Wound Closure Products Industry Sharesadhesives and tissue sealants, and hemostats. Although each of these have their own advantages and disadvantages, the overall wound closure products market is growing rapidly. The global wound closure products market was valued at USD 8,750.5 million in 2014 and is projected to expand at a CAGR of 6.3% from 2014 to 2020 to reach USD 15,222.7 million by 2023.
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Sutures and staples are the traditional forms of wound closure that are used extensively across the world due to low cost and higher adaptability rate among the health care staff. However, new technology hemostat products such as sealants provide obvious advantages such as faster wound closure in shorter duration of time. These also help patients avoid hospital revisit for removal of sutures or staples. Adhesives and tissue sealants include fibrin sealants, collagen-based sealants, cyanoacrylate-based sealants, albumin and glutaraldehyde sealants, and polymer-based sealants. The market for absorbable sutures is growing rapidly due to increased application in external as well as internal wound closure. Various surgical procedures such as aortic valve replacement and peripheral bypass employ combination of sutures or staples as well as tissue adhesives. Increased application of tissue sealants in surgeries such as bariatric surgeries and dental surgeries has fueled the wound closure products market. Increased prevalence of lifestyle diseases such as diabetes and cardiovascular diseases and reluctance in the use of sutures due to development of scars and high risk of infection are the other factors driving the adhesives and tissue sealants segment.
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Geographically, North America dominated the global wound closure products market with a share of 39.5% in 2014, followed by Europe. Dominance of these regions was majorly due to launch of new medical devices in these regions, especially the U.S. Hence, the longer incubation period is available for the market to inflate. According to an article published in Wound Repair and Regeneration in 2009, over 2% of the population of the U.S. suffers from chronic non-healing wounds. Statistics published in the Journal of Wound Care estimate annual incidence of chronic wounds of 4 million in the European Union. Such higher prevalence and quicker acceptance of new technology have driven the wound closure products market in these regions. Asia Pacific was identified as the most lucrative market destination. India and China have also experienced a surge in prevalence of diabetes and obesity. According to the World Health Organization, 90 million adults in China and 61 million adults in India were diagnosed with diabetes in 2011. Therefore, the wound closure products market in Asia Pacific is anticipated to expand at the highest growth rate during the forecast period from 2015 to 2023.
Baxter International, Inc., B. Braun, Cryolife, Covidien plc, and Johnson & Johnson (Ethicon) are the leading companies operating in the global wound closure products market.
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