The wound closure products market size is set to reach $14.6 billion by 2022, growing at a CAGR of 6.3% between 2016-2022. The market is driven by factors such as growing geriatric population, increasing volume of surgeries, and increase in road accidents. In addition, increase in burn cases across the globe and increasing incidence of chronic wounds is also driving the growth of the market.
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In terms of type, the global wound closure products market has been segmented into sutures, hemostats, adhesives and tissue sealants, surgical staples, and wound closure strips. The sutures segment accounted for the largest contributor to the global market in 2015, and the hemostats market is expected to witness the highest growth during 2016-2022.
In terms of application, the global wound closure products market has been segmented into cardiovascular surgeries, general surgeries, gynecological surgeries, orthopedic surgeries, ophthalmic surgeries and others. The cardiovascular surgeries segment accounted for the largest contributor to the global market in 2015, and it is also expected to witness the highest growth during 2016-2022.
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Companies in the wound closure products market are undergoing mergers and acquisitions to improve their market share. For instance, in August 2016, Derma Sciences Inc. completed the acquisition of privately held BioD LLC with an immediate transaction value of $21.3 million and a potential total transaction value of an estimated $77.8 million. This includes an upfront payment of cash and common stock of $21.3 million, as well as potential product regulatory milestone payments in aggregate estimated to be up to $30.0 million and earn outs based on incremental net sales growth of up to $26.5 million. BioD LLC is a biotechnology company involved in the development and commercialization of novel and biologic products. The acquisition has been made to expand Derma Sciences’ regenerative medicine and advanced wound care products portfolio.
Some of the key companies operating in the wound closure products market include 3M Company, Medtronic plc, Smith and Nephew plc, CryoLife Inc., DeRoyal Industries Inc., Pfizer Inc., Derma Sciences Inc., Johnson and Johnson, B. Braun Melsungen AG and Baxter International Inc.
Source: P&S Intelligence