Wound Closure Market Driven by Technological advancements and Strategic Collaborations among the Key Players
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.
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.
The global wound closure market is estimated to be valued at US$ 1.4 Billion in 2017 and is expected to witness a CAGR of 7.1% during the forecast period (2017 – 2025).
Figure 1. Global Wound Closure Market Value (US$ Million), By Region, 2017
Increasing prevalence of diabetes and diabetes associated ulcers are expected to fuel the growth of market
Diabetes foot ulcer is major cause of disability, morbidity and mortality among diabetes patients and estimated that 15% of all people with diabetes are expected to suffer from an ulcer at some stage of their life. The increased rate of diabetes and associated diabetes foot ulcers are expected to boost the growth of the wound closure market over the forecast period. According to the International Diabetes Federation (IDF) Diabetes Atlas 2017, diabetes is among the top ten causes of mortality globally. Diabetes along with major chronic diseases such as cardiovascular disease, cancer and respiratory disease, accounted for 80% of all premature NCD deaths worldwide. Moreover, around 425 million (8.8%) people worldwide, which includes adults of 20-79 year age are estimated to have diabetes. In addition, in 2016, around 87% to 91% of all people with diabetes form the high income countries are estimated to have type 2 diabetes, according to the same source. According to the study published in the Journal of Diabetes Research 2017, diabetes mellitus is most important and common metabolic disorder affecting around 2-5% of the population in the Europe, and the incidence of diabetes mellitus are expected to account for 366 million by 2030,
Introduction of new advanced technology in wound closure treatment is expected to fuel the growth of wound closure market
Market players operating in wound closure market are focusing on innovation and new launches to tap emerging markets. For instance, in March 2017, Ethicon and DePuy Synthes collaborated to jointly introduce customized wound closure kit for orthopedic surgery. The new wound closure kit includes the Ethicon’s DERMABOND PRINEO skin closure system and innovative wound closure product STRATAFIX- a knotless tissue control device. The new wound closure kit allows the orthopedic surgeon to choose the different types of sutures depending on the layer of closure. The Kit is convenient to use for specific procedures and it provides the standardization and efficiency in the operating room.
In December 2015, Acelity, a wound care and regenerative medicine company acquired the SNaP therapy system, which is a disposable single patient use negative pressure wound therapy (NPWT) product portfolio from the Spiracur, Inc. SNaP therapy system allows the treatment of complex and head-to-heal wounds with portable, disposable and non-powered negative pressure technology. Moreover the strategic collaboration and acquisition to bring the innovative wound closure products in the market are expected to propel the growth of the wound closure market over the forecast period.
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.
The primary function in the wound treatment is characterized by wound closure procedure. According to the data published by World Health Organization (WHO) in wound management guidelines, the factors that affects the wound healing and infection are age of patient, nature of wound, and the local factors such as hemostasis and timing of wound closure. Surgical wounds can be left to heal by themselves (secondary intention healing) or they can be closed surgically. Surgical wound closure is preferred over the secondary intension in cases to speed up the wound closure and to protect the underlying tissue.
The wound closure market is gaining significant traction due to increasing cases of surgical wounds, Ulcers, and associated cases of surgical site infections (SSIs) incidences. For instance, according to the data published in the National Center for Biotechnology Information (NCBI) in April 2016, diabetic foot Ulcers is a chronic complication of diabetes mellitus and it accounted to lifetime risk of developing foot Ulcers in a patient with diabetes ranges from 15% to 25%. Moreover the increasing incidences of diabetes mellitus is expected to fuel the growth of wound closure market.
According to the European Centre for Disease Prevention and Control (ECDC), between 2013 and 2014, 18,264 surgical site infections was reported from a total of 967,191 surgical procedures in the European Union. In addition, from 2011 to 2014, significantly increasing trend for the yearly percentage of SSIs in cholecystectomy operations was observed. According to the data published by Loyola University Health System in January 2017, SSIs are the most common and costly all of the hospital acquired infections and the estimated annual incidence of SSIs in the U.S. ranges from 1, 60,000 to 3, 00,000 and the estimated and annual cost ranges from US$ 3.5 billion to US$ 10 billion. Increased hospital stay could lead to the increase in the surgical site infections. Moreover the increasing incidences of surgical site infections leading to the formation of surgical wounds is expected to fuel the growth of wound closure market in near future.
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