Wound Closure Devices Market by Product (Adhesives, Mechanical Wound Closure Devices, Sealants), Wound Type (Acute Wounds, Chronic Wounds), Application, End-User - Global Forecast 2024-2030
Description
Wound Closure Devices Market by Product (Adhesives, Mechanical Wound Closure Devices, Sealants), Wound Type (Acute Wounds, Chronic Wounds), Application, End-User - Global Forecast 2024-2030
The Wound Closure Devices Market size was estimated at USD 17.97 billion in 2023 and expected to reach USD 19.27 billion in 2024, at a CAGR 7.44% to reach USD 29.71 billion by 2030.
Wound closure devices are medical devices used to promote the healing of wounds through the physical closure of the skin. These devices are available in various forms, such as sutures, staples, and adhesives, to close wounds by operating on the edges of the wound tissue. The rising prevalence of road accidents & injuries globally and the increase in the incidence of chronic and acute wounds among people play a significant role in the increasing adoption of wound closure devices. In addition, adopting new smart bandages to improve clinical care for people with chronic wounds contributes to market growth. Moreover, increasing preference for minimally invasive surgeries and the high cost of wound closure devices is expected to hinder market growth. Furthermore, the ongoing development of advanced wound care technologies and expansion of burn-care centers in economies with improving healthcare infrastructure is anticipated to impact the adoption of wound closure devices positively.
Regional Insights
The ongoing development of advanced wound care technologies in the Americas contributes to the growth of the wound closure devices market. Researchers and manufacturers continuously introduce innovative devices that facilitate efficient wound closure and promote faster healing, focusing on improving patient outcomes. In the APAC region, economies with improving healthcare infrastructure are witnessing an expansion of burn-care centers. This expansion is crucial for addressing the rising prevalence of road accidents and injuries, which has become a global concern. As countries in the APAC region continue to invest in their healthcare systems, the demand for effective wound closure devices is expected to rise, providing growth opportunities for market players. Across the EMEA region, the adoption of new smart bandages is revolutionizing clinical care for individuals with chronic wounds. These smart bandages incorporate technologies such as sensors and connectivity, enabling healthcare professionals to monitor wound healing remotely and provide timely updates. With the rising prevalence of chronic wounds, such as diabetic foot and ulcers, the demand for smart bandages is increasing in the EMEA region.
Market Insights
Market Dynamics
The market dynamics represent an ever-changing landscape of the Wound Closure Devices Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market Drivers
- Increasing incidence of chronic and acute wounds among people
- Government initiatives regarding wound care treatment
- Expansion of burn-care centers in economies with improving healthcare infrastructure
- High cost of wound closure device
- Ongoing development of advanced wound care technologies
- Rising approvals for the commercialization of wound closure devices
- Complications and probable side effect with the use of wound closure device
- Product: Rising preference for sutures in wound closure devices
- Application: Increasing usage of wound closure devices in general surgery for faster healing times
- Wound Type: Growing application of wound closure devices for acute wounds to promote healing
- End-User: Expanding adoption of wound closure devices in hospitals for surgical procedures
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Wound Closure Devices Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Wound Closure Devices Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
MediWound Announces Collaboration with 3M on EscharEx Phase III Study
MediWound announced a collaboration with 3M Company to provide their two-layer compression systems, Coban 2 and Coban 2 Lite, for use in the debridement and wound healing phases of the EscharEx Phase III study. This partnership ensures consistency across subjects and ensures optimal care throughout the study. This collaboration allows both companies to leverage comprehensive data from the study, promoting awareness of the clinical and economic advantages of their products.
SYNDEO Medical Announces Multi-Year Strategic Distribution Agreement with Clozex Medical, Inc.
SYNDEO Medical entered into a multi-year global distribution agreement with Clozex Medical, Inc., obtaining the exclusive rights to distribute Clozex Medical's FDA-approved wound closure products in the Middle East and Africa. Through this partnership, SYNDEO Medical aims to expand its procedural solution product portfolio by incorporating wound closure technologies offered by Clozex Medical.
Coloplast A/S to Acquire Wound Care Company Kerecis for USD 1.3 Billion
Coloplast A/S announced their agreement to acquire Kerecis, a developer of biologics for the wound care market, in a deal worth up to USD 1.3 billion. Coloplast aims to strengthen its presence in the advanced wound care market through this acquisition.
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Wound Closure Devices Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Wound Closure Devices Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Abbott Laboratories, Advanced Medical Solutions Group PLC, Arthrex, Inc., Artivion, Inc., B. Braun SE, Bactiguard AB, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health, Inc., Clozex Medical, Inc., Coloplast A/S, Convatec Group PLC, DermaClip US, LLC, DermaRite Industries, LLC, DeRoyal Industries, Inc., Dolphin Sutures by Futura Surgicare Pvt Ltd, DUKAL Corporation, DuPont de Nemours, Inc., Evonik Industries AG, Gentell, Harro Höfliger Verpackungsmaschinen GmbH, Healiva SA, Inotec AMD Limited, Integra LifeSciences Holdings Corporation, Johnson & Johnson Services, Inc., McKesson Corporation, Medela AG, MediWound, Medline Industries, LP, Medtronic PLC, Mölnlycke Health Care AB, RedDress Medical Ltd., Riverpoint Medical, Sky Medical Technology Ltd., Smith & Nephew PLC, Spectral AI, Inc., Stryker Corporation, SYLKE, and Teleflex Incorporated.
