Constant product innovations, technological advancements, and increased awareness among end-users are factors driving the growth of the global surgical wound closure devices market.
According to the latest Arizton's market research report, the global surgical wound closure devices market size to reach USD 8.4 billion by 2026, growing at a CAGR of approximately 6% during the forecast period.
Global Surgical Wound Closure Devices Market Growth Analysis
During the COVID-19 pandemic, it is projected to significantly reduce the revenue of the global surgical wound closure devices market while the pandemic continues. It is projected that the global surgical wound closure devices market will witness higher Y-o-Y growth rate in the second half of forecast period (2021−2026) due to flattening of COVID-19 curve and steady resumption of elective procedures post-COVID-19. Constant product innovations, technological advancements, and increased awareness among end-users are factors driving the growth of the global surgical wound closure devices market. Currently, the world has entered in its second wave of the COVID-19 pandemic, which is likely to impact the market growth.
Interesting Facts to Know:
- The rising target patient pool with various acute and chronic diseases requiring surgical interventions across the world is expected to fuel the demand for several wound care products.
- Global players are coming up with several innovative products, following the inorganic growth strategies by entering different regions to enhance their market share.
- Short term absorbable sutures (STASs) are used as they provide shorter clinical treatment pathways for surgical patients and can also cut the overall cost of the surgery.
With the growing popularity of biodegradable, biocompatible, natural-derived products, and the increasing availability of positive clinical evidence, the demand for natural surgical sealants is likely to increase in the future.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, end-users, patient group, and geography
- Competitive Landscape – 4 Key Company Profiles and 30 Other Prominent Vendors
Global Surgical Wound Closure Devices Market: Geographic Analysis
Germany, France, Italy, Spain, and the UK account for the largest share in the European surgical wound closure devices market. In Europe large number of surgeries are performed, which in turn, is propelling the demand in the global surgical wound closure devices market. In North America, the drastic increase in the patient pool requiring effective treatment and surgical procedures to be carried out will impact the growth of the market. One of the major factors such as robotic assistance during the surgery provided to the physicians to handle the complex surgeries with reduced risks is driving the North American surgical wound closure devices market.
Strategies Adopted by the Players in the Global Surgical Wound Closure Devices Market
The global players such as Medtronic, Johnson & Johnson, 3M and B. Braun Melsungen are playing a major role in the global surgical wound closure devices market. These players account for significant share in the global medical industry. New product approvals/launches coupled with R&D activities, help players to expand their presence, enhance market growth, and sustain their market position in the global surgical wound closure devices market. The market players are actively launching innovative devices to penetrate and tap the huge growth potential prevailing in the market. Numerous second tier and third-tier companies, including several Asian companies are posing a threat to key players as they are offering surgical wound closure devices at competitive prices.
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