- The geriatric population across the globe, primarily in Asia Pacific, has increased rapidly over last five years.
- Surgical staples are anticipated to be the fastest growing wound closure products during the forecast period.
- Asia Pacific is also projected to generate significant revenue and is anticipated to exhibit compound annual growth rate of approximately 9.5% over forecast period.
The Surgical Sealants and Wound Closure Products Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, sales network, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
Rising Geriatric Population, increasing patient pool and increasing number of surgeries to fuel Global Surgical Sealant and Wound Closure Product Market.
Healthcare industry across the globe is witnessing rising investment focused on research and development activities to develop cost efficient and effective drugs and other healthcare products. The geriatric population across the globe, primarily in Asia Pacific, has increased rapidly over last five years.
- Buy Research Report: Mobility on Demand Market Driven by Growing Smartphone Penetration
- Buy Research Report: GCC In-Vitro Diagnostic Devices Market Grow Say Healthcare Industry
- Buy Research Report: By the End of 2027, the Biochip Products Research, Manufacturing and Service Market is Estimated to Reach $11 Billion in Value
- I Will Create and Optimize Facebook Ads Campaign for Your Business
- I Will Setup and Optimize Google Adwords Campaign for High Conversion
This has bolster the demand for healthcare infrastructure to cope up with the increase ailment associated with ageing population. With increase in susceptibility to chronic heart diseases, oncological and urological disorders, based on study published by The National Quality Forum, the number of surgeries has increased by approximately 300% during a span of last 10 years in the U.S., and are further anticipated to witness steady growth during coming decade.
This is anticipated to be the most prominent factor bolstering the growth of surgical sealants and wound closure product market during the forecast period. Furthermore, based on statistics published by American Burn Association, approximately 486,000 burn treatments were carried out in the U.S. in 2016. The treatment included a significant share of wound closure and sealing surgeries. This has contributed a significant share to the surgical sealants and wound closure product consumption during last couple of years.
Natural sealants and adhesive to witness slow growth in developing economies.
The surgical sealants and wound closure products market is segmented based on product type, indications, applications, and geography. Based on product type, the market is segmented into natural sealants and adhesives, synthetic and semisynthetic sealants and adhesives, sutures, surgical staples, wound closure strips, and hemostats.
Among these, the sutures contributed the largest share to the global market owing to demand from wide range of surgical procedures. Surgical staples are anticipated to be the fastest growing wound closure products during the forecast period.
Prevalence of chronic cardiac disorders, and increase number of accidents to supplement growth in cardiovascular and general surgeries.
On the basis of applications, the market is segmented into central nervous system (CNS) surgeries, general surgeries, cardiovascular surgeries, orthopedic surgeries, cosmetic surgeries, ophthalmic surgeries, urological surgeries, pulmonary surgeries and others. Cardiovascular surgeries were the major application area for surgical sealants and wound closure products due to high prevalence of cardiac diseases across North America and Asia Pacific countries.
Moreover, the number of general surgical applications contributed a prominent share to the market in 2018 owing to increase in the number of road and fire accidents across the globe. North America currently holds major share in the market, owing to the increase in non-communicable diseases such as cancer, diabetics, and cardiovascular diseases and presence of effective healthcare infrastructure in the region. Asia Pacific is also projected to generate significant revenue and is anticipated to exhibit compound annual growth rate of approximately 9.5% over forecast period.
Major players dominating the global include Covidien plc, Baxter International, Inc., Johnson & Johnson (Ethicon), B. Braun, Cryolife, 3M Company, Medtronic plc, Smith & Nephew plc, CryoLife Inc., Pfizer Inc., Derma Sciences Inc., and DeRoyal Industries Inc.