What are Key Factors behind Robust Wound Closure Products Market Prosperity?

Around the world, the volume of surgeries is increasing, because of a rise in the prevalence of various diseases as well as the disposable income of people, especially in developing countries. According to the Centers for Disease Control and Prevention, six among every 10 people in the U.S. suffer from at least one chronic disease. Diabetes, cardiovascular diseases (CVD), cancers, and chronic obstructive pulmonary disease (COPD) are among the chronic diseases with the highest incidence. Several of them require surgeries for effective management, which, in turn, involve making incisions into the living tissue and then closing them.

Therefore, with a rise in the prevalence of chronic diseases and surgery volume, the wound closure products market size is growing steadily. Among all people, those in the older age groups are more susceptible to diseases and injuries, as they have diminished immune function and are also physically weak. Between 2019 and 2050, the number of people above 65 years of age would increase from 703 million to 1.5 billion, as per the latest World Population Ageing report by the United Nations.

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Additionally, such people’s blood circulation is also often inadequate, which is why their wounds take longer to heal. Similarly, due to the high chance of post-surgical infections in such people, the usage of wound closure products is higher among them. Apart from surgeries, these products are also used for treating the wounds caused by injuries, burns, and chronic diseases (such as the foot ulcers caused by diabetes). The WHO says that every year, 1.35 million are killed in road crashes every year, mostly due to untimely medical assistance and profuse bleeding.

Globally, North America consumes the highest amounts of the products needed to manage wounds, as the population of the elderly, number of burn victims, and incidence of obesity and diabetes are quite high here. According to the Administration for Community Living, under the U.S. Department of Health and Human Services, the number of people in the country more than 65 years old would increase from 49.2 million in 2016 to almost 98 million in 2060. In the coming years though, the wound closure market growth would be the most rapid in Asia-Pacific (APAC), due to the same reasons that currently lead to North America’s dominance on it.

Hence, it is clear that as more people grow old and become chronic disease patients, the surgery volume would increase, which, in turn, would significantly raise the demand for wound closure products.