Global Surgical Sutures market size is valued at US$ 2.8 billion in 2019. Sutures are strand of materials that are mainly used to close skin and tissue wounds. Placement of suture depends on the type of wound. Suture material should be of high tensile strength as well as sterile and non-allergic to patients. Various features are analyzed before putting these materials in closing the wounds. As such, there are wide range of sutures available in the market depending on the type of wound.
Companies are focusing on technology in order to strengthen their market presence in the segment. In future, surgical sutures market is set to be more consolidated with major players opting for inorganic growth strategy to generate high return on investment (ROI).
Key Trends and Factors Driving Surgical Sutures Market Demand:
- Increase in number of surgical procedure will boost the demand for surgical sutures. As per the World Health Organization (WHO), over XX surgical procedures was carried out worldwide. Developed regions accounted for the highest number of surgical procedure owing to well established healthcare infrastructure and favorable reimbursement policies. Demand for surgical sutures will rise with increase in number of surgical procedure.
- In the last few years, many hospitals and clinics has emerged worldwide to address the growing healthcare issues. Surgeries has also increased with expansion in healthcare facilities. This has positively created favorable ecosystem for sales of surgical sutures. Vendors directly collaborates with leading multinational hospitals to supply their product for long term duration, thereby minimizing any volatility in the market. The trend is quite prominent in developing regions of Asia Pacific wherein hospital chains are emerging at double digit rate, creating huge market prospects for leading players as well as new entrants.
- Free trade agreements and international cooperation in healthcare trade has also created favorable ecosystem for the companies. There are many free trade agreements among group of countries. For instance, United States-Mexico-Canada agreement (USMCA) has strengthened the free trade agreement of medical devices and further recognized the expansion of intellectual property protections in the region. The agreement not only will benefit companies to trade free across borders but also ensure intellectual property rights necessary to tackle counterfeiting products. As per the estimates, medical products market has expanded over 760% since the inception of NAFTA. The trend is likely to be same throughout the forecast period. Similar instances can be seen in other parts of world, such as EU and South Korea pact. The free trade agreement between South Korea and EU has helped medical products market to flourish. Under the agreement, Korea is expected to eliminate duties on EU medical products.
- Product launch is the key strategy adopted by surgical sutures industry players. Various major companies are launching a range of surgical sutures at low cost to meet consumer aspirations. Recently, in 2017, Mellon Medical raised US$ 6.6 million to advance its suturing technology. The company claims to suture tabular and layered structures twice as fast as conventional technique. Another company ZipLine Medical is also working in the similar field. The company is investing on its Zip Skin Closure, and claims to be three to five times faster than conventional sutures in healing wounds.
Global Surgical Sutures Market Size, Analysis across Segments:
- On the basis of product type, the industry revenue is analyzed into absorbable and non-absorbable. In 2018, absorbable sutures accounted for the highest sales. Absorbable sutures generated over USD 2.2 billion in 2018. Absorbable suture is further segmented into synthetic and natural. Synthetic accounted for 78% of total segment sales in 2018.
- On the basis of end-use, sales revenue is analyzed across hospitals, ambulatory surgical centers, and specialty clinics. Among these, majority of sutures were sold in hospitals in 2018. Presence of higher funds along with large number of patients flocking to hospitals is the key reason for overall sales in the segment. Moreover, hospitals opt for bulk orders, thereby minimizing the operational cost. Gradually, developing regions is witnessing huge number of new hospitals, along with good healthcare insurance policies. All these factors have created favorable business ecosystem in hospital end-use segment.
- On the basis of therapeutic application, the global surgical sutures market is segmented into cardiovascular, orthopedic, gynecological, and general surgeries. Among these, general surgeries accounted for the highest share in 2018. According to the estimates, large number of patients underwent general surgeries in 2018, leading to significantly higher usage of sutures globally. While general surgeries will continue to dominate the global share, cardiovascular segment is registering impressive growth owing to higher prevalence rate of cardiovascular diseases and complications arising out of the same.
Global Surgical Sutures Market Size, Regional Analysis:
Globally, North America surgical sutures market accounted for 35.0% global share in 2018. Over 45 million surgical procedures was carried out in 2017, and the number of such cases is increasing at steady rate, necessitating the need for effective treatment. Moreover, there are large number of surgical procedure carried out due to chronic illness including cardiovascular diseases and bariatric surgeries.
Asia Pacific will register fastest growth and is expected to register double digit CAGR to create high incremental revenue opportunity for industry players. Changing lifestyle has also affected Asia population thereby demanding effective treatment. Some cases need surgical procedures. China and India are the most promising countries for the industry players. These countries collectively account for over 26% of global population, thereby paving way to huge addressable revenue opportunity. Relaxation in FDI and custom duty is expected to help boost overall sales of surgical sutures by companies based in Europe and North America.
Global Surgical Sutures Market Size, Competition Landscape:
Some of the key industry players covered in the report are:
- Medtronic Plc.
- Integra LifeSciences Corp.
- Teleflex Inc.
- Smith & Nephew
- Johnson and Johnson
- Boston Scientific
- 3M Healthcare
- Derma Sciences
- Dolphin Sutures
- Riverpoint Medical
- Lotus Surgicals
By Product Type:
- Absorbable Sutures
- Synthetic Sutures
- Polyglactin 910 Sutures
- Poliglecaprone 25 Sutures
- Polydioxanone Sutures
- Polyglycolic Acid Sutures
- Natural Sutures
- Non Absorbable Sutures
- Nylon Sutures
- Stainless Steel Sutures
- Prolene Sutures
By End-use Channel:
- Ambulatory Surgical Centers
- Specialized Clinics
By Suture Type:
By Therapeutic Application:
- General surgery
- Cardiovascular Surgery
- Gynecological Surgery
- Ophthalmic Surgery
- Orthopedic surgery
- Bariatric Surgery
- Cosmetics and Plastic Surgery
What Will You Discover in the Report?
- An in-depth analysis of the Surgical Sutures market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Surgical Sutures market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Surgical Sutures market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Surgical Sutures industry during the forecast period
- Who are the Surgical Sutures industry leaders and what are the key initiatives taken by them for long term growth
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