The European wound closure market was valued at $2.8 billion in 2015 and is expected to grow at a CAGR of 5.9% between 2016-2022, to reach $4.2 billion by 2022. European wound closure products market is growing due to increase in aging population, diabetes cases, and obesity levels. Among the European nations, the German market for wound closure products is expected to grow at a CAGR of 6.6% during the forecast period, to reach $1.1 billion by 2022.
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The high cost of wound closure products limits the growth of the wound closure products market. High cost of wound closure products, such as adhesives and tissue sealants, haemostats, sutures and wound closure strips limits the affordability of the users. In addition, the manufacturing of these products also requires material with specific characteristic features, thus leading to higher cost. Moreover, raw materials required for manufacturing of wound closure products have specific requirements.
Companies in the wound closure products market are
undergoing mergers and acquisitions to improve their market share. For
instance, in August 2016, Derma Sciences Inc. completed the acquisition of
privately held BioD LLC with an immediate transaction value of $21.3 million
and a potential total transaction value of an estimated $77.8 million. This
includes an upfront payment of cash and common stock of $21.3 million, as well
as potential product regulatory milestone payments in aggregate estimated to be
up to $30.0 million and earn outs based on incremental net sales growth of up
to $26.5 million. BioD LLC is a biotechnology company involved in the
development and commercialization of novel and biologic products. The
acquisition has been made to expand Derma Sciences’ regenerative medicine and
advanced wound care products portfolio.
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