The wound closure products market was valued at USD 6,540.1 million in 2021 and will grow at a rate of about 5.0% in the years to come, reaching USD 10,148.7 million by 2030, according to P&S Intelligence.
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This growth can be ascribed to the, rising occurrence of diabetes, the increasing elderly populace, technological improvements, and rising healthcare spending. Furthermore, the rise in the size of medical procedures because of the growing chronic illness and road accident cases drives the growth of the market.
Homecare settings are all set to experience the fastest growth at a CAGR of approximately 6%. in the coming few years. This can be credited to the increasing elderly populace throughout the world, the growing acceptance of home healthcare services by this demographic, and the rising utilization of easy-to-use items.
In 2021, North America had the largest market share, approximately 40%, and also the region is projected to remain in the leading spot in the future as well.
This is mainly because of the rising prevalence of chronic diseases, such as diabetes, the rising number of people suffering from road accidents and sports-related wounds, and the existence of several businesses providing these wound care solutions.
In 2021, the U.S. held the larger revenue share in the industry, because of the existence of highly skilled and accomplished surgeons, key players, and compensation policies for operations.
Hence, the, rising occurrence of diabetes, increasing elderly populace, technological improvements, and rising healthcare spending are the major factors propelling the wound closure products market.
