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. The new report shows that 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 U.S. is the largest wound closure devices market in the world. Further growth is expected to occur due to increasing cases of cosmetic surgeries, as well as 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 nine percent in 2010, and has grown by 155 percent since 1997.
About 9.5 million plastic surgery procedures were performed in the U.S. in 2010, of which procedures performed on women accounted for 92 percent. 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 global wound closure devices market was valued at $3.3 billion in 2011 and is forecast to grow at a rate of 4.9 percent to reach $4.6 billion in 2018. The U.S. wound closure devices market was valued at $1.3 billion in 2011 and is expected to reach $1.7 billion in 2018.