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Wound Closure Products Market Expected to Reach USD 15.2 Billion by 2023: Transparency Market Research

Albany, NY, July 22, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research Wound Closure Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023, the global wound closure products market was valued at USD 8.8 billion in 2014 and is anticipated to expand at a CAGR of 6.3% from 2014 to 2023 to reach USD 15.2 billion by 2023.

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Wound infection and sepsis are the most common complications of injuries, surgical procedures, and some disorders such as diabetes. Improper wound treatment can cause serious complications, and even lead to limb amputation. Excessive blood loss during surgeries or trauma could also lead to life threatening complications. Hence, emphasis is laid on efficient and timely wound closure. Commonly employed wound closure products include sutures, staples, wound closure strips, adhesives and tissue sealants, and hemostats. Sutures and staples are the oldest wound closure methods adopted for the treatment of post-surgical and acute wounds.

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The market for these products is highly fragmented, with large number of local as well as multinational companies. Sutures and staples suffer from a major drawback that they need a repeat surgery for removal, post wound healing. In order to overcome these demerits, absorbable sutures were launched, which are degraded by the body as the wound heals. Absorbable sutures are made of catgut polyglycolic acid or polydioxanone, and have high tensile strength. The global market for sutures is largely driven by absorbable sutures, while non-absorbable sutures are seldom used.

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New technology wound closure products such as adhesives and tissue sealants provide advantages such as faster wound closure in shorter duration of time. These also help avoid hospital revisit for removal of sutures. This segment includes fibrin sealants, collagen-based sealants, cyanoacrylate-based sealants, albumin and glutaraldehyde sealants, and polymer-based sealants. Demand for adhesives and tissue sealants is likely to increase rapidly during the forecast period due to the advantages mentioned above. Tissue sealants are used in combination with staples or sutures in certain surgical procedures such as bariatric surgery and heart valve replacement procedures. The market for fibrin sealants and cyanoacrylate sealants is highly competitive, while CryoLife has monopoly in the glutaraldehyde-based sealants segment.

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Wound closure strips are an alternative to stitches and sutures and are made of macroporous non-woven polyamide having pressure sensitive adhesive properties. These wound closure strips are associated with minimal tissue reactivity and yield the lowest rate of infection, but they tend to slough off in the presence of tension or moisture. Advantages of wound closure strips include rapid application, little or no patient discomfort, low cost, and no risk of needlestick injuries.Key players in the global wound closure products market include B. Braun Melsungen AG, Baxter International Inc., C. R. Bard, Inc., Covidien plc, CryoLife, and Ethicon (Johnson & Johnson).

Global Wound Closure Products Market has been segmented as below:

Global Wound Closure Products Market, by Product Type

Sutures

  • Absorbable Sutures
  • Non-Absorbable Sutures

Surgical Staples

Wound Closure Strips

Adhesives and Tissue Sealants

  • Fibrin Sealants
  • Collagen Based Sealants
  • Cyanoacrylate Sealants
  • Albumin and Glutaraldehyde Based Sealants
  • Polymer Based Sealants

Hemostats

Global Wound Closure Products Market, by Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • Rest of Europe

Asia Pacific

  • India
  • China
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Rest of the World

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Source:Transparency Market Research