The demand for wound closure devices is primarily being boosted by the rising incidence of chronic and acute wounds. Additionally, increasing surgical procedures, and growing product launches and approvals by the key market players are some of the factors responsible for significantly boosting the overall market for wound closure devices during the forecast period from 2024 to 2030.

Wound Closure Devices Market Dynamics:

According to the latest data provided by the Diabetes Feet Australia (DFA) (2022), in Australia, 300,000 individuals are at risk of developing diabetic foot disease (DFD) per 100,000 population, with 50,000 already living with the condition. Of these, 12,500 people have undergone diabetes-related amputations, and 1,000 are currently hospitalized due to DFD. Additionally, as per the recent data and stats provided by IDF Atlas Report (2022), in African countries, the rates of diabetic foot ulcers (DFU) range from 10.0% to 30.0%, while the prevalence of lower limb amputations (LLA) varies between 3.0% and 35.0%. Diabetic foot ulcers are chronic wounds that often require specialized treatment and advanced wound closure solutions. As the prevalence of these ulcers rises, there is a growing demand for products that can effectively manage and close these wounds. Additionally, diabetic-related amputations often require wound closure devices for both the initial wound and ongoing care. Advanced wound closure products help manage surgical sites and promote healing, reducing the likelihood of further complications and repeat surgeries. Thus, the market demand for wound closure device is expected to escalate during the forecasted period.

Companies are intensifying their efforts to expand the production and regulatory approval of wound closure devices, further enhancing market growth. For example, in June 2023, the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) received approval from the Central Drugs Standard Control Organization (CDSCO) for Cholederm, an advanced wound care product designed to accelerate the healing of skin wounds such as burns and diabetic ulcers. With its potential to lower treatment costs and improve accessibility, Cholederm is poised to make advanced wound care more affordable, contributing to the growing demand for innovative wound closure solutions.

North America is expected to dominate the overall wound closure devices market:

North America is expected to account for the highest proportion of the wound closure devices market in 2023, out of all regions. This can be ascribed to the increasing incidence of chronic and acute wound across the region, growing surgical procedures, and the presence of key market players engaged in merger, acquisition, product launch, and other market activities across the region, which will further escalate the market of wound closure devices during the forecast period.

Source: https://www.globenewswire.com/news-release/2024/12/09/2993851/0/en/Wound-Closure-Devices-Market-Insights-Competitive-Landscape-and-Market-Forecast-to-2030.html#:~:text=The%20global%20wound%20closure%20devices,of%20chronic%20and%20acute%20wounds