New Advanced Technology In Wound Closure Treatment Is Expected To Fuel The Growth Of Wound Closure Market
Wound is circumscribed injury caused by an external force, which involves injury to any tissue or organ. On the basis of severity of injury, wounds are classified into acute and chronic wounds. Wounds imposes significant impact on the health of patients, which leads to pain, loss of function and mobility, depression, anxiety, and stress. According to the National Health Services (NHS), England, annual cost of maintaining wounds and associated disease conditions is US$ 6.60 billion in the U.K. In 2016, around 2.2 million population accounted to have wound and about 30% wounds lacked the diagnosis treatment in the U.K. by General Physician (GP) report. Pressure ulcer account for around US$ 1.7 million to US$ 2.6 million annually in the U.K., which is same as 4% of total NHS expenditure in 2016.
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Moreover increasing geriatric population, growing incidences of chronic and sub-chronic wounds, higher incidences of accidents and causalities, and increasing number of diabetic population are the factors driving the growth of wound closure market. These factors also trigger the need to develop wound closure products for accelerating the wound healing treatment process. According to the International Diabetes federation, in 2015, around 415 million adults aged 20 to 79 were suffering from diabetes and number is expected to increase to 642 million in 2040.
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.
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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.
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.
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