Wound Closure Devices Market Size

Wound Closure Devices Market Overview

Wound Closure Devices Market Size was valued at USD 10.1 billion in 2022 and is projected to grow from USD 10.8 Billion in 2023 to USD 18.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.2% during the forecast period (2023 - 2032). The rise in surgical procedures performed globally is one of the main market driver fueling the market for wound closure devices. The rise in the prevalence of impairments together with the rising demand for these devices, which aid in minimizing tissue trauma and strengthening injured tissue, accelerate market expansion.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The need for wound closure devices is anticipated to increase as chronic diseases become more common. One of the main causes of an increase in procedures done is the increased prevalence of chronic diseases such as autoimmune disorders, type 2 diabetes, and cancer. The incidence of chronic wounds, increased accident rates, and increased operations are all contributing to increased requests for wound closure devices. Over the projected period, it is anticipated that the prevalence of chronic wounds such as venous leg ulcers, pressure ulcers, and diabetic foot ulcers will increase. In the upcoming years, this is anticipated to fuel the growth of the wound closure industry. Different products on the market have various advantages.

Surgical sutures constitute a more traditional type of incision closure and provide superior wound security for healing. In contrast to sutures, hemostatic agents and stapling tools offer more convenience and faster wound healing. Staples offer greater cosmetic appeal while hiding surgical scars more effectively. The rise in surgical procedures performed globally is one of the key reasons propelling the market for wound closure devices. The rise in the prevalence of impairments and increasing requests for these devices that assist in minimizing tissue stress and strengthening injured tissue accelerate market expansion. The federal government's increased financing to promote these solutions has further influenced the market.

Additionally, the market for wound closure devices is positively impacted by healthcare infrastructure improvements, rising healthcare spending, and rising demand for extended care delivery. Additionally, there has been an increase in surgical procedures globally in recent years. One of the primary causes of an increase in surgery is the rising number of people suffering from chronic conditions like diabetes, cancer, and autoimmune diseases. Over the last few decades, both communicable and infectious diseases have become more common. During the anticipated term, these variables are predicted to accelerate market expansion.

Wound Closure Devices Market Trends

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  Growing demand for plastic and cosmetic surgery to propel market growth

  
  

The increased demand for aesthetic and plastic surgery is one of the major reasons propelling the growth of the  Wound Closure Devices Market. The American Society of Plastic Surgeons reports that since 2020, the number of virtual consultations for cosmetic operations has increased by 64% among US surgeons. However, those who have medical issues such trauma and accidents, burns, and numerous physical deformities undergo plastic surgery, including cosmetic treatments. Reconstructing the natural shape and look is the main goal of these operations. Reconstructive burn surgery, congenital defect correction, hand surgery, scar revision or removal, and lower extremity reconstruction are a few instances of plastic surgery. To close the incision after surgery, wound closure devices are necessary for surgical operations like liposuction, breast augmentation, abdominoplasty, eyelid surgery, and breast lifts. During the projected period, these factors will fuel the market for wound closure devices. Thus, this factor is driving the market CAGR for wound closure devices.

Another significant market trends for wound closure devices that is anticipated to have a favorable effect on the sector during the projected period is advancements in wound care technologies. Numerous advancements in the care and treatment of wounds, including the creation of NPWT, have been made thanks to a deeper understanding of the pathophysiology of wounds. The US's implementation of the ACA intends to lower surgical site infection (SSI), which can cause a number of clinical consequences and incentivizes healthcare facilities to deploy infection control measures. A decline in the frequency of SSIs and better wound care are supported by the development and advancements in suture technology, tissue-controlled devices, and speciality needles. Additionally, the revenue from advanced wound care solutions has increased for market vendors. For instance, Smith & Nephew plc saw an 8.0% rise in revenue for its advanced wound care management products in Q1 2022 compared to Q1 2021. These elements will provide further assistance for the target market in the upcoming years.

However, the federal government's increased investment in encouraging the use of these solutions has a further impact on the market. Additionally, the market for wound closure devices is positively impacted by the rise in healthcare spending, improvements in the healthcare infrastructure, and rising demand for extended care delivery. Thus, it is anticipated that this aspect will accelerate wound closure devices market revenue globally.

Wound Closure Devices Market Segment Insights

Wound Closure Devices Device Insights

The  Wound Closure Devices Market segmentation, based on device, includes Mechanical, Sutures, Staples and Adhesives. The sutures segment held the majority share in 2022 in the  Wound Closure Devices Market data because of the increase in accidents worldwide. Sutures are made up of a needle with a thread attached to it. They are available in a variety of sizes, shapes, and thread materials. The market for sutures has been further divided into absorbable and non-absorbable categories.

Wound Closure Devices Application Insights

The  Wound Closure Devices Market segmentation, based on application, includes Arterial Ulcers, Diabetic Ulcers, Pressure Ulcers, Surgical Wounds, Ulcers and Burns. The surgical wounds segment dominated the market growth for wound closure devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The surgical wound category is growing as a result of an increase in surgical operations and healthcare spending for wound care in industrialized nations.

Wound Closure Devices Type of Wound Insights

The global wound closure devices industry, based on type of wound, includes Acute Wounds, Chronic Wounds and Others. The acute wounds segment dominated the market for wound closure devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to the global increase in surgical procedures and burn cases. For instance, according to the WHO, South Africa spends over USD 26.00 million annually on treating burns brought on by accidents using kerosene cooking stoves. Such severe wounds need to be quickly treated with cutting-edge medical equipment.

