SEATTLE, July 13, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global wound closure market is estimated to be valued at US$ 1.84 billion in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Wound Closure Market:
Major players operating in the market are focusing on adopting strategies such as product approvals, which is expected to drive the market growth over the forecast period. For instance, in July 2018, Intuitive Surgical, Inc., the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery, announced that the U.S. Food and Drug Administration granted clearance for the company's fully wristed, 60mm stapler, SureForm 60 for general, thoracic, gynecologic, urologic, and pediatric indications.
The increasing efforts by the key players in the market to advance wound care research is expected to drive the market growth over the forecast period. For instance, in September 2021, HMP Global, an omnichannel leader in healthcare events and education announced details of the new 'SAWC Change' campaign, part of the Symposium on Advanced Wound Care (SAWC Fall) that took place as an in-person gathering from October 29 to October 31, 2021, in Las Vegas. The company entered into a partnership with the Wound Healing Foundation (WHF) and debra of America, a non-profit organization, as part of SAWC Change Campaign to advance innovative wound care research and outcomes for patients who suffer with chronic wounds.
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Key Market Takeaways:
The global wound closure market is expected to exhibit a CAGR of 7.1% during the forecast period due to the increasing adoption of inorganic growth strategies such as acquisitions by the key players in the market. For instance, in December 2021, Essity, a hygiene and health company, acquired Hydrofera, a company developing Hydrofera Blue Antibacterial Wound Dressings, an advanced line of wound care products designed to shorten healing times, lower treatment costs, and deliver better patient outcomes.
Among product types, the wound dressings segment is expected to dominate the segment growth over the forecast period, owing to the increasing product approvals by the regulatory bodies to the key players in the market. For instance, in July 2019, Advanced Medical Solutions Group plc, a U.K.-based developer and manufacturer of world-leading advanced wound care and wound closure products, had received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its wound care products, Silver High Performance Dressing, an antimicrobial gelling fibre technology meant to address chronic wounds, and Silicone PHMB Foam Dressing, an atraumatic adhesive dressing intended for chronic and post-surgical wounds such as pressure sores, diabetic ulcers and burns.
On the basis of applications, the surgical wounds segment is expected to dominate the segment growth over the forecast period, owing to the increasing prevalence of surgeries. For instance, according to an article published by the National Center for Biotechnology Information, in September 2020, globally a staggering 310 million major surgeries are performed each year; around 40 to 50 million in the U.S. and 20 million in Europe.
Key players operating in the global wound closure market include 3M, Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, Convatec Group PLC, Integra LifeSciences, Medtronic, Mölnlycke Health Care AB, Cardinal Health, and Stryker.
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Global Wound Closure Market, By Product Type:
Global Wound Closure Market, By Application:
Global Wound Closure Market, By End User:
Long-term Care Settings
Home Care Settings
Other end users
Global Wound Closure Market, By Region:
Middle East & Africa
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