New Growth Predicted for U.S. Wound Closure Products Markets
•Mechanical Closure Products
•Fibrin Sealants
•1998 Market Engineering Award
An aging U.S. population coupled with the May 1998 FDA approval of the first fibrin sealant product for the U.S. market are the catalysts for increased future sales of wound closure products in the United States.
New strategic marketing research from Frost & Sullivan, "U.S. Wound Closure Products Markets," valued the 1998 total market for wound closure products at just over $1.4 billion with a growth rate of four percent over 1997. Additionally, the research forecasts the markets for wound sutures, mechanical wound closure products, wound closure strips and wound closure fibrin sealants to reach more than two billion dollars by 2005.
In the report, procedural forecasts are provided for cardiovascular, dental, endoscopic, microsurgery, ophthalmic, plastic reconstructive, and other surgical applications. Also included in the research are projections of pricing, unit shipments, and revenues along with a competitive analysis of marketplace issues faced by 31 first-and second-tier U.S. manufacturers. Valuable information on new markets, such as fibrin sealants used for wound closure procedures, can be utilized to assist market participants in gaining the edge on their competition.
The study predicts more of the same for the mechanical closure products markets due to their versatility, which allows end users to control costs. Frost & Sullivan expects these products to account for approximately 53% of the total U.S. wound closure products markets by the year 2005. Wound sutures accounted for the largest portion of the total wound closure market in 1998 with 50%, and the wound closure strips market is not expected to accrue more than 2% throughout the 2005 forecast period. The up-and-coming market is going to be in the area of fibrin sealants.
"Mechanical wound closure products have shown healthy growth due to their cost-effectiveness for many surgical procedures as will fibrin sealant products for similar reasons. Fibrin sealants result in more effective surgeries by reducing the number of transfusions needed and by speeding up the healing process. This can save hospitals a significant amount of money," says Frost & Sullivan Medical Device Analyst Mary Tou. "In May 1998, the first fibrin sealant was introduced for commercial use in the U.S., and the market is expected to grow to $14 million in 1999."
The fibrin sealants market is in its infancy stage with only two companies currently marketing the product. In 1998, these two companies were able to generate revenues of approximately two million dollars. By the year 2005, Frost & Sullivan expects the total wound closure fibrin sealant market to reach six percent of the total market for all wound closure products. Ongoing clinical trials are being performed on fibrin sealants in an effort to gain FDA approval for new indications, thus causing the usage numbers to skyrocket. This healthcare industry research has integrated the Market Engineering consulting philosophy into the entire research process. Critical phases of this research included: Identification of industry challenges, market engineering measurements, strategic recommendations, planning and market monitoring. All of the vital elements of this system help the market participants navigate successfully through the U.S. wound closure products market.
Frost & Sullivan gives out Market Engineering Awards to recognize companies that have worked hard to make a positive contribution to the wound closure industry. The 1998 Market Engineering Product Innovation Award is given to Ethicon Endo Surgery Inc., the market leader in the mechanical wound closure products market. Ethicon Endo Surgery Inc. is in the business of transforming patient care through the development of incremental improvements on its existing products as well as new product innovations that will increase efficiency. The 1998 Market Engineering Market Penetration Award is given to the market leader in the wound closure fibrin sealants market, Baxter International Inc. With extensive resources, Baxter was able to gain 75% of the total market in 1998.
The companies identified by Frost & Sullivan as wound closure product market participants include: 3M Healthcare, A&E Medical Corp., Accurate Surgical & Scientific, AESCULAP Inc., Alcon Laboratories Surgical Division, Ashaway Line & Twine Manufacturing Co., Baird Industries, Barbour Threads Inc., Baxter Hyland Immuno, Beiersdorf-Jobst Institute, Cottrell Ltd., DeRoyal Industries, Ethicon Inc., Ethicon Endo-Surgery Inc., Genetic Laboratories Wound Care Inc., Genzyme Surgical Products, Haemacure Corp., Havel's Inc., Hu-Friedy Manufacturing Co., Imagyn Medical Technologies, Kells Medical Inc., Kimberly-Clark TECNOL, Lukens Medical Corp., Pilling Weck Surgical, State Trading Corp., Surgical Specialties, Victor Surgical Gut Manufacturing Co., U.S. Surgical-Davis & Geck, Valleylab Inc., and W.L. Gore & Associates Inc.
Frost & Sullivan is an international marketing consulting and training company that monitors the healthcare industry for market trends, market measurements and strategies.
For more information, contact Frost & Sullivan, 2525 East Charleston Rd., Mountain View, CA 94043. Tel: (650) 961-9000. Fax: (650) 961-5042. Web site: http://www.frost.com.