Advanced wound closure: still a growth market

The market for advanced wound closure and securement technologies continues to evolve at a steady pace.  This $10 billion+ market is comprised of sutures, staples, other mechanical wound closure, tapes, hemostats, fibrin and other sealants, high strength medical adhesives, and post-surgical adhesion prevention products.

Source: MedMarket Diligence, LLC; Report #S180.

Despite the fact that this seemingly represents a lot of products operating in the same "space", there are in fact a large number of active companies (we conservatively profiled 104 different companies).  This reflects the fact that this market still has many active growing segments (envision the size of the "sutures, staples" segment in the pie above as representing, literally, a large slice of pie of interest to companies who have yet only taken a few bites out of the other slices).  Traditional wound closure and securement, including sutures, staples and the more recent mechanical closure, still represents a very large (almost $8 billion) market that is being targeted by a growing portfolio of advanced products that have demonstrated much potential to replace, or at least augment, these established wound closure technologies.

During the 1980s, the United States, by virtue of its demonstrated aversion to the risk represented by the many blood-derived advanced wound closure technologies (e.g., fibrin and other sealants and hemostats), fell behind other country markets that were more amenable to these advanced products. But blood-screening methods, purification and other methods addressed this risk to the satisfaction of the markets, such that the current market for these products now represents the more typical global market in which the largest single national market for advanced wound closure and securement products is the U.S.

 

Source: MedMarket Diligence, LLC; Report #S180.