The growing popularity of cosmetic procedures is the main factor behind a noteable increase in surgical procedures and rising revenue from the global wound closure devices market, according to a new report by business intelligence expert GlobalData.
Cosmetic surgery is playing a greater role in the growing number of surgeries being carried out, catching up to the numbers of people undergoing life-saving procedures for cardiovascular, orthopedic and laparoscopic issues. This, together with a globally aging population, increasing numbers of sports injuries, and high numbers of road accidents in emerging countries is maintaining a high demand for surgery and wound closure devices.
The US is the largest wound closure devices market in the world, primarily driven by an increasing number of surgeries. Further growth is expected to occur due to increasing cases of cosmetic surgeries, while being encouraged, to a lesser extent, by an increase in the number of elderly and technological innovations occurring in the field.
According to statistics released by the American Society for Aesthetic Plastic Surgery (ASAPS) in April 2011, the demand for plastic surgery procedures increased by 9% in 2010, and has grown by 155% since 1997.
About 9.5 million plastic surgery procedures were performed in the US in 2010, of which procedures performed on women accounted for 92%. During 2010, roughly $6.6 billion was spent by Americans on cosmetic surgery, with breast augmentation, lipoplasty, abdominoplasty, eyelid surgery and breast reductions representing the most popular procedures.
The craze for surgical self-improvement shows no signs of abating, leading to mass profits for related medical markets. As a result, GlobalData expects to see more companies rushing to invest in this area to ensure a healthy cut of the profits.
The global wound closure devices market was valued at $3.3 billion in 2011 and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4.9% to reach $4.6 billion in 2018. The US wound closure devices market was valued at $1.3 billion in 2011 and is expected to grow at a CAGR of 4.2% to reach $1.7 billion in 2018.Report Scope
- Key geographies covered include the US, Canada, the UK, Germany, France, Italy, Spain, Japan, China, India, Australia, and Brazil.
- Key segments covered include hemostats, tissue sealants, wound closure strips, mechanical stapling devices and ligating clips.
- Annualized market revenues data from 2004 to 2011, forecast forward for seven years to 2018. Company shares data for 2011.
- Qualitative analysis of key market trends, market drivers, and restraints by each segment within wound closure devices market.
- The report also covers information on the leading market players, the competitive landscape, and the leading pipeline products and technologies.
- Key players covered include Covidien plc, Ethicon and Baxter International.Reasons to buy
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Click for Report details:Wound Closure Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018