Wound Closure Strips Market Key Players, Industry Overview and Forecast Analysis
Wound Closure Strips Market: Introduction
According to the report, the global wound closure strips market was valued at US$ 250 Mn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027. Wound closure ensures and accelerates wound healing by protecting the site and influencing migration of keratinocytes over the granulation tissue. Wound closure strips are porous surgical tape strips, which can be used to close small wounds. They are applied across the laceration in a manner, which pulls the skin on either side of the wound together. Wound closure strips are an effective alternative to sutures or staples. Wound closure strips can also be used to complement suture or staple closures. Growth of the global wound closure strips market can be attributed to increase in prevalence of wounds, injuries, and accidents across the globe.
North America dominated the global wound closure strips market in 2018 and the trend is anticipated to continue during the forecast period. Increase in adoption of wound closure strips, availability of all major companies in the region, and increase in number of surgical procedures are anticipated to drive the market in North America. Asia Pacific is expected to be a highly lucrative market for wound closure strips, expanding at a higher CAGR during the forecast period
Increase in Prevalence of Wounds and Injuries and Rise in Surgical Site Infections Drive Global Market
Increase in prevalence of wounds and injuries across the world is the major cause attributed to the growth of the global wound closure strips market. Rise in surgical site infections has been observed due to surge in number of surgical procedures as well as rise in aging population in several countries. According to the WHO, each year, around 1.35 million people are killed on roadways worldwide. According to the WHO, globally, every day, almost 3,700 people are killed globally in road traffic crashes involving cars, buses, motorcycles, bicycles, trucks, or pedestrians. More than half of those killed are pedestrians, motorcyclists, and cyclists.
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According to the WHO, low- and middle-income countries only account for 60% of the world’s registered vehicles but more than 90% of the world’s road traffic deaths. Moreover, according to a study published in 2019, in PLOS Journal, worldwide, 23% of patients develop surgical site infections among all surgeries annually with the worst complications causing prolonged hospital stays, increased resistance of microorganisms to antimicrobials, higher health care system costs, emotional stress for patients and their families, and substantial economic burdens on hospitals. A study published in 2018 in Patient Safety in Surgery Journal, the global estimated prevalence of hospital-acquired infections, at any given time, approximates to 1.4 million. Incidence varies widely across countries and surgical procedures; however, it is estimated to occur in at least 2% of surgeries.
Flexible Wound Closure Strips to Dominate Market
Based on type, the global wound closure strips market has been divided into flexible and reinforced. The flexible segment dominated the global wound closure strips market in 2018 and the trend is likely to continue during the forecast period, owing to its elasticity, conformability, and strong adhesion. Additionally, flexible strip reduces the chances of traction blisters or skin shear.
High Demand for Sterile Wound Closure Strips
In terms of sterility, the global wound closure strips market has been bifurcated into sterile and non-sterile. The sterile segment dominated the global wound closure strips market and is expected to grow at a rapid pace during the forecast period. Growth of the sterile segment can be attributed to the factor that sterile design of wound closure strips helps reduce scarring and risk of infection. Moreover, penetration of sterile wound closure strips is high in the wound closure strips market.
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Hospitals & Clinics to be Major End User
Based on end user, the global wound closure strips market has been segmented into hospitals & clinics, household, and others. The hospitals & clinics segment dominated the global wound closure strips market in terms of revenue in 2018 and the trend is projected to continue during the forecast period, as wound closure strips are widely accepted by surgeons and clinicians due to their efficacy and reliable prognosis, thereby boosting the growth of the hospitals and clinics segment.
North America to Dominate Global Market
Geographically, the global wound closure strips market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global wound closure strips market in 2018, followed by Europe.
North America accounted for major share of the global wound closure strips market in 2018, owing to presence of key players, increase in research & developmental activities, well-equipped and developed health care infrastructure, surge in number of wounds and injuries cases, and rise in geriatric population. The wound closure strips market in Asia Pacific is likely to expand at a higher CAGR from 2019 to 2027. Significant growth of the wound closure strips market in the region can be attributed to high prevalence of wounds and injuries, increase in surgical site infections, rise in geriatric population, surge in patient population, and increase in interest of key players in the region.
Competition Landscape
3M, McKesson Medical-Surgical Inc. (McKesson Corporation), and Cardinal Health are the leading players in the global wound closure strips market that hold majority of the market share. The global wound closure strips market is fragmented in terms of number of players. Key players in the global market include 3M, McKesson Medical-Surgical Inc. (McKesson Corporation), Cardinal Health, BSN medical (Essity Aktiebolag (publ.)), DermaRite Industries, LLC., Dynarex Corporation, DUKAL, Zipline Medical (Stryker), priMED Medical Products, Inc., and Smith & Nephew plc. R&D activities, merger & acquisitions, agreements, and collaborations are the key strategies adopted by these players to operate their business in the global wound closure strips market.
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