Global Wound Closure Market - Trends and Forecast to 2025
Posted by Rajkumar on April 29th, 2019
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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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).
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,
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.
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Key companies covered as a part of this study include Acelity L.P.Inc., Smith & Nephew plc, Johnson & Johnson, 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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About the AuthorRajkumar
Joined: February 13th, 2019
Articles Posted: 663
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