Next Generation Wound Closure Device Market

Next Generation Wound Closure Device Market By Product Type (Regular Sutures, Mechanical sutures (Staplers), Topical Adhesives, Non-Invasive wound closure devices), By End User (Hospitals, Ambulatory surgery centers, Clinics), By Region - Global Insights 2022 to 2032

Analysis of Next Generation Wound Closure Device Market Covering 30 + Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Next Generation Wound Closure Device Market Outlook

The global next-generation wound closure device market is valued at USD 16.25 Billion in 2022. Further, this market is expected to grow with a CAGR of 7.1%. Next generation wound closure market is expected to cross USD 32.27 Billion by end of 2032. In upcoming years this market is likely to witness an opportunity of US$ 250 Million.

Report Attributes

Details

Next Generation Wound Closure Device Market size (2022 A)

USD 16.25 Billion

Base Year for Estimation

2022

Forecast duration for this research

2022-2032

Forecasted Market value (2032 F)

USD 32.27 Billion

Global Market Growth rate (2022-2032 E)

CAGR of 7.1%

Key Companies Profiled

  • 3M,
  • Johnson & Johnson Services, Inc.,
  • B. Braun Melsungen AG
  • Medtronic

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Impetus behind the Rising Demand for Next-Generation Wound Closure Devices?

Accelerating demand for the next-generation wound closure devices is noticed in closure strips, elastic skin closures, and antimicrobial skin closures in the healthcare sector, likely to open new opportunities. These devices are popular for their safety, reduced recovery time, and accuracy, which are leading to create demand from end consumers. As recorded, the American Society of Plastic Surgeons in America noticed a 64% rise in consultation for cosmetic surgeries in 2020. These projects demand a high rate of surgeries to overcome distinct bodily effects.

The rising incidences of sports injuries and road accidents are noticed to see a rise in demand for wound closure devices in the forecast duration. The transparent designs of these devices allow control, and it’s also an important factor behind rising sales and a positive impact on production.

There is also a rise in diabetic foot wounds. Venous leg ulcers are expected to be drivers of rising demand. This rapid rise in patients with an ulcer is owing to the rise in the ageing populace. These are rising no communicable diseases are stimulating infections and surgeries in the forecast duration. Industry manufacturers are launching technologically advanced devices in order to provide ease in surgical functions.

The increasing awareness of minimally invasive surgeries and the rising number of patients undergoing operations are responsibly driving the growth of the next-generation wound closure device market.

Top Restraints for the Next-Generation Wound Closure Device Market

The high cost associated with the next-generation wound closure devices is a restraint factor for the sales of products. The developing countries like Asia and Africa, cost sensitivity has an impact on the demand for next-generation wound closure devices.

The doctors in this region prefer traditional ways of treating wounds instead of the bio-engineered dressing options available. The uncertainty related to the supply of raw materials is impacting the production quantity and cost. As a result, maintaining a profit margin becomes a challenge for the manufacturers.

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Historical Performance of the Next Generation Wound Device Market

The recent global pandemic has impacted adversely on the wound closure market. Owing to lockdowns, many surgeries were postponed. Alongside, the production of wound devices was hampered due to disturbance in the supply chain network owing to closures and trade disruptions during the pandemic. However, this demand is expected to gain an upward trajectory in the forecast duration.

Segment wise analysis

Sutures Remain the Key Revenue Channel in the Product Type

Based on the products, next-generation wound devices are segmented into adhesives, staples, and sutures. Mechanical wound closure devices are also available. Sutures, among all types, dominated in terms of market share for the year 2018. This rise is reasonably owing to the rise in accidents globally. These needles being attached to threats come in different shapes, including variants such as non-absorbable and absorbable.

The absorbable sutures are likely to fetch a higher share in the forecast duration. The staple segment is expected to notice the fastest growth over the forecast duration because stapling is easier than suturing. The staples need constant monitoring and care as these are non-absorbable.

Based on the wound closures, the market is categorized into acute and chronic. Acute segment reigns in market share owing to the accelerated burn cases and surgeries globally. Poor countries like African countries notice a high rate of incidences of stove burning, which drives the sales of acute wounds. These acute injuries need immediate treatment and quick closures. The lack of safety features and poverty are reasons for higher burn cases.

