, BSN Medical GmbH, Chemence Medical Inc., Coloplast A/S, ConvaTec Group plc, CryoLife Inc., Dach Medical Group Holding AG, DeRoyal Industries Inc., Futura Surgicare Pvt. Ltd., Futura Surgicare Private Limited, Healthium Medtech Private Limited, Integra LifeSciences Corporation, IVT Medical Limited, Johnson & Johnson Services Inc., Meril Life Sciences Private Limited, 3M Company, Adhezion Biomedical LLC, Becton, Dickinson and Company, Medtronic Inc., Halyard Health Inc., McKesson Corp., Medline Industries LP, Molnlycke Health Care Ltd., Myco Medical Supplies Inc., Nexus Medical Ltd., Smith & Nephew plc, Smiths Group plc, Stryker Corp., Teleflex Inc., Wound Care Technologies Inc., Zipline Medical Inc.
Wound Closure Devices Market 2024 Key Insights:
• The wound closure devices market size is expected to see strong growth in the next few years. It will grow to $23.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Surge In Surgical Procedures Boosts Wound Closure Devices Market
• Pioneering Technological Advancements Shaping The Future Of Wound Closure Devices
• North America was the largest region in the wound closure devices market in 2023
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