The latest market report published by Credence Research, Inc. “Wound Closure Surgical Products Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the wound closure surgical products market was valued at US$ 14.5 Bn in 2016, and is expected to reach US$ 26.3 Bn 2025, expanding at a CAGR of 6.8% from 2017 to 2025.
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There is an increase in demand for cost efficient surgical procedures that assist in sealing of tissues and providing complete closure of wounds with total recovery. Wound closure surgical products are available in various forms viz., hemostats, tissue sealants, adhesives, ligating clips, wound closure strips, mechanical stapling device and sutures.
Wound closures surgical products are predominantly used for surgical closures which are utilized in varied sectors such as cardiovascular conditions, orthopedic conditions which consist of join reconstruction procedures and most widely used in skin repairs commonly known as cosmetic surgeries. The number of cosmetic surgeries is projected to be on a constant rise. According to the American Society of Plastic Surgeons there were about 15.9 million minimal invasive cosmetic procedures in the year 2015 in the U.S. Rising cosmetic surgery procedures increases the demand for lesser invasive wound closing products which prevents the occurrence of permanent scars. This factor acts as a major market driver for wound closure surgical products such as tissue sealants, adhesives and wound closure strips.
The wound closure surgical products market is projected to attain enormous growth in the forecast period, 2017-2025. Market drivers that assist this growth are rise in newer technologies focused on non-invasive procedures, reduced post-surgical infections, and increased demand for lesser recovery time which could reduce the hospital stay durations. Additionally, increase in surgical procedures, rise in prevalence of chronic wounds and development structured reimbursement policies would also drive the wound closure surgical products market. However, the inadequacy of presence of skilled professionals for the use of the advanced wound closure surgical products is one of the major restraint that could hold back the growth of this market to its complete potential. Furthermore, the advanced wound closure products options are expensive, this creates a dilemma for the payers to provide a suitable reimbursement option, thus would have a negative impact on the wound closure products market.
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Wound closure surgical products are obtainable in majority of the geographies. The demand for these products among the geographies depends on the economic status of the patients, government support for healthcare, presence of key leaders and constant R&D activities. Considering the above mentioned conditions North America predominates the wound closure products market. Asia Pacific shows a fast growth rate for the wound closure surgical products market on account of the increasing health expenditures by developing economies like India and China. Additionally, the rise in accessibility to advanced treatment options has also led to the demand for wound closure surgical products in the developing economies.
Market Competition Assessment:
The wound closure surgical products market is saturated with an extensive competitive pool of key players. The potential for the emergence of new players is lesser owing to major threats from already existing players. The saturation of the market has affected the pricing of the products due to very little product differentiation among the competitors. Among all the major key players Ethicon Inc. dominates the market with its products ProleneTM, MonocrylTM and VicrylTM. Other key players in the market are B. Braun Melsungen AG, 3M, Abbott, Alfresa Pharma Corporation, Baxter International, BSN medical, Derma Sciences Inc., Ethicon Inc., Genzyme Corporation, Acelity, Medtronic Plc., NeatStitch Ltd., Radi Medical Systems Inc., Smith & Nephew and Teleflex Medical Inc.
Key Market Movements:
- Increasing incidence of chronic wounds and surgical procedurals has let to rise in demand for wound closure products
- Higher prices of newer advanced wound closing techniques has made the payers rethink on their reimbursement policies. This factor could have a negative impact on the growth of wound closure surgical products market.
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