Wound Closure Strips Market exhibiting CAGR of 6.5% by 2032, owing to rising incidence of chronic conditions like cancer, diabetes, and autoimmune diseases | insightSLICE
The market for Wound Closure Strips was valued at US$ 365 million in 2021 and is projected to increase at a CAGR of 6.5% from 2023 to 2032.
Usually, wound closure strips are used in conjunction with or as an alternative to stitching or sutures. In comparison to stitches and sutures, wound closure strips show quicker wound closure, minimal discomfort, less tissue stress, and reduced risk of tissue strangulation.
The wound closure strips also promote quick healing with little scarring, producing a more pleasing cosmetic outcome. Additionally, their total morbidity and contamination rate are lower. As a result, wound closure strips are preferred over alternatives like sutures and staples.
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The key players of the Global Wound Closure Strips Market are:
Key competitors present in the global wound closure strips market are Abbott Vascular, Baxter International, BSN Medical, B Braun Melsungen AG, Covidien, DermaRite Industries LLC, Derma Sciences Inc., Dukal Corporation, Ethicon US LLC, Integra Lifesciences Corp., Medtronic PLC, NeatStitch Ltd., Smith & Nephew, Teleflex medical incorporated, Wound care technologies Inc., ZipLine Medical, and 3M Healthcare.
Driving factors for the growth of Global Wound Closure Strips Market
Cost-effectiveness is another significant aspect that has increased the need for wound closure strips. Additionally, there has been an increase in procedures performed worldwide during the past few years.
Additionally, one of the major causes contributing to the rise in surgical procedures is the rising incidence of chronic conditions like cancer, diabetes, and autoimmune diseases.
In recent years, both communicable and non-communicable diseases have become more common. For the duration of the assessment, these factors are anticipated to support the market growth for wound closure strips.
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Global Wound Closure Strips Market Key Segments:
By Product
- Mechanical wound closure devices
- Sutures
- Sealants
- Strips
- Staples
- Adhesives
By Wound Type
- Chronic
- Acute
By End-User
- Clinics
- Hospitals
- Trauma centers
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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The leading market segments of Global Wound Closure Strips Market
Rising number of accidents around the world in 2019, the sutures sub-segment also had a significant earning share in the market.
Sutures consist of a needle with a thread attached to them and are available in a variety of sizes, shapes, and thread materials. The subsegment of sutures is further split into absorbable and non-absorbable types.
Since wound closure strips are more suited and easier to apply than non-absorbable sutures, the market for them is anticipated to grow quickly throughout the forecast period.
North America and Asia-Pacific will propel the growth of this market:
Due to the presence of major corporations in the area and the rising incidence of chronic injuries, the North American market for wound closure held the highest income share in 2019.
Additionally, the expansion of the regional market is also attributed to an increase in the number of patients having surgery and a rise in awareness of minimally invasive procedures.
The market for wound closure strips in APAC is anticipated to experience a significant increase over the period of the study. The growth of medical tourism in the area is associated with the market’s success.
The development of high-tech medical devices that can close wounds quickly and effectively will fuel the wound closure strip market’s expansion in the Asia Pacific region.
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