Wound Closure Products Market Estimated to Expand at a Robust CAGR by 2023
The global wound closure products market is a highly competitive market with a high number of global and local players operating in it around the world, states a new market research study by Transparency Market Research. The key players in the market are focusing on the expansion of the product portfolio and the innovations, which is expected to support the growth of the overall market in the next few years. In addition to this, the rising research and development activities and technological developments are projected to enhance the growth of the market in the next few years.
Furthermore, the rising collaborations and mergers and acquisitions are projected to generate potential growth opportunities for the market players throughout the forecast period. Some of the key players operating in the wound closure products market across the globe are Covidien plc, Baxter International, Inc., Johnson & Johnson (Ethicon), B. Braun, and Cryolife.
According to the market research study by Transparency Market Research, the global market for wound closure products is expected to reach a value of US$15.2 bn by the end of year 2023. The market is estimated to register a promising growth rate throughout the forecast period.
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High Contribution from US to Drive North America Wound Closure Products Market
Among the key regional segments, North America is expected to hold a large share of the market and is likely to remain in the leading position throughout the forecast period. The launch of new medical devices and the rising contribution from the U.S. are some of the key factors that are estimated to enhance the growth of this region in the next few years. In addition to this, the well-established healthcare sector and the presence of several leading players are some of the other key factors that are estimated to support the growth of the North America market in the next few years.
Furthermore, Europe is likely to remain at the second position with a significant share of the global market. However, Asia Pacific is estimated to offer lucrative opportunities for the players, thanks to which, this region is likely to register a strong growth rate throughout the forecast period.
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The global market for wound closure products on the basis of product type into surgical staples, adhesive and tissue sealants, sutures, and hemostats. Among these, the surgical staples and sutures are considered the key segments and are projected to account for a large share of the overall market in the next few years. On the other hand, with the help of technological advancements, the sealants segment is predicted to witness a healthy growth rate in the next few years. The advent of new products, thanks to the rising research and development activities is predicted to enhance the growth of this segment throughout the forecast period.
Advent of New Products to Enhance Growth of Global Wound Closure Products Market
The rising application in external as well as internal wounds and the increasing number of surgical procedures are considered as the major factors that are projected to enhance the growth of the global wound closure products in the next few years. In addition to this, the rising demand for cosmetic and plastic surgeries is another key factor that is likely to encourage the growth of the overall market throughout the forecast period.
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The increasing focus of key players on the research and development activities is expected to accelerate the market growth in the near future. Furthermore, the introduction of new products and the rapidly rising geriatric populations are predicted to generate potential growth opportunities for the market players in the next few years.
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