The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Overview of Market Size in 2024

• The laceration closure devices market has seen significant growth, reaching a size of $8.98 billion in 2023.
• It is projected to grow to $9.64 billion in 2024 at a CAGR of 7.4%.
• Key drivers include:
  • Rising disability rates
  • Increasing incidence of infectious and non-communicable diseases
  • Growth in the number of surgical procedures
  • Increase in accidents and sports-related injuries
  • Higher healthcare expenditure

Market Growth Forecast to 2028

• The market is set to continue its upward trajectory, reaching $12.89 billion in 2028 at a CAGR of 7.5%.
• Growth factors for the forecast period:
  • Advances in cosmetic and plastic surgery technology
  • Rise in surgical procedures
  • Increasing incidence of chronic wounds
  • Expanding healthcare infrastructure
• Trends to watch:
  • Technological advancements in laceration closure devices
  • Strategic mergers and acquisitions by major companies

View More On The Laceration Closure Devices Market Report 2024 – https://www.thebusinessresearchcompany.com/report/laceration-closure-devices-global-market-report

Impact of Increased Surgical Procedures

• Surgical procedures are a significant driver of market growth.
  • Aging populations and advances in medical technology contribute to this rise.
  • Elective surgeries are in higher demand.
• Benefits of laceration closure devices in surgeries:
  • Efficiency in wound closure
  • Reduction in procedure time
  • Minimized tissue trauma
  • Faster healing compared to traditional sutures
• Example: In 2022, breast augmentation procedures rose by 29%, highlighting the market’s growth potential.

Key Players in the Market

• Major companies include:
  • Cardinal Health Inc.
  • Johnson & Johnson
  • 3M Company
  • Medtronic plc
  • Becton Dickinson and Company (BD)
• Others include Stryker Corporation, Baxter International Inc., and Boston Scientific Corporation.

Innovative Trends: Skin Closure Variety Packs

• Innovative solutions like skin closure variety packs are enhancing wound management.
• These packs:
  • Combine various skin closure devices (sutures, staples, adhesive strips, tissue adhesives).
  • Offer convenience for treating different wound types.
• Example: Kitotech Medical Inc. launched the microMend Skin Closure Variety Pack in 2021, designed for home use and reducing the need for emergency room visits.

Strategic Mergers and Acquisitions

• Advanced Medical Solutions Group plcacquired Péters Surgical SASU in March 2024.
  • Aim: To become a global leader in tissue repair and skin closure.
  • Expected benefits: High single-digit earnings growth in the first full year.
• This acquisition is part of a broader trend of consolidation in the market to enhance product offerings and market reach.

Regional Insights

• North America was the largest market region in 2023.
• Asia-Pacific is projected to be the fastest-growing region during the forecast period.

Conclusion

The laceration closure devices market is on a robust growth path, driven by advances in surgical procedures, technological innovations, and strategic industry moves. With significant contributions from major players and expanding opportunities in emerging markets, this sector is set for continued success in the years ahead.

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