The wound closure products market is 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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The European wound closure market was valued at $2.8 billion in 2015 and is expected to grow at a CAGR of 5.9% between 2016-2022, to reach $4.2 billion by 2022. European wound closure products market is growing due to increase in aging population, diabetes cases, and obesity levels. Among the European nations, the German market for wound closure products is expected to grow at a CAGR of 6.6% during the forecast period, to reach $1.1 billion by 2022.
The high cost of wound closure products limits the growth of the wound closure products market. High cost of wound closure products, such as adhesives and tissue sealants, haemostats, sutures and wound closure strips limits the affordability of the users. In addition, the manufacturing of these products also requires material with specific characteristic features, thus leading to higher cost. Moreover, raw materials required for manufacturing of wound closure products have specific requirements.
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.