Market Segmentation & Coverage
This research report categorizes the Wound Closure Devices Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Adhesives
- Acrylics
- Biological Adhesives
- Polyurethanes
- Silicone
- Mechanical Wound Closure Devices
- Sealants
- Collagen Based
- Non-Synthetic
- Synthetic
- Staples
- Strips
- Non-Sterile
- Sterile
- Sutures
- Absorbable
- Non-Absorbable
- Wound Type
- Acute Wounds
- Chronic Wounds
- Application
- Burns
- Cardiology
- Diabetic Foot Ulcers
- General Surgery
- Gynaecology
- Ophthalmic
- Orthopedics
- End-User
- Burn Care Centers
- Clinics
- Home Care Setting
- Hospital
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- Alaska
- California
- Florida
- Illinois
- Massachusetts
- Michigan
- Montana
- Nevada
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
Table of Contents
193 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing incidence of chronic and acute wounds among people
- 5.1.1.2. Government initiatives regarding wound care treatment
- 5.1.1.3. Expansion of burn-care centers in economies with improving healthcare infrastructure
- 5.1.2. Restraints
- 5.1.2.1. High cost of wound closure device
- 5.1.3. Opportunities
- 5.1.3.1. Ongoing development of advanced wound care technologies
- 5.1.3.2. Rising approvals for the commercialization of wound closure devices
- 5.1.4. Challenges
- 5.1.4.1. Complications and probable side effect with the use of wound closure device
- 5.2. Market Segmentation Analysis
- 5.2.1. Product: Rising preference for sutures in wound closure devices
- 5.2.2. Application: Increasing usage of wound closure devices in general surgery for faster healing times
- 5.2.3. Wound Type: Growing application of wound closure devices for acute wounds to promote healing
- 5.2.4. End-User: Expanding adoption of wound closure devices in hospitals for surgical procedures
- 5.3. Market Trend Analysis
- 5.3.1. Established infrastructure development and robust strategic initiatives by players to deploy next generation device across Americas
- 5.3.2. Rising expansion activities by the global players and along with evolving healthcare sector in the Asia-Pacific region
- 5.3.3. Increasing development of novel wound closure devices with robust foothold of global players in the EMEA region
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Wound Closure Devices Market, by Product
- 6.1. Introduction
- 6.2. Adhesives
- 6.3. Mechanical Wound Closure Devices
- 6.4. Sealants
- 6.5. Staples
- 6.6. Strips
- 6.7. Sutures
- 7. Wound Closure Devices Market, by Wound Type
- 7.1. Introduction
- 7.2. Acute Wounds
- 7.3. Chronic Wounds
- 8. Wound Closure Devices Market, by Application
- 8.1. Introduction
- 8.2. Burns
- 8.3. Cardiology
- 8.4. Diabetic Foot Ulcers
- 8.5. General Surgery
- 8.6. Gynaecology
- 8.7. Ophthalmic
- 8.8. Orthopedics
- 9. Wound Closure Devices Market, by End-User
- 9.1. Introduction
- 9.2. Burn Care Centers
- 9.3. Clinics
- 9.4. Home Care Setting
- 9.5. Hospital
- 10. Americas Wound Closure Devices Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Wound Closure Devices Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Wound Closure Devices Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. MediWound Announces Collaboration with 3M on EscharEx Phase III Study
- 13.3.2. SYNDEO Medical Announces Multi-Year Strategic Distribution Agreement with Clozex Medical, Inc.
- 13.3.3. Coloplast A/S to Acquire Wound Care Company Kerecis for USD 1.3 Billion
- 13.3.4. Evonik Company JeNaCell Launches Wound Dressing Epicite Balance for Chronic Wounds
- 13.3.5. Tube Investments, Premji Invest Partner Up To Acquire Lotus Surgicals For INR 348 Crore
- 13.3.6. Bactiguard Launches Wound Care Line in the UK and Ireland
- 13.3.7. KitoTech Medical Inc. Signs Agreement with Synergy Corporation for International Distribution of Their Medical and Consumer Products
- 13.3.8. Gentell, Inc. Completed the Acquisition of Non-Core Traditional Wound Care Business of Integra LifeSciences Holdings Corporation
- 13.3.9. Introducing Antibacterial Suture Range
- 13.3.10. AMS Receives FDA Clearance for New Wound Closure Device
- 13.3.11. KitoTech Medical Signs Agreement with Corza Medical to Market microMend PRO Wound Closure Devices in the U.S.
- 13.3.12. Entry Into the Attractive Wound Biologics Segment Through the Acquisition of Triad Life Sciences Inc.
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
Pricing
Currency Rates
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