Chronic wounds are demanded to treat ulcers, diabetes, and pressure ulcers. Increasing cases of chronic diseases and a rising ageing populace are major factors responsible for a surge in demand for the next-generation wound device segment. The ageing populace is more prone to chronic injuries, which is the impetus behind sales of next-generation wound devices in the forecast duration.

Based on the end usage, wound closure devices are used at trauma centres, hospitals, and clinics. The hospital usage of wound-treating devices dominates the usage segment. This domination is due to a rise in the number of accidental and surgery cases. However, the clinic segment is likely to grow with the fastest CAGR for the forecast duration.

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Region-wise insights

Painless Treatment to Drive Adoption in North American Market

The next-generation wound devices market is dominated by the North American region owing to big market players in the region and the penetration of chronic disorders. There is a progression in minimally invasive surgeries awareness leading to aggregate demand for next-generation wound devices in the future.

The trend of painless treatment among consumers has observed noteworthy demand in this region and is most likely to lead production in the near future. The US market is set to tread on the historic pattern during the assessment duration 2022-2032.

Asia Pacific market is expected to grow faster than other regions in the forecast duration as there is a rising medical sector attracting manufacturers to enter into markets. There is also a surge in medical tourism, which probably fetch regional growth for next-generation wound devices.

However, Asia pacific markets have been severely affected by closures of sports activity preceded by a pandemic. The rising government spending on health infrastructure is backing the possibility of a positive outlook in the next-generation wound devices market share for this region.

Recent developments

The rising competition in the field is the cause of concern faced by manufacturers. The local manufacturers in various regions sell their products at lower rates to gain customer attention, this hinders sales of big brands. However, in developed countries, people give preference to high-quality products over price, in these countries top players are likely to maintain their highest share in the forecast duration.

Reduction in the prices of devices may affect the entire revenue cycle of the firm affecting the growth forecast for products. To recover from the impact of Covid-19, manufacturers of next-generation wound devices should focus on the growth prospects and use of technology for maintaining market dominance.

  • Smith and Nephew 2020 launched ARIA which is a digital platform for patient care delivery with providers across the surgical scenario.
  • Swift Medical is a leading next-generation digital wound closure company that announced a $35 Million Series B investment in 2021 to integrate artificial intelligence with wound closure devices to make them more advanced.
  • In February 2019, Teleflex Incorporated received FDA approval for a device called ‘MANTA™ Device’, envisioned to seal femoral punctures post-medical procedures of vascular access and to advance the rate of wound healing.

Key Segments

  • By Product Type :

    • Regular Sutures
    • Mechanical sutures (Staplers)
    • Topical Adhesives
    • Non-Invasive wound closure devices
    • Others
  • By End User :

    • Hospitals
    • Ambulatory surgery centers
    • Clinics
  • By Region :

    • North America
      • US & Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • Benelux
      • Russia
      • Rest of Europe
    • East Asia
      • China
      • Japan
      • South Korea
    • South Asia
      • India
      • Thailand
      • Malaysia
      • Indonesia
      • Rest of South Asia
    • Oceania
      • Australia
      • New Zealand
    • Middle East and Africa
      • GCC Countries
      • Turkey
      • South Africa
      • Rest of Middle East & Africa

- FAQs -

What is the projected Growth Outlook for Next Generation Wound Closure Device Market in Forecast Duration?

The next generations wound closure device market is expected to grow with a CAGR of 7.1%. Moreover, this market is expected to cross USD 32.27 Billion by end of 2032.

Which product segment is dominating the Next Generation Wound Closure Device Market?

Acute segment reigns in market share owing to the accelerated burn cases and surgeries globally.

What factors drive demand for the Next Generation Wound Closure Device?

The rising number of accident cases, prevailing chronic wounds, and increased need for minimally invasive surgeries driving the market share of next generation wound closure device market.

How big is the Next Generation Wound Closure Device Market in terms of Market Value?

The global next-generation wound closure device market is valued at USD 16.25 Billion in 2022.

Next Generation Wound Closure Device Market

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