Wound Closure Market by Product and Application - Global Industry Analysis and Forecast to 2025

Wound Closure Market Overview:

Chronic wounds are hard-to-heal wounds that proceed through the repair process without exhibiting a sustained and functional result. According to a 2016 study conducted by the National Center for Biotechnology Information (NCBI), it is projected that 1 to 2% of the population in developed countries will experience a chronic wound in their lifetime. The study further states that around 6.5 million patients in the U.S. are affected with chronic wounds every year. Complications of chronic wounds include different infections such as infective venous eczema, cellulitis, gangrene, lower-extremity amputations, and hemorrhage. Chronic wounds significantly impact the health and the quality of life of the patients and their families due to the low base rate of complete healing. They can lead to pain, loss of mobility and function, distress and anxiety, depression, social isolation and embarrassment, prolonged hospital stays leading to financial burden and even death. According to California Podiatric Medical Association (CPMA), 15% of people diagnosed with diabetes tend to develop a foot ulcer and 14 to 24% patients affected by foot ulcers will require amputation during their lifetime. Diabetic foot ulcers and pressure ulcers are chronic wounds caused by increased pressure and low angiogenic response i.e. decreased formation of new blood vessels. Diabetic foot ulcers are characterized by unusual swelling and redness and odor from feet which are some of the early symptoms.

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Some of the major factors driving the growth of wound closure market are the rising prevalence of chronic diseases worldwide, rise in demand for minimal invasive procedures, and technological advancements in wound care products. According to NCBI, pressure ulcers occur in 30 to 85% of spinal cord injury patients in the first month of injury. Development of cost effective products targeted towards specific wounds will spearhead the future growth of the market. Thus, technological advancements and cost effectiveness along with pain and odor control are some of the key factors that will dictate the evolution of wound closure industry in the coming years.

Moreover, increasing aging population vulnerable to chronic diseases such as diabetes leading to the heightened risk of chronic wounds will further contribute to the market growth. The global share of older people increased from 9.2% in 1990 to 11.7% in 2013 and will reach 21.1% by 2050 (Source: United Nations Department of Economic and Social Affairs). Further, it states that the number of older people is projected to reach 2 billion in 2050 from 841 million people in 2013. However, high cost of wound closure products and technical assistance for using these products will hamper the market growth.

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Moreover, increased focus of key players on the development of innovative wound closure products to meet the unmet medical needs will further propel the market growth. For instance, in March 2017, Izun Pharmaceuticals Corporation obtained FDA approval for Curasite Wound Care Hydrogel for the treatment of leg ulcers and diabetic foot ulcers. Likewise, in March 2017 Ethicon and DePuy Synthes jointly introduced customized wound closure kits (including STRATAFIX Knotless Tissue Control Devices and DERMABOND PRINEO Skin Closure System) to improve outcomes in orthopedic surgery. Such product developments will enable the companies to strengthen their product portfolio to sustain their position in the market.

Major players operating in this market are Baxter International Inc., Derma Sciences Inc., DeRoyal Industries Inc., Johnson and Johnson, Medtronic plc, Smith & Nephew plc, B. Braun Melsungen AG, 3M Company, and CryoLife Inc.

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