Wound Closure and Advanced Wound Care Global Market estimated to be worth $25.5 billion by 2026
Wound closure and advanced wound care is a wide comprehensive term that describes the complete spectrum of the various clinical methods, measures or therapeutic interventions used to take care of patients with any kind of wound. Specifically, it consists of the various therapeutic interventions performed on patients for the ergonomic closure and healing of their wounds. The primary goals of wound closure and advanced wound care are acceleration of wound healing, stabilization of the wound, wound palliation that involves wound symptom and pain management and addressing the various concerns of the patients. Currently, the wound closure and advanced wound care industry is undergoing a revolution due to the various innovations and development of technologically advanced products that ensure functional closure of the wound non-invasively and in an aesthetically appealing manner, accelerated wound healing, reduction of the patient suffering, chances of wound complications and recurrence to improve the overall quality of life of patients by elevating independence and functional status of the patients. Wound closure and advanced wound care products like sutures, staplers, wound closure strips, sealants, hemostats, adhesives, negative pressure wound therapy (NPWT) system, hyperbaric oxygen therapy (HOT), energy based devices, advanced wound dressings, and engineered skin substitutes are essential for effective closure and accelerated healing to of various kinds of surgical wounds, burns, ulcers, traumatic lacerations and radionecrotic wounds.
The wound closure and advanced wound care global market is expected to reach $25,527.8 million by 2026 growing at a mid single digit CAGR from 2019 to 2026. Some of the factors such as increasing acute and chronic wound burden among the global population, escalating number of surgical procedures associated with highly prevalent lifestyle and chronic diseases that necessitate surgical incisions and rapidly increasing geriatric population with prolonged wound healing time and increased susceptibility to various kinds of wounds are driving the market growth. Factors like increasing demand for highly efficient, scarless and sophisticated wound management products from the value-centric patient population, increasing R&D spending for developing innovative and technologically advanced products, growing economies and increasing demand for better healthcare facilities in emerging markets are further substantiating enormous growth opportunities of the market. Some of the hindrances to this market growth are lack of trained healthcare professionals for handling the various, innovative and sophisticated wound management products, high cost of the more efficient, advanced wound management products that impede their penetration in low-and middle-income countries, unfavourable reimbursement policies and adverse effects associated with the use of wound management products.
The wound closure and advanced wound care global market is classified based on the wound type, Product type, application, end-user and geography. Based on the wound type, the market is segmented as Acute wounds and Chronic wounds. The Acute wound segment accounted for the largest revenue in 2019 and is expected to growing at a mid single digit CAGR from 2019 to 2026 primarily due to the elevating number of surgical procedures performed across the globe and increasing prevalence of chronic diseases like cancer and other gastrointestinal diseases that necessitate surgical incisions. The Chronic wounds segment is expected to growing at a mid single digit CAGR from 2019 to 2026. The fastest growth rate of this segment is mainly due to increasing prevalence of diabetes among the world population, increasing incidences of cardiovascular diseases and cancers, escalating global incidence of pressure ulcers associated with increased rates of hospitalization and elevating geriatric population.
The wound closure and advanced wound care products are segmented into wound closure & wound care devices, advanced wound closure & biologics and advanced wound dressings. Among the various products, wound closure and wound care devices segment holds the largest share in 2019 and is expected to grow at a mid single digit CAGR from 2019 to 2026 due to promotion of rapid wound closure and wound healing by these devices and availability of diversified product portfolio for the efficient management of different types of wounds. Among the wound closure and wound care devices, sutures segment accounted for the largest revenue in 2019 due to their highly efficient and precise wound closure mechanism. Staples segment is the fastest emerging segment growing at a high single digit CAGR from 2019 to 2026 as their use is associated with strong, speedy wound closure with minimal tissue reactions.
Among the advanced wound closure and biologics, hemostats segment accounted for the largest revenue in 2019 while engineered skin substitutes segment is the fastest emerging segment growing at a high single digit CAGR from 2019 to 2026. The largest share of hemostats is mainly due to their efficiency in rapid termination of blood loss and prompt wound closure. The highest growth rate of engineered skin substitutes is primarily due to their assurance of better therapeutic patient outcomes in a non-invasive manner. Among the advanced wound dressings, foam dressings segment accounted for the largest revenue in 2019 and is expected to grow at a mid single digit CAGR during the forecasted period owing to the development of various innovative and highly comfortable dressings that can be used to treat the most non-healing wounds even at home care settings.
