PUBLISHED DATE : Feb 2021 | Pages : 274
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Surgical Wound Closure Devices Market Size, Share, Trends Analysis Report by Product (Surgical Sutures, Surgical Stapling Devices, Surgical Sealants and Adhesives, and Surgical Strips); End-user (Hospitals, Specialty Medical Facilities, and Others); Patient Group (Adult and Pediatric); and Geography (North America, Europe, APAC, Latin America, and Middle East & Africa); Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021–2026
274 Pages
86 Tables
131 Charts
5 Regions
18 Countries
34 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| MARKET SIZE (REVENUE) | 8.4 BILLION (2026) |
| CAGR | 6% (2021–2026) |
| Base Year | 2020 |
| Forecast Year | 2021–2026 |
| Market Segments | Product (Surgical Sutures, Surgical Stapling Devices, Surgical Sealants and Adhesives, and Surgical Strips); End-user (Hospitals, Specialty Medical Facilities, and Others); Patient Group (Adult and Pediatric) |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Countries Covered | US, Canada, UK, Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Argentina, Saudi Arabia, Turkey, South Africa |
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 prevalence of multiple disease conditions with a rising geriatric population across the world also boosted the demand for surgical wound closure devices. Constant product innovations, technological advancements, and increased awareness among end-users are factors driving the growth of the surgical wound closure devices market across the world.
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. It is anticipated that the global surgical wound closure devices market will witness a higher Y-o-Y growth rate in the second half of the forecast period (2021−2026) due to the flattening of the COVID-19 curve and steady resumption of elective procedures post-COVID-19 era.
This research report includes a detailed segmentation by
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 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. Vendors such as 3M, CardinalHealth, Medtronic, Derma Sciences, McKesson, and Medline Industries are introducing surgical wound closure strips in the market, which are used on a large scale.
In 2020, the hospitals' segment accounted for the largest share of 44% in the global market. 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. The hospital segment is likely to account for incremental revenues of over USD 920 million during the forecast period.
The specialty medical centers segment is growing at the fastest CAGR of over 6% during the forecast period. 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. Specialized medical facilities are slowly increasing in Tier II and Tier III cities of the developing countries. The specialty medical facilities segment was valued at USD 2.1 billion in 2020 and is expected to reach USD 3 billion by 2026.
Adults dominate the wound closure devices market with shares of over 75%. North America and Europe are expected to contribute maximum revenues due to the high number of surgeries in these regions. The segment is witnessing incremental revenues of over USD 2 billion during the forecast period. 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. This segment is witnessing an absolute growth of over 29% during the forecast period.
North America accounted for a share of over 36% of the global surgical wound closure devices market in 2020. The number of surgeries increasing in North America is 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. The US region accounted for 89% of the North American surgical wound closure devices market share. In 2020, Europe accounted for a 32% share in the global surgical wound closure devices market. Countries such as Germany, France, Italy, Spain, and the UK accounted for the largest share in the region.
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.
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