Wound Closure Strips Market by Product and Geography - Forecast and Analysis 2020-2024
Global Wound Closure Strips Market: About this market
Technavio’s wound closure strips market analysis considers sales from elastic wound closure strips, reinforced wound closure strips, and other wound closure strips. Our study also finds the sales of wound closure strips in Asia, Europe, North America, and ROW. In 2019, the elastic wound closure strips segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the rising prevalence of acute wounds on joints will play a significant role in the elastic wound closure strips segment to maintain its market position. Also, our global wound closure strips market report looks at factors such as increasing focus on minimizing SSIs, high preference over alternatives, and increasing prevalence of wounds. However, intense competition among vendors leading to price reductions, the threat of alternatives, and lack of awareness and shortage of resources may hamper the growth of the wound closure strips industry over the forecast period.
Global Wound Closure Strips Market: Overview
Higher preference over alternatives
Wound closure strips are an effective alternative to sutures or staples for wound closure since they involve comparatively lesser pain, faster closure time, lower risk of tissue strangulation, and lower tissue trauma. The use of wound closure strips also results in better cosmetic outcomes, achieved by minimizing the scar tissue upon healing. Further, these strips are associated with a lower infection rate and are easy to apply. On top of that, they prove to be cost-effective since they eliminate the need for follow-up visits to the doctor. This high preference over alternatives will lead to the expansion of the global wound closure strips market at a CAGR of almost 4% during the forecast period.
Innovative marketing strategies of vendors
Key vendors are adopting innovative marketing strategies to increase their market penetration. Many vendors have entered into agreements with GPOs, which enable them to easily access hospitals and increase the sales of their wound closure strips as a substantial proportion of the procurement for hospitals takes place through this channel. Also, vendors are increasingly focusing on conducting clinical and health economics studies to document cost savings and benefits of their wound closure strips. Vendors with online distribution channels are offering discounts and promotional offers to increase sales. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global wound closure strips market during the forecast period 2020-2024, click here.
With the presence of several major players, the global wound closure strips market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading wound closure strips manufacturers, that include 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.
Also, the wound closure strips market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook