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Wound Closure Products Market is projected to expand at a CAGR of 6.3% from 2014 to 2020

Wound Closure Products Market is projected to expand at a CAGR

The global wound closure products market is marked by intense competition. The market thus, witnesses regular product innovation as each player is taking efforts to come up with something new by investing in research and development. The players in the wound closure market are also attempting to upgrade their existing product portfolio so as to increase their market share. Developing technologically advanced products and gaining a strong foothold in the market is becoming a key strategy for many top players, states Transparency Market Research (TMR), a market intelligence company in its report. The report further profiles key players operating within the market such as: Cryolife, and Johnson & Johnson (Ethicon), Baxter International, Inc., and B. Braun, Covidien plc.

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According to Transparency Market Research, the global wound closure products market is expected to be worth US$15.2 bn by the end of 2023. On the basis of product, the market for sutures is witnessing a healthy demand as sutures are increasingly being preferred for wound closure. Advancements in technology are improving the capability and efficiency of surgical sutures, driving their demand. By geography, the Asia Pacific market for wound closure products will emerge as most lucrative in the years to come. As per the WHO, China had reported 90 mn cases of diabetes and India, 61 mn. This makes Asia Pacific a good market for wound closure products. North America, followed by Europe has been leading in the market on account of higher prevalence of diseases and quick acceptance of latest technology.

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Increasing Demand for Cosmetic Surgery Driving Growth of Market

The global wound closure products market is driven by the growing application in internal as well as external wounds. There are various surgical procedures that require sutures and tissue adhesives and this will boost the growth of the market. The application of tissue sealants in dental and bariatric surgeries is fueling the growth of the wound closure products market. This market will mainly be driven by the increasing number of surgical procedures across the globe

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The increasing demand for plastic and cosmetic surgeries due to accidents, traumas, burns, and congenital disability will fuel the growth of the global wound closure products market.
The demand for restoring, reshaping, and enhancing the appearance is also increasingly appealing to people worldwide. This too, will drive the demand for cosmetic surgery, in turn benefitting the wound closure products market.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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