The wound closure and advanced wound care global application market is segmented as burns, ulcers, surgical wounds, trauma lacerations and radionecrosis. Among these, the surgical wounds segment accounted for the largest revenue in 2019 and is expected to grow at a mid single digit CAGR from 2019 to 2026 due to the large number of surgeries happening throughout the globe. Ulcers segment is the fastest growing segment growing at a mid single digit CAGR from 2019 to 2026 due to the high prevalence of various types of ulcers and various chronic diseases among the global population and the emergence of large number of technologically advanced, innovative products for ulcer management.
The end users of wound closure and advanced wound care market have been segmented into hospitals and Ambulatory surgery centers (ASCs), Clinics & Community Healthcare Services and others that consist of home health care settings, wound care clinics, dental clinics, trauma centers and research institutes. Among these end users, hospital and ASC segment accounted for the largest share in 2019 and is expected to grow at a mid single digit CAGR from 2019 to 2026 due to the availability of better and technologically advanced wound management facilities in them and the presence of trained wound closure and care specialists for the effective management of etiologically different wounds.
The wound closure and advanced wound care global market by geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North American region dominated the wound closure and advanced wound care global market with a largest share in 2019 and it is expected to grow at a mid single digit CAGR from 2019 to 2026 due to increasing penetration and adoption of advanced wound management products for the closure and accelerated healing of the highly prevalent acute and chronic wounds in the region, escalating geriatric population with requisites of various wound management products, increasing researches on wound care and wound closure field, leading to the development of various innovative and technologically advanced products, increasing demand for efficient and technologically advanced, sophisticated wound management devices. The Asia-Pacific region is expected to grow at a high single digit CAGR from 2019 to 2026 owing to large chronic and acute wound patient base in the countries here, increasing surgical procedures associated with lifestyle diseases and chronic diseases, increasing per capita expenditure on healthcare needs, growing economies of these regions, elevating demand for better and advanced wound management products, high geriatric population demographics, increasing awareness and public spending in healthcare, increasing private investment in healthcare sector, increasing penetration of health insurance schemes, innovations promoted by public private partnership (PPP), and the growing medical tourism prospects of the region.
Technological advancements are rapidly revolutionizing the wound closure and advanced wound care industry with innovative and value based, patient friendly devices emerging in the market every other day. Some of the major advancements in this field include development of nanoparticle based wound healing and skin regeneration, smart wound dressings to monitor the progress of wound healing or to indicate presence of infectious microbes in the wounds, gene therapy to alleviate wound healing by the introduction of normal healthy genes into the cells, exploitation of stem cell technology to accelerate wound healing and skin remodeling, biochips for promoting natural wound healing process and in the development of personalized wound management techniques and the micro anchor technology for the efficient wound closure. To gain more market share by bringing innovative and differentiated products to the market and to stay abreast in the patient-driven market with smart and superior medical devices, the wound closure and wound care product companies are constantly striving for the launch or approval of innovative wound management devices.
Most of the wound closure and advanced wound care companies are trying to expand and enhance their product offerings to increase their market access and to maintain their leadership status in the market. To enhance their core capabilities and product offerings, companies are adopting the strategy of acquisition that helps them to expand their technology to address new sections of the market or provide them access to innovative products of small niche players in the market. For instance, in January 2020, Becton Dickinson (C.R Bard) (U.S.) acquired Israel based startup company, Lifebond, the developer of LifeSeal Surgical Sealant and hernia meshes. In October 2019, to become a world leader in vacuum-assisted wound closure products and to enhance international penetration of these products, 3M Company (U.S.) acquired Acelity that was dominating the negative pressure wound therapy (NPWT) market by offering a variety of NPWT product lines, for $6.7 billion. In June 2019, Misonix Inc. (U.S.) acquired Solsys Medical LLC for $97 million mainly for their branded tissue-based product, Theraskin that is used for healing the highly prevalent chronic wounds. These acquisitions help companies to attain a competitive edge in the market and increase their market share by upgrading their existing product portfolios.
The wound closure and advanced wound care market is fragmented with the top five players occupying xx% of the market share and the remaining xx% of the market being occupied by other players. The top players in wound closure and advanced wound care market are Medtronic PLC (Ireland), 3M Company (U.S.), Smith & Nephew PLC (U.K.), Johnson & Johnson (J&J) (U.S.), Baxter International Inc. (U.S.), Molnlycke Holding AB (Sweden), Convatec Inc. (U.K.), Paul Hartmann AG (Germany), Integra LifeSciences Corporation (U.S.), Cardinal Health Inc. (U.S.), B. Braun Melsungen AG (Germany), Coloplast Group (Denmark) and others.