Surgical Wound Closure Devices Market - Global Outlook and Forecast 2021-2026

INDUSTRY INSIGHTS

The global surgical wound closure devices market size to be valued at USD 8.4 billion by 2026, growing at a CAGR of 6% during 2021–2026. North America is expected to contribute the highest revenue to the market, and the APAC region is projected to grow at the highest CAGR during the forecast period. The wound closure devices market has been adversely affected since the breakout of the COVID-19 pandemic. Over 28 million planned surgeries across the world have been canceled due to the outbreak of the pandemic, which has significantly truncated the growth of wound closure devices. Majority of hospitals worldwide either postponed or canceled their planned elective surgeries during the pandemic, which has severely affected the application of advanced wound closure devices. With developed countries such as the US, Germany, and the UK suspending elective, specialty, and other surgeries to avoid exposure to the potential infection environment and to prioritize the treatment of COVID-19, the revenue of the global market has nosedived. Further, the utilization of surgical procedures with surgical wound closure devices declined in 2020 as the number of procedures decreased in the short term, hence, delaying new purchases of wound closure devices.

SNIPPETS

• Surgical sutures and needles are expected to observe revenue of over USD 3.15 billion by 2026 on account of the increase in surgeries.
• Specialty medical centers are likely to witness the fastest growth during the forecast period as these centers offer high-quality medical care, low risk of infections, and fast recovery time.
• While North America is expected to contribute the highest revenue to the market, the APAC region is projected to grow at the highest CAGR during the forecast period.
• The COVID-19 virus outbreak has adversely affected the market, with over 28 million planned surgeries canceled across the world.

GLOBAL SURGICAL WOUND CLOSURE DEVICES MARKET SEGMENTATION

This research report includes a detailed segmentation by

• Product
• End-user
• Patient Group
• Geography

INSIGHTS BY PRODUCTS

In 2020, surgical sutures and needles accounted for over 41% of the global surgical wound closure devices market share. With the increase in surgeries conducted across the globe, the demand for sutures is increasing. Despite the availability of substitutes such as staples, glues, and strips, the demand for suture materials is growing. The introduction of antimicrobial wound dressing is also likely to influence market growth. Surgical stapling devices are crucial as they help maintain hemostasis, prevent leakage, and preserve vascularization. These devices are increasingly preferred as they heal wounds quickly, offer minimal tissue reaction, and involve low infection risk. While sutures and needles dominate the market, the application of adhesives and sealants is growing on account of high performance and reduced infection risks. Sealant and adhesives are expected to grow at a CAGR of over 7% during the period 2020¬2026. Sealants or bio-adhesives are considered a promising substitute for sutures, staples. Their physical, biological properties and adhesive strength have encouraged several surgeons to employ them in clinical practices, thereby growing market opportunities.

INSIGHTS BY END-USER

Hospitals in developing and developed countries perform the majority of surgeries. Due to the rise in the geriatric population, the number of surgeries performed in hospitals is also growing. Most hospitals prefer the use of advanced wound closure devices to help patients recover quickly. Surgical staplers and advanced absorbable sutures are witnessing high adoption in hospitals. Furthermore, antimicrobial sutures are also being widely used in hospitals to avoid postoperative complications and prevent surgical site infections (SSI). These infections accounted for a high percentage of deaths. The outbreak of the COVID-19 pandemic has led to the postponement of elective surgeries in hospitals, especially in developed countries. Hence, the pandemic has a considerable effect on the global surgical wound closure devices market.

Specialty medical centers have transformed the landscape of healthcare, providing patients with an alternative to traditional hospitals. They are widely regarded for the quality of care, low infection rates, and high recovery outcomes. The usage of staplers, sutures, adhesives, and wound closure strips is higher among specialty hospitals. Specialty hospitals have experienced medical staff and offer specialized treatments using advanced surgical equipment to patients. These factors drive patients to prefer specialty medical facilities for specialized surgeries such as orthopedic and bone reconstruction surgeries. Therefore, the segment is likely to contribute to surgical wound closure devices' growth during the forecast period.

INSIGHTS BY PATIENT GROUP

Adults dominate the wound closure devices market as a significant proportion of the human population undergoes surgical procedures at a point in life. The segment is expected to grow as adults are more susceptible to accidents, mishaps, and diseases. North America and Europe are expected to contribute maximum revenues due to the high number of surgeries in these regions. However, with the outbreak of the covid-19 pandemic, the number of elective surgeries in the US and Canada has been deferred. Europe is another high-revenue generating market as the region witnessing a high number of surgeries performed on the geriatric population and a high percentage of the population with morbidities such as diabetes. The pediatric segment accounted for over 23% of the share; however, there is a significant number of emergency surgeries performed in the pediatric group, sports injuries, congenital disabilities, which account for the significant share of pediatric procedures, thereby increasing the demand for surgical wound closure devices in the market.

INSIGHTS BY GEOGRAPHY

North America accounted for a share of over 36% of the global surgical wound closure devices market in 2020. Tof surgeries increasing in North America are growing due to developed healthcare infrastructure and an increase in the geriatric population, which has drastically increased the patient pool requiring effective treatment and surgical procedures. This, in turn, is expected to propel market growth. In addition, benefits such as no cut or incision on body parts, less or no blood loss, enhanced patient care, and overall improved patient experience associated with non-invasive procedures are expected to further spur the market growth. Also, chances of hospital-acquired infections are minimal with these types of surgeries. This has increased the demand for non-invasive procedures.

INSIGHTS BY VENDORS

The global market is subject to rapid changes and has been significantly affected by new product launches. Medtronic, Johnson & Johnson, 3M, and B. Braun Melsungen are major vendors in the industry. Currently, these companies together account for significant shares in the market. However, they are facing stiff competition from local and regional players. Several tier II and tier III companies, including several Asian companies, are posing a threat to key players as they offer antimicrobial dressing material at competitive prices. Global players focus on developing innovative products and expanding their product portfolio to remain competitive in the market.

The global surgical wound closure devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Product

• Surgical Sutures
• Surgical Stapling Devices
• Surgical Sealants and Adhesives
• Surgical Strips

End-user

• Hospitals
• Special Medical Facilities
• Others

Patient Group

• Adult
• Pediatric

Geography

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• APAC
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa