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U.S. Wound Closure Devices Market
Frost & Sullivan, June 2005
Group Purchasing Organizations Break Large Participants’ Hold over Wound Closure Device Market
With the major participants’ maintaining a stronghold on the wound closure devices market, small manufacturers are challenged to introduce products or increase their market shares. Large participants offer low-priced products through large-volume discounts. However, group purchasing organizations (GPOs) are now empowering smaller manufacturers by initiating non-exclusive agreements with buyers. Through these contracts, smaller manufacturers can promote specialized products without being overwhelmed by the marketing power of the bigger businesses. Moreover, purchasing agents are not bound to certain manufacturers, allowing them to purchase products that fit the needs of the hospital system.
This Frost & Sullivan study examines the competitive factors and projected market growth in the U.S. wound closure devices market. This service segments the market into sutures, staplers, ligating clip appliers, and strips. Highlights within this research service include major drivers, restraints, challenges, market and technology trends for existing and emerging participants.
Smaller Participants to find New Revenue Streams in Niche Markets
The market dominance of Ethicon and Tyco Healthcare (U.S. Surgical) has restricted growth for many new and emerging participants. However, niche participants can gain acceptance in the market by focusing on specialized instruments to meet clinicians’ needs. These devices often demand higher average sales price, enabling new entrants to penetrate this market.
Patients and hospitals are likely to spend more on wound closure devices that provide obvious cost and time savings, says the analyst of this research. Higher profit margins can be obtained in niche markets, particularly in critical care areas such as cardiovascular surgery, where prices tend to be inflated. Niche product segments are poised to revitalize this market and increase overall market revenue.
Higher-Priced Absorbable Sutures to Displace Non-absorbable Ones
The $1.55 billion U.S. wound closure devices market is expected to be worth $2.28 billion by 2011, largely due to the growing acceptance of absorbable sutures. Higher profit margins for manufacturers are pushing hospitals to transition from non-absorbable to absorbable sutures. Although absorbable sutures are more expensive, manufacturers are encouraging hospitals to make the switch as it has proven time, cost savings, and clinical efficacy.
Absorbable sutures are becoming common in many surgical procedures except in operations that require permanent sutures. In cardiovascular surgery, permanent suturing is required and hence, the majority of sutures are non-absorbable polypropylene, notes the analyst. On the other hand, absorbable materials are ideal in pediatric cardiovascular surgery, as children grow and develop continually.
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