London, England -- (SBWIRE) -- 03/26/2012 -- 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 market is expected to be driven by the significant increase in the number of surgeries, especially cosmetic, cardiovascular, orthopedic and laparoscopic surgeries, increase in the number of sports injuries, increase in the global elderly population and large number of road accidents in the emerging countries.

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. The growth will be fuelled by a number of factors such as increase in the number of surgeries especially cosmetic surgeries, increase in elderly population of the country and technological innovations going on in the field of wound closure devices.

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 and about 92% or 8.6 million of these procedures were performed on women. Breast augmentation, lipoplasty, abdominoplasty, eyelid surgery and breast reduction procedures were the most sought after procedures in the US in 2010. About $6.6 billion was spent by the Americans on cosmetic surgery procedures in 2010.

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In 2011, Covidien plc the leading player in the global wound closure devices market with a share of about 24%. The leadership of Covidien can be attributed to technology innovation, diversified global presence, extensive wound closure devices portfolio and strong financial performance. Covidien continues to invest in new and advanced technologies across all fields, which results in a strong and growing patent portfolio. Through research and development efforts, the company is committed to identifying, receiving and developing new technologies and innovative products. In addition to internal R&D initiatives, through licensing and developing agreements, equity investment and selective acquisition, the company intends to expand its technological capabilities and accelerate the development of new products.

Ethicon and Baxter International are the second and third leading players in the global wound closure devices market with market shares of 14% and 10% respectively.

According to the National Electronic Injury Surveillance System (NEISS), the number of sports injuries in the US increased from about 2.86 million in 2007 to more than 2.91 million in 2009. According to a paper published in the British Journal of Sports Medicine in October 2010, Platelet-Rich Plasma (PRP)

(also known as platelet-rich in growth factors, platelet-rich fibrin matrix, platelet-rich fibrin, fibrin sealant, platelet concentrate) is now being extensively used for the treatment of musculoskeletal injuries in sports. There are many studies which suggest that wound closure devices such fibrin sealants and hemostats can be successfully used in the treatment of sports related injuries.

GlobalData’s new report, “Wound Closure Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018” provides key data, information and analysis on the global wound closure devices market. The report provides market landscape, competitive landscape and market trends information on the wound closure devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.

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