PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628861
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628861
Wound Closure Strips Market size was valued at USD 245.45 Million in 2023, expanding at a CAGR of 5.3% from 2024 to 2032.
The wound closure strip market is growing rapidly due to increasing awareness about advanced wound care solutions. Wound closure strips are adhesive strips designed to close minor wounds without the need for sutures or staples. The rise in surgical procedures and the aging population are driving the demand for non-invasive, cost-effective wound closure options. In 2022, it was estimated that over 40 million surgical procedures were performed worldwide, contributing significantly to the market's expansion. However, challenges such as the risk of allergic reactions to adhesives and limited use for complex wounds may restrain market growth. Opportunities lie in the development of advanced materials and bio-based adhesives, as well as increasing awareness and demand for home care solutions, particularly in regions like North America and Europe, where the focus on minimally invasive treatments is growing.
Wound Closure Strips Market- Market Dynamics
Rising Surgical Procedures and Aging Population Drive Growth in the Wound Closure Strips Market
The growing number of surgical procedures, particularly in the aging population, has significantly boosted the demand for wound closure strips. With more than 28 million surgeries performed annually in the U.S. alone, the need for efficient, minimally invasive wound care solutions is accelerating. Wound closure strips, offering advantages like reduced scarring and quicker recovery, are increasingly preferred in both clinical and at-home settings. As surgical interventions rise, especially in orthopedics and dermatology, these products are becoming integral to post-operative care. The demand is also driven by advancements in medical technology, which continue to improve the effectiveness of such products.
Wound Closure Strips Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.3% over the forecast period (2024-2032)
Based on Material segmentation, Fabric-based Strips were predicted to show maximum market share in the year 2023
Based on Adhesive Type segmentation, Silicone-based Adhesive was the leading type in 2023
Based on Application segmentation, Surgical Wound Closure was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Wound Closure Strips Market is segmented on the basis of Material, Adhesive Type, Application, End-User, and Region.
The market is divided into two categories based on Material: Paper-based Strips and Fabric-based Strips. Fabric-based strips are expected to hold a higher market share due to their flexibility, durability, and comfort in use, making them ideal for various wound types. Paper-based strips, though cost-effective, are typically used for less severe wound closure applications.
The market is divided into two categories based on Adhesive Type: Acrylic-based Adhesive and Silicone-based Adhesive. Silicone-based adhesive strips are preferred for their gentle adhesion, reducing the risk of skin irritation and providing comfort, especially for sensitive skin. Acrylic-based adhesives, though effective and durable, may be more suitable for wounds requiring stronger, long-lasting adhesion.
Wound Closure Strips Market- Geographical Insights
The Wound Closure Strips Market shows significant demand across various regions, with North America leading due to advanced healthcare infrastructure, a high number of surgical procedures, and an aging population. The U.S. alone accounts for a major share of the market, driven by the rise in cosmetic and dermatologic surgeries. Europe follows closely, with countries like Germany and the U.K. emphasizing post-surgical care and wound management in hospitals and outpatient clinics. The Asia Pacific region, particularly China and India, is witnessing rapid growth due to increasing healthcare awareness, rising surgical procedures, and improving medical facilities. Latin America and the Middle East are also expanding markets, influenced by growing healthcare investments and the rising number of surgeries and trauma cases in these regions.
The Wound Closure Strips Market is highly competitive, with key players focusing on product innovation, partnerships, and geographical expansion. Leading companies like 3M, Smith & Nephew, and Medtronic dominate the market, offering advanced wound closure solutions. 3M's Steri-Strip(TM) is widely used in both hospital and homecare settings, while Smith & Nephew offers a variety of wound closure strips under its portfolio, targeting different levels of wound severity. Medtronic focuses on technological advancements, integrating digital solutions for better wound care management. Other players such as Cardinal Health, B. Braun, and MolecuLight have been strengthening their position through strategic acquisitions and product launches. As the market expands, these companies are also exploring opportunities in emerging regions like Asia Pacific and Latin America. Collaborations with healthcare professionals and hospitals are also key strategies employed to maintain competitive advantage.
In October 2023, DuPont introduced a new high-adhesion silicone soft skin adhesive, DuPont Liveo MG 7-9960, designed for advanced wound care dressings. This adhesive offers excellent repositionability, wear performance, and gentle removal, making it suitable for sensitive skin and difficult-to-heal wounds.
In October 2019, 3M completed its acquisition of Acelity, Inc. and its KCI subsidiaries for approximately USD 6.7 billion, including debt and adjustments. Acelity is a global leader in advanced wound care and specialty surgical applications under the KCI brand.