The soaring cases of road accidents, booming geriatric population, surging number of burn cases, increasing volume of surgeries, and rising incidence of chronic wounds are expected to drive the wound closure products market at a CAGR of 6.3% during the forecast period (2016–2022). According to P&S Intelligence, the market generated revenue of $9,517.1 million in 2015. Wound closure products are used to manage several types of wounds because they prevent blood loss and infections and expedite the healing process.
The rising incidence of road accidents is the major driving force behind the wound closure products market growth. Wounds caused during such accidents often result in tissue loss, which can be healed through wound closure products. The World Health Organization (WHO) states that approximately 20–50 million people suffer non-fatal injuries and nearly 1.35 million people in the world die due to road accidents every year. The organization also mentions that road accident injuries are the leading cause of fatality among children and young adults aged 5–29 years.
Additionally, the escalating number of burn injuries will facilitate the wound closure products market growth in the coming years. Burn injuries often need surgical procedures, which involve the usage of wound closure products. While performing surgical procedures at burn sites, surgeons need to make several incisions, which may lead to the formation of wounds. This can be treated by the usage of these medical products. According to the WHO, non-fatal burn injuries often result in death; therefore, proper treatment is necessary for the prevention of such deaths.
The application segment of the market is categorized into general surgeries, cardiovascular surgeries, orthopedic surgeries, gynecological surgeries, ophthalmic surgeries, and others. In 2015, the cardiovascular surgeries category dominated the market due to the surging prevalence of heart diseases. According to the WHO, cardiovascular diseases (CVDs) are responsible for 18% of the disability-adjusted life years (DALYs) lost in high-income countries and around 10% of the DALYs lost in low- and middle-income countries. To avoid early mortality, doctors prescribe surgeries that require wound closure products in abundance.
Access Report Summary on Wound Closure Products Market Segmentation Analysis
Geographically, the North American region accounted for the largest share in the wound closure products market during 2012–2015 (historical period). This was due to the rising number of burn cases, growing incidence of road accidents, and increasing volume of surgeries. According to the American Burn Association, nearly 486,000 burn injuries are treated in the U.S. every year. The Asia-Pacific (APAC) region is expected to exhibit the fastest growth during the forecast period.
Thus, the booming cases of road accidents and increasing incidence of burn injuries will augment the demand for wound closure products in the foreseeable future.
