Increasing demand for reduction in surgical expenditure has given rise to the products capable of enhancing therapeutic outcome by reducing hospital stay are the major drivers for the growth of wound closure devices market. Increasing incidences of chronic wound have created a great demand for those wound healing products that are efficient and cost effective. Lifestyle diseases are one of the major causes for the chronic wounds such as venous leg ulcer, diabetic foot ulcer and pressure ulcer. The risk involved with the ineffective wound healing has promoted the demand for the combination dressings that is one of the modern methods for wound dressing. With the help of wound closing devices the edges of the wound tissues are pulled together and provide faster healing.
On the basis of types, the market is segmented into adhesives, staples, sutures and mechanical wound closure devices. Sutures are further segmented as absorbable, non- absorbable, braided and monofilament. Both of the absorbable and non absorbable sutures are expected to be highest revenue contributing product segments during the forecast period owing to their usage in almost every kind of surgeries. Monofilament sutures are most commonly used in ophthalmic, neurological and cardiovascular surgeries. Stapler devices are also anticipated to grow at a lucrative CAGR in the coming years due to the increase in efficiency it provides such as precision, safety and reduced recovery time.
North America is expected to be the highest revenue contributing regional market owing to the high consumer base of knee replacement surgeries, aesthetic surgeries, spinal fusions and hip replacement surgeries. Increasing medical tourism activities in Asia Pacific region is one of the key factors attributing for its lucrative CAGR. Furthermore, it has been observed that there is incapability in managing the inflow of patients in hospitals leading to the increasing demand for advanced wound closure devices market in order to treat incoming patient pool by giving early discharge to the existing patients. The major drivers attributing for the growth of Asia Pacific wound closure devices market are development of new diagnostic centers and hospitals, increasing healthcare expenditure, continuously improving healthcare infrastructure in developing economies such as India, China and Japan.
Key players in wound closure devices market include BSN medical, Baxter International, Teleflex Medical, Radi Medical Systems, Abbott Vascular, NeatStitch Ltd., Derma Sciences and Ethicon Inc. (Johnson & Johnson)
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