Market Definition
Wound closure devices are those that help to close a wound. It works by drawing the wound edges and tissues jointly to aid in healing. There are several products on the market that aid with wound closure. Strips, mechanical wound closure devices, adhesives, staples, and sutures are some of the most common wound closure devices. These devices aid in the strengthening of injured tissue as well as the reduction of tissue damage. Furthermore, they aid in reducing the chance or hazard of severe scarring and infection.
Market Outlook
The rising frequency of chronic wounds that consist of diabetic foot ulcers, venous leg ulcers, and pressure ulcers is expected to drive demand for wound closure devices. According to B. Braun Melsungen AG research, diabetic foot ulcers afflict between 2.0% to 10.0% of patients with diabetes. Furthermore, according to the American College of Physicians, the global yearly incidence of diabetic foot ulcers in 2017 was roughly 6.3%, and the lifetime risk of foot ulcers in diabetic individuals ranged from 19.0% to 34.0%. According to the National Centre for Biotechnology Information (NCBI), the prevalence rate of diabetic foot ulcers in North America in 2017 reached 13.0% (highest), which was 5.5% in Asia, 7.2% in Africa, 5.1% in Europe, and 13.0% in the United States. Chronic wounds are treated using wound closure devices which include sutures, staples, and mechanical wound closure systems.
Furthermore, there has been an increase in the total number of surgical operations performed throughout the world in recent years. One of the primary causes driving an increase in the number of procedures is the rising prevalence of chronic conditions such as cancer, diabetes, and autoimmune disorders. Infectious and non communicable illnesses have become more common in recent decades. These drivers are likely to propel market expansion.
The high rivalry that leads to pricing pressure is one of the major hurdles to the worldwide wound closure devices market’s growth. The market is accessible to small businesses for producing wound closure goods that include sutures, hemostats, surgical staples, and tissue sealants, despite the fact that few big manufacturers dominate a few product groups. When opposed to large, branded enterprises with names like Ethicon and Covidien (Medtronic), local competitors produce and distribute these items at much-reduced costs. Devices that are accessible at a low cost in developing nations are projected to increase faster. However, sophisticated items of greater quality are preferred by industrialized countries. Hence, these factors are expected to restrain growth of the market during the forecast period.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on wound type, the Wound Closure Devices Market is segmented into chronic and acute. The acute segment is expected to dominate the market during the forecast period. This is due to an increase in the number of operations and burn cases worldwide. According to WHO, around USD 26.00 million are allocated each year in South Africa for the treatment of burns caused by kerosene cooking burner events. Such severe injuries need prompt treatment using cutting-edge medical technology. Poverty, a lack of basic safety precautions, the use of paraffin for non-electric home appliances, alcohol misuse, and smoking are the key causes of a large number of burn cases.
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Major Players
The key players studied in the Wound Closure Devices Market are 3M, Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Medtronic, Baxter, Integra LifeSciences Corporation, Smith & Nephew, Mölnlycke Health Care AB, Medline Industries, Inc., and AVITA Medical among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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