Wound Closure Devices Market by Product and Geography - Forecast and Analysis 2022-2026

The wound closure devices market share is expected to increase to USD 5.28 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.18%.

This wound closure devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wound closure devices market segmentation by product (sutures, hemostats, surgical staples, wound sealants, and wound strips) and geography (North America, Europe, Asia, and Rest of World (ROW)). The wound closure devices market report also offers information on several market vendors, including 3M Co., Abbott Laboratories, Arthrex Inc., B. Braun SE, Baxter International Inc., Connexicon Medical Ltd., ConvaTec Group Plc, DeRoyal Industries Inc., Essity Aktiebolag, Futura Surgicare Pvt. Ltd., Integra Lifesciences Holdings Corp., IVT Medical Ltd., Johnson and Johnson, Medtronic Plc, Smith and Nephew plc, Stryker Corp., Teleflex Inc., Theragenics Corp., Welfare Medical Ltd., and Cryolife Inc. among others.

What will the Wound Closure Devices Market Size be During the Forecast Period?

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Wound Closure Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The rising demand for cosmetic and plastic surgeries is notably driving the wound closure devices market growth, although factors such as intense competition leading to pricing pressure may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wound closure devices market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wound Closure Devices Market Driver

One of the key factors driving the global wound closure devices market growth is the rising demand for cosmetic and plastic surgeries. According to the American Society of Plastic Surgeons, surgeons in the US witnessed a 64% increase in virtual consultations for cosmetic procedures since 2020. However, plastic surgeries, including cosmetic surgeries, are carried out on individuals after facing medical conditions such as trauma and accidents, burns, and various bodily defects. These surgeries focus on reconstructing the normal shape and appearance. Some examples of plastic surgeries include reconstructive burn (repair) surgery, congenital defect repair, hand surgery, scar removal or revision surgery, and lower extremity reconstruction. Surgical procedures such as liposuction, breast augmentation, abdominoplasty, eyelid surgery, and breast lifts require wound closure devices to close the wound post-surgery. Such factors will drive the growth of the wound closure devices market in the forecast period.

Key Wound Closure Devices Market Trend

Advancements in wound care technologies is one of the key-wound closure devices market trends that is expected to impact the industry positively in the forecast period. Through a broader understanding of the pathophysiology of wounds, there have been several developments in the treatment and care of wounds, such as the development of NPWT. The ACA implemented in the US aims to reduce surgical site infection (SSI) as it leads to various clinical complications and incentivizes healthcare facilities to implement infection control strategies. The development and enhancements in suture technology, tissue-controlled devices, and specialty needles promote a decreased prevalence of SSIs and improved quality of wound care. Also, vendors operating in the market have been experiencing an increase in advanced wound care solutions revenue. For instance, in Q1 2022, Smith & Nephew plc revenue for its advanced wound care management solutions increased by 8.0% over that in Q1 2021. Such factors will further support the market in focus in the forecast years.

Key Wound Closure Devices Market Challenge

One of the key challenges to the global wound closure devices market growth is the intense competition leading to pricing pressure. Some of the prominent players dominate a few product segments; however, the market is open to small players for developing wound closure products such as sutures, hemostats, surgical staples, and tissue sealants. The local players manufacture and sell these products at a significantly lower cost when compared with the big, branded companies such as Ethicon and Covidien (Medtronic). The devices that are available at an affordable price in emerging economies are expected to have better growth. However, the developed countries prefer superior quality advanced products. Hence key players have an excellent market share in developed countries. Reduction in price for wound closure devices by leading players is expected to have a negative impact on overall revenue generation from this market. Such factors may hamper the market growth in the forecast years.

This wound closure devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global wound closure devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wound closure devices market during the forecast period.

Who are the Major Wound Closure Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• 3M Co.
• Abbott Laboratories
• Arthrex Inc.
• B. Braun SE
• Baxter International Inc.
• Connexicon Medical Ltd.
• ConvaTec Group Plc
• DeRoyal Industries Inc.
• Essity Aktiebolag
• Futura Surgicare Pvt. Ltd.
• Integra Lifesciences Holdings Corp.
• IVT Medical Ltd.
• Johnson and Johnson
• Medtronic Plc
• Smith and Nephew plc
• Stryker Corp.
• Teleflex Inc.
• Theragenics Corp.
• Welfare Medical Ltd.
• Cryolife Inc.

 

This statistical study of the wound closure devices market encompasses successful business strategies deployed by the key vendors. The wound closure devices market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

• 3M Co. - The company offers wound closure devices that provide wound support and increase the tensile strength of the wound compared to sutures.
• B. Braun SE - The company offers wound closure devices that lose their relative tensile strength slower than polydioxanone sutures and increase the tensile strength of the wound.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The wound closure devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Wound Closure Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the wound closure devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Wound Closure Devices Market?

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39% of the market's growth will originate from North America during the forecast period. US is the key market for wound closure devices in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

The increased awareness among physicians, nurses, and individuals, related to improved healthcare facilities and the to reduce the infection rate, will facilitate the wound closure devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic negatively impacted the growth of the regional wound closure devices market in 2020. However, the demand for wound closure devices recovered and increased after 2021 due to the resumption of regular surgical procedures and treatments in North America following the initiation of mass COVID-19 vaccination drives and the easing of lockdown restrictions. Therefore, the market in focus is expected to witness positive growth in North America during the forecast period.

What are the Revenue-generating Product Segments in the Wound Closure Devices Market?

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The wound closure devices market share growth in the sutures segment will be significant during the forecast period. Over the years, the use of sutures for wound closure has been significant due to a high level of acceptance by surgeons. There has been increased usage of sutures in major areas of healthcare facilities such as hospitals and trauma centers. The demand for sutures is increasing and is expected to rise further during the forecast period, owing to its technological advancements.

This report provides an accurate prediction of the contribution of all the segments to the growth of the wound closure devices market size and actionable market insights on post COVID-19 impact on each segment.

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Wound Closure Strips market - The market size has the potential to grow by USD 70.05 million during 2020-2024. The market's growth momentum will accelerate throughout the forecast period.

Wound Therapy Devices market - The market size has the potential to grow by USD 1.16 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

Wound Closure Devices Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.18%
Market growth 2022-2026	$ 5.28 billion
Market structure	Fragmented
YoY growth (%)	6.78
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 39%
Key consumer countries	US, Germany, France, UK, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	3M Co., Abbott Laboratories, Arthrex Inc., B. Braun SE, Baxter International Inc., Connexicon Medical Ltd., ConvaTec Group Plc, DeRoyal Industries Inc., Essity Aktiebolag, Futura Surgicare Pvt. Ltd., Integra Lifesciences Holdings Corp., IVT Medical Ltd., Johnson and Johnson, Medtronic Plc, Smith and Nephew plc, Stryker Corp., Teleflex Inc., Theragenics Corp., Welfare Medical Ltd., and Cryolife Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Wound Closure Devices Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive wound closure devices market growth during the next five years
• Precise estimation of the wound closure devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wound closure devices industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wound closure devices market vendors

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