Wound Closure Products Market to Expand at a Rapid CAGR of 6.3% from 2015 to 2023
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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. 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.
The growing number of chronic injuries and the increasing demand for advanced technology are compelling market players to make newer products and this will ensure the continued growth of this market. The aging population is growing rapidly and also demanding sophisticated and advanced wound care solutions for quick recovery. This will also pressurize players within the wound closure products market to develop advanced products and in turn drive the market. Faster recovery of wounds also reduces hospital stay time and is increasingly desired by patients. All these factors will help the market to grow.
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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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