The Global Wound Closure Market by product type (wound dressings and surgical wound closure products), by application (ulcer, surgical wounds, burn injuries, and other applications), by end user (hospitals, long-term care settings, and home care settings) and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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.
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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 skin breakdown with ulcers and chronic wound formation is one of the common clinical problem, as the geriatric population are more prone to the wound and ulcers. Rising number of surgical procedures among aged population are expected to have increased potential for wound complications. According to the data published in the National Center for Biotechnology Information (NCBI) in November 2016, in U.S. chronic wounds are reported to affect 6.5 million patients with approximately US$ 25 billion expenditure annually by healthcare system on wound related complications.
According to the data published in the January 2016 by the Population Reference Bureau report, prevalence of obesity rate among the older adults have been increasing from 31.6% to 41.5% among the men aged 65 to 74 while the prevalence among the men aged 75 and older has increased from 17.7% to 26.5%. Moreover this trend is expected to significantly increase health burden including high risk of diabetes, cardiovascular disease, osteoarthritis, stroke, and cancer, which adversely impact the wound healing in geriatric population.
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Key Takeaways of the wound closure market:
The global wound closure market is expected to expand at a CAGR 7.1% during the forecast period (2017 – 2025), 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.
To know the latest trends and insights prevalent in the wound closure market, click the link below: https://www.coherentmarketinsights.com/market-insight/wound-closure-market-1205
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.