Wound Closure Strips Market by Product and Geography - Forecast and Analysis 2020-2024

The global wound closure strips 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.

This report provides a detailed analysis of the market by geography (Asia, Europe, North America, and ROW) and product (elastic wound closure strips, reinforced wound closure strips, and other wound closure strips). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 3M Co., Cardinal Health Inc., DermaRite Industries LLC, DeRoyal Industries Inc., Dynarex Corp., Hill-Rom Holdings Inc., Integra LifeSciences Holdings Corp., McKesson Corp., Medline Industries Inc., and Smith & Nephew Plc. 

Market Overview

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Market Competitive Analysis

The wound closure strips market is currently highly fragmented. The degree of fragmentation will remain the same over the forecast period. Vendors are adopting innovative marketing strategies to increase their market penetration. For instance, vendors are entering into agreements with GPOs to gain easy access to hospitals and increase sales. Vendors are also offering discounts or promotional offers online, which have also increased sales. McKesson Corp., Medline Industries Inc., and Smith & Nephew Plc are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities to the vendors, threat from alternatives will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this wound closure strips market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. This wound closure strips market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading wound closure strips companies, including:

• 3M Co.
• Cardinal Health Inc.
• DermaRite Industries LLC
• DeRoyal Industries Inc.
• Dynarex Corp.
• Hill-Rom Holdings Inc.
• Integra LifeSciences Holdings Corp.
• McKesson Corp.
• Medline Industries Inc.
• Smith & Nephew Plc  

Wound Closure Strips Market: Segmentation by Region

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The high demand for superior medical technologies, easy availability of a range of wound closure strips, and prevalence of wounds, lacerations, and surgical incisions are fueling the wound closure strips market size growth in North America. The rising public and private healthcare expenditure is also driving the wound closure strips market growth in the region.

Over 42% of the overall market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the wound closure strips market in the region. The market growth rate in this region will be slower than that of ROW and Asia over the forecast period.

Wound Closure Strips Market: Segmentation by Product

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Elastic wound closure strips are used for highly contoured areas with significant edema, swelling, hematomas, or bloating owing to their elasticity and strong adhesion features. The rising prevalence of acute wounds on joints and easy availability of a range of elastic wound strips are contributing to the rise in wound closure strips market share.

The growth rate of the elastic wound closure strips segment is expected to be faster compared with the other segments over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the wound closure strips market size.

Wound Closure Strips Market: Key Drivers and Trends

Wound closure strips are mostly used with or as alternatives to sutures or staples. Compared with sutures and staples, wound closure strips demonstrate lower tissue trauma, faster closure time, lower risk of tissue strangulation, and lesser pain. Moreover, wound closure strips facilitate faster healing with minimal scarring, providing a better cosmetic outcome. They also have a lower infection rate and overall morbidity. Therefore, wound closure strips are preferred over alternatives such as sutures and staples. The other significant factor that has increased the demand for wound closure strips is cost-effectivity. As a result, the global wound closure strips market growth will be substantial over the forecast period.

• Many vendors are entering into agreements with GPOs to increase their sales in hospitals, which are significant end-users.
• Also, vendors are increasingly focusing on conducting clinical and health economics studies to document cost savings and benefits of their products, which will influence the purchase decisions of end-users.
• Vendors with online distribution channels are offering discounts and promotional offers to increase sales.
• Marketing strategies offered online are performing well as online shopping has gained significant popularity owing to advantages such as easy transactions and comfortable shopping experience. Moreover, the products bought online come with a warranty.
• The market will grow at a CAGR of almost 4% during 2020-2024.

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Wound Closure Strips Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the wound closure strips market during the next five years
• Precise estimation of the global wound closure strips 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 strips industry in Asia, Europe, North America, and 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 strips vendors

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