Seattle, WA -- (SBWIRE) -- 09/16/2019 -- 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.

Increasing prevalence of diabetes and diabetes associated ulcers are expected to fuel the growth of market

Diabetes foot ulcer is major cause of disability, morbidity and mortality among diabetes patients and estimated that 15% of all people with diabetes are expected to suffer from an ulcer at some stage of their life. The increased rate of diabetes and associated diabetes foot ulcers are expected to boost the growth of the wound closure market over the forecast period. According to the International Diabetes Federation (IDF) Diabetes Atlas 2017, diabetes is among the top ten causes of mortality globally. Diabetes along with major chronic diseases such as cardiovascular disease, cancer and respiratory disease, accounted for 80% of all premature NCD deaths worldwide. Moreover, around 425 million (8.8%) people worldwide, which includes adults of 20-79 year age are estimated to have diabetes. In addition, in 2016, around 87% to 91% of all people with diabetes form the high income countries are estimated to have type 2 diabetes, according to the same source. According to the study published in the Journal of Diabetes Research 2017, diabetes mellitus is most important and common metabolic disorder affecting around 2-5% of the population in the Europe, and the incidence of diabetes mellitus are expected to account for 366 million by 2030.

Introduction of new advanced technology in wound closure treatment is expected to fuel the growth of wound closure market

Market players operating in wound closure market are focusing on innovation and new launches to tap emerging markets. For instance, in March 2017, Ethicon and DePuy Synthes collaborated to jointly introduce customized wound closure kit for orthopedic surgery. The new wound closure kit includes the Ethicon's DERMABOND PRINEO skin closure system and innovative wound closure product STRATAFIX- a knotless tissue control device. The new wound closure kit allows the orthopedic surgeon to choose the different types of sutures depending on the layer of closure. The Kit is convenient to use for specific procedures and it provides the standardization and efficiency in the operating room.

In December 2015, Acelity, a wound care and regenerative medicine company acquired the SNaP therapy system, which is a disposable single patient use negative pressure wound therapy (NPWT) product portfolio from the Spiracur, Inc. SNaP therapy system allows the treatment of complex and head-to-heal wounds with portable, disposable and non-powered negative pressure technology. Moreover the strategic collaboration and acquisition to bring the innovative wound closure products in the market are expected to propel the growth of the wound closure market over the forecast period.

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

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.

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.