Wound closure market was valued at US$ 2.3 billion in 2017 and is projected to expand at a CAGR of 7.1% during the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Increasing number of geriatric population, rise in the prevalence of chronic wounds, venous ulcers, diabetes ulcers, and pressure ulcers, owing to the increased cases of lifestyle disease, accidents, and casualties are expected to be major driving factor for the wound closure market growth during the forecast period.
The global wound closure market is expected to expand due to the rising prevalence of chronic wounds and emergence of technically advanced wound closure products.
Among product type, wound dressings segment hold a dominant position in the global wound closure market, owing to features such as optimized and cost-effective treatment, reduced the number of dressing changes, and accelerated wound healing time.
Surgical wounds is the major application area of the global wound closure market. Increasing number of surgeries resulting into wound indications post-surgery is fueling the growth of wound closure market in near future.
Hospitals is the major end user segment in the global wound closure market due to the increased hospital administration, owing to the growing cases of accidents, casualties, and rising administration of geriatric population suffered with lifestyle disease conditions.
Some of the key players operating in global wound closure market are Acelity L.P.Inc., Smith & Nephew plc, Johnson & Johnson, B. Braun Melsungen AG, ConvaTec Group plc, Baxter International Inc., Integra LifeSciences Corporation, Medtronic plc, Molnlycke Health Care AB, and Cardinal Health, Inc.