(MENAFN- P&S Intelligence) The wound closure products market has garnered $6,540.1 million revenue in 2021. Moreover, it is projected to advance at a rate of 5.0%, to generate $10,148.7 million revenue in 2030. It is ascribed to technological advancements, increasing elderly population, rising incidence of diabetes, and surging healthcare expenditure.
In addition, the rising volume of surgical procedures, led by the increasing prevalence of chronic diseases, and the growing count of road accidents propel the industry size.
Homecare Settings To Witness Fastest Growth
Homecare settings will experience the fastest growth in the coming years, at a rate of 6%. It will be due to the worldwide increasing elderly population, rising adoption of home healthcare services, and growing usage of easy-to-use products.
Moreover, patients with accident wounds and diabetic foot ulcers need to be hospitalized for a long duration. It is usually difficult and costly and, thus, results in a high requirement for wound closure products in homecare settings.
Hospitals and Clinics Hold Largest Revenue Share
Hospitals and clinics have captured the largest industry share, and they are expected to retain the same position in the near future. It is led by the enhancing hospital infrastructure, availability of advanced products, greater patient footfall in these settings, and their increasing accessibility to populations of varying income levels.
Rising Surgery Volume Boosts Demand for Wound Closure Equipment
The worldwide rising number of surgeries and increasing usage of wound closure products propel the industry. The major factors contributing to the increasing volume of surgical procedures are the rising count of road accidents and growing prevalence of diabetes, cancer, and necrotizing fasciitis. These conditions result in nasty wounds, which are hard to heal and need proper care for a longer period.
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