The market for products to stop bleeding, close wounds, seal wounds and ultimately optimize wound healing is a diverse and dynamic arena filled with over a hundred companies — from startups to multinational powerhouses – vying for a large caseload of acute surgical wounds. MedMarket Diligence has completed a global analysis of the products, technologies markets for surgical sealants, high strength and other glues, hemostats, tapes, vascular closure devices and other wound closure products.
The global market for sutures & staples, vascular closure devices, surgical tapes, medical and surgical hemostats and surgical sealants and glues will grow to $14 billion by 2018. Traditional methods to close and secure wounds via suture are under a steady barrage of new technologies that have gained credibility among clinicians, widespread acceptance by third party payers and a resulting caseload that is poised to gain over half the global market, according to a new report from MedMarket Diligence.
“Traditional wound closure via suture represents a fundamental skill in clinical practice, and the ease of its performance, strength of the closed wound and long presence in wound management make it a tough market to penetrate, but that is just what has happened over the past couple decades,” says Patrick Driscoll, President of MedMarket Diligence, LLC.
Fibrin sealants came on the scene, mostly outside the U.S. in the early 1990s, demonstrating the ability to effect better closure and minimize blood loss. With protocols and other reassurances that these blood-derived products would not risk HIV transmission, the U.S. market opened up as well. Subsequently, an enormous array of biologically- and chemically-based products began seriously disrupting the hundreds of years of dominance by surgical sutures. Adding to wound closure were the products demonstrating rapid hemostasis, hitting suture limitations head-on. With low hurdles to enter the market, companies proliferated and began carving up large swaths of the wound closure market. However, surgery evolved, with laparoscopic and other endoscopic procedures giving impetus to advanced sutures, clips and staples delivered endoscopically. Moreover, suture technologies also evolved, with the development of different resorbable sutures adding a level of utility and value to sutures, further buttressing their defense against the emerging novel wound closure products.
Technologies in wound closure continue to evolve and be adopted globally. The end result is that there is steady emergence and turnover (via acquisition and exits) of companies in the market.
The 2014 MedMarket Diligence report, “Worldwide Surgical Sealants, Glues, and Wound Closure Markets, 2013-2018”, covers the markets for Surgical Wound Closure products, including Sutures and Staples, Vascular Closure Devices, Medical Tape, Surgical Hemostats, and Surgical Sealants and Glues. It takes into consideration those products which are used in hospitals, medical clinics and physicians’ offices. It does not address consumer, dental or veterinary markets, nor does it include medical adhesives used in manufacturing devices intended to be used for medical applications.
The report provides specific forecasts and shares of the worldwide market by segment for Americas (detail for U.S., Rest of North America and Latin America), Europe (detail for United Kingdom, German, France, Italy, Spain, Rest of Europe), Asia/Pacific (detail for Japan, Korea, Rest of Asia/Pacific) and Rest of World.
The report also provides background data on the surgical, disease and traumatic wound patient populations targeted by current technologies and those under development, and the current clinical practices in the management of these patients, including the dynamics among the various clinical specialties or subspecialties vying for patient population and facilitating or limiting the growth of technologies.
The report establishes the current worldwide market size for major technology segments as a baseline for and projecting growth in the market through 2018. The report also assesses and projects the composition of the market as technologies gain or lose relative market performance over this period.
The report profiles the top companies by revenue and a reasonable selection of the most promising or otherwise noteworthy companies in the markets covered in this report, providing data on their current products, current market position and products under development.