Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the Global Wound Closure market was valued at US$ 15.82 billion in 2021 and the market is expected to register a revenue CAGR of 6.1% during the forecast period of 2022 to 2030. 

Market Fundamentals

A crucial aspect of emergency medicine practice is wound care. The professionals treat all types of wounds from mild, straightforward lacerations or abrasions to complex wounds. Wound closure methods have developed over the years, including everything from basic sutures to sticky substances. In the primary care context, wound closure aims to stop bleeding, avoid infection, accelerate healing, and maintain the appearance and functionality of the wounded area.

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Market Dynamics

The rising prevalence of chronic wound and the increased number of surgeries globally is the major factor driving the revenue growth of the global wound closure market. Moreover, the rise in the prevalence of chronic diseases requiring surgical procedures also plays a key role in the revenue growth of the market. Furthermore, the rise in road and workplace accidents, and the increasing cases of orthopedic surgeries because of the rising geriatric population and obesity are boosting the revenue growth of the market. 

Additionally, the increased adoption of advanced technologies to decrease the risk of hospital-acquired infections, lower the healing time, improve the ease of use, and produce cost-effective products is also increasing the demand for wound closers.

Similarly, the rise in the number of cosmetic surgeries and the launch of new products is also expected to fuel the revenue growth of the global wound closure market. 

However, the lack of advanced technology and skilled professional in developing countries and frequent product recalls are restricting the market revenue growth to some extent. 

Market Ecosystem

The global wound closure market has been analyzed from four perspectives: product, application, end-user, and region. 

Wound Closure Market by Product

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Based on product type, the global wound closure market is segmented into sutures, hemostatic agents, staplers, and others. 

The sutures segment holds the largest revenue share in the global wound closure market. The suture segment is further sub-segmented into absorbable and non-absorbable. The large revenue share of the suture segment can be attributed to the preference for sutures over other products as the standard product for closer wounds. Furthermore, sutures provide high tensile strength and have less risk of injuring cutaneous circulation. In case of infection, the complete sutures are not required to remove, thus increasing the demand for sutures. Additionally, the sutures reduce the chances of infection as the wound is completely closed compared to other products.

Wound Closure Market by Application

Based on application, the global wound closure market is segmented into cardiology, orthopedics, gynecology, general surgery, ophthalmic, and others. 

The general surgery segment dominates the global wound closure market, with the largest revenue share. The large revenue share of the general surgery segment can be attributed to the rising number of road and workplace accidents. According to the WHO, 20 to 30 million people globally suffer from non-fatal injuries in road accidents. Furthermore, the rise in the geriatric population and obesity is also increasing the incidence of surgeries, boosting segment growth. 

Wound Closure Market by End-user

Based on end-user, the global wound closure market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others. 

The hospital segment will hold a significant revenue share in the global wound closure market. The large share of the hospital segment can be attributed to greater patient footfall because of the availability of a wide range of services and specialties. Moreover, the rise in traumatic accidents and the presence of skilled healthcare professionals and advanced services are also playing a pivotal role in the segment revenue growth. 

Wound Closure Market by Region

Based on region, the global wound closure market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

In terms of revenue share,  North America dominates the global wound closure market, followed by Europe. 

The Asia Pacific is the fastest-growing regional market. The rising geriatric population and increased chronic wounds are the major factors driving the revenue growth in the region. Additionally, the growing adoption of advanced technologies and the presence of the major players in the region are also expected to propel market revenue growth in this region.

Competitive Landscape

The prominent players operating in the global wound closure market are:

• Medtronic plc
• 3M Company
• Smith & Nephew plc
•  ETHICON (Johnson & Johnson MedTech)
• Baxter International Inc.
• B. Braun Melsungen AG
• Mölnlycke Health Care AB
• Organogenesis Holdings Inc.
• Boston Scientific Corporation 
• Medline Industries Inc.
• MiMedx Group Inc.
• Paul Hartmann AG
• Ethicon Inc.
• DeRoyal Industries
• Integra Life Sciences Holdings Corporation
• DermaRite Industries LLC
• Stryker Corporation
• CP Medical Corporation
• Artivion Inc.

Strategic Developments

• In June 2022, Advanced Medical Solutions got FDA 510(k) approval for LiquiBand XL. These devices contain a surgical mesh used for wounds and LiquiBand glue used to strengthen the closure and prevent infection.
• In April 2022, KitoTech Medical formed a partnership with Corza Medical and signed an exclusive agreement giving it the right to sell the microMend family of wound closure products in the U.S. 

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