Figure 2:  Wound Closure Devices Market, by Type of Wound, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wound Closure Devices End User Insights

The  Wound Closure Devices Market data, based on end user, includes Hospitals, Community Healthcare Services and Others. The hospitals segment dominated the wound closure devices market revenue for wound closure devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to an increase in operations and a rise in traffic accidents. For instance, the WHO estimates that over 1.35 million people per year die in traffic accidents, which account for almost 3.0% of the GDP in the majority of the world's economies.

Scientists have created a smart bandage to track chronic wounds and promote healing. They think the tool could help people with burns, diabetic ulcers, and surgical wounds that are not healing. Researchers claim to have developed an elastic, wireless, bioelectronic system that can adhere to the skin and aid in healing such wounds. The device comprises a disposable patch and reusable bendable printed circuit board. The "smart bandage" device can track the wound's temperature, pH, and concentrations of chemicals like glucose, uric acid, and lactate. These measurements are crucial for determining whether the wound has an infection and how much inflammation is there.

Wound Closure Devices Regional Insights

By region, the study provides the market insights for wound closure devices into North America, Europe, Asia-Pacific and Rest of the World. North America wound closure devices market accounted for USD 4.6 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period because significant players are present in the area and chronic wounds are becoming more common. Additionally, the expansion of the regional market is also attributed to an increase in the number of patients having surgery and a rise in awareness of minimally invasive procedures.

Further, the major countries studied in the market report for wound closure devices are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  WOUND CLOSURE DEVICES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific wound closure devices market accounts for the second-largest market share. The increase in medical tourism in the area is responsible for the market's expansion. Regional growth will be fueled by the introduction of cutting-edge medical gadgets that can be utilised to quickly and effectively repair wounds. Moreover, China wound closure devices market held the largest market share, and the India wound closure devices market was the fastest growing market in the region.

Europe wound closure devices Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the region's established, technologically advanced infrastructure and robust healthcare system, which fuel market demand. Another aspect driving the market demand is the rising frequency of traffic accidents. Further, the UK wound closure devices market held the largest market share, and the Germany wound closure devices market was the fastest growing market in the region.

Wound Closure Devices Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the wound closure devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the wound closure devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global wound closure devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, wound closure devices industry has provided medicine with some of the most significant benefits. The wound closure devices market major player such as CP Medical, Integra Lifescience, Gecko Biomedical, Arthrex GmbH, DACH Medical Group, ConvaTec, Kinetic Concepts, Derma Sciences, BSN Medical Inc., Baxter International and Others.

A prominent developer and producer of innovative wound care and wound closure solutions, Advanced Medical Solutions Group is situated in the UK. Their resources and specialised knowledge place them in a unique position to provide a broad range of integrated services for the design, development, and production of cutting-edge goods. In June 2022, the U.S. Food and Drug Administration granted LiquiBand XL, a new device that can close longer wounds than existing LiquiBand products, 510(k) approval. LiquiBand XL was developed by Advanced Medical Solutions Group plc, a U.K.-based developer and manufacturer of industry-leading advanced wound care and wound closure products.

In order to create medical devices based on its unique Microstaple Technology Platform, KitoTech Medical was spun off from the University of Washington in 2013. Serial entrepreneur and the company's creator, Ronald Berenson, MD, concentrated on exploiting this technology to create a unique wound closure product called microMend that would be a strong substitute for surgical staples and sutures. In March 2021, a medical device firm called KitoTech Medical announces the inclusion of the "microMend Combo Pack" to its expanding line of consumer goods. The usage of microMend can now be expanded to treat smaller lacerations and significant cuts on the fingers and specific areas of the face, giving consumers more alternatives for treating wounds.

Key Companies in the wound closure devices market includes

• CP Medical


• Integra Lifescience


• Gecko Biomedical


• Arthrex GmbH


• DACH Medical Group


• ConvaTec


• Kinetic Concepts


• Derma Sciences


• BSN Medical Inc.


• Baxter International


• Others

Wound Closure Devices Industry Developments

November 2020: Trubarb, a knotless tissue closure device from Healthium, is an efficient triangular end stopper that does not require knotting in comparison to a traditional suture.

March 2020: LiquiBand Plus, designed by Advanced Medical Solutions Limited to easily approximate skin margins of wounds from surgical incisions, has obtained FDA approval.

Wound Closure Devices Market Segmentation

Wound Closure Devices Device Outlook (USD Billion, 2018-2030)

• Mechanical


• Sutures


• Staples


• Adhesives

Wound Closure Devices Application Outlook (USD Billion, 2018-2030)

• Arterial Ulcers


• Diabetic Ulcers


• Pressure Ulcers


• Surgical Wounds


• Ulcers


• Burns

Wound Closure Devices Type of Wound Outlook (USD Billion, 2018-2030)

• Acute Wounds


• Chronic Wounds


• Others

Wound Closure Devices End User Outlook (USD Billion, 2018-2030)

• Hospitals


• Community Healthcare Services


• Others

Wound Closure Devices Regional Outlook (USD Billion, 2018-2030)

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  Middle East
  
  


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  Africa
  
  


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  Latin America