European Wound Closure Market

Published by: Frost & Sullivan

Published: Jul. 8, 2004

Table of Contents

Abstract

Brisk pace of research and development (R&D) in the synthetic absorbable sutures and skin adhesives product segments in recent years is injecting a fresh lease of life into the otherwise mature European wound closure market. Synthetic absorbable sutures formulated with a distinguished array of properties such as varied decomposition rates for different surgical procedures are grabbing attention of late. Skin adhesives offering convenience, speed and cosmetic benefits are also gaining widespread acceptance. Participants have to fine-tune their business tactics and employ concrete strategies if they are to benefit from this market shift from traditional wound closure devices to modern ones.

Frost & Sullivan’s recent research on the European wound closure markets focusses on four specific geographic regions, namely Germany, France, Italy, and the United Kingdom. Each region is analysed separately based on the following four major product segments: sutures, mechanical closure devices (including staples and ligature clips), wound strips and skin adhesives.

Soaring Use of Absorbable Sutures Encourages Market Growth

A majority of the surgical procedures including general surgery, ear, nose and throat (ENT) care and ophthalmic applications are currently witnessing a shift from the use of non-absorbable sutures to absorbable varieties. These new synthetic sutures are also finding extensive use in cosmetic and plastic reconstruction surgeries. Some of the typical applications include eyelid surgery, liposuction procedures, forehead lifts and various rhinoplasty procedures. "With the number of people seeking cosmetic and plastic surgeries expected to raise continuously, companies offering synthetic absorbable sutures tailored for these applications are likely to reap high returns on their R&D investments," says the analyst.

Such large-scale market transformation is mainly due to the extensive promotion of absorbable synthetic sutures at the expense of natural and non-absorbable varieties. "Profit margins are understandably higher for absorbable synthetic sutures than for other product categories," says the analyst. "Therefore, major companies are leveraging their strong customer bonds - a typical characteristic of this market - to push such highly profitable products, which will benefit not only them but also the overall market."

Revamping Strategies a Must to Sustain Growth in a Mature Market

Participants are challenged by the high level of market maturity that is accompanied by price erosions, and this is having a detrimental effect on revenue. Their difficulties are further compounded by the lack of product innovation in many segments with the exception of absorbable synthetic sutures and skin adhesives. Besides these, they are also deeply concerned by the increasing popularity of minimally invasive surgical techniques and drastic reductions in healthcare budgets across Europe.

To cope with this unfavourable situation, participants are opting for mergers and acquisitions that are likely to provide a leeway to them until they come up with suitable strategies to counter these multiple challenges. They have pinned their hopes on technological advancements occurring in absorbable sutures and skin adhesives segments to sustain market growth. Apart from this, they are also aiming to provide ‘one-stop-shop’ solutions for wound closure where product bundling and price discounts are likely to play a critical role in ensuring brand loyalty. "Intense focus on research and development of sophisticated wound closure devices is a must to broaden the scope of applications and ensure customer-specific service - for instance, use of absorbable sutures for thoracic surgery - which in turn, will help participants to maintain overall profit margins," concludes the analyst.

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