The global market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures conducted, globally.
Northrook, IL -- (SBWIRE) -- 01/14/2020 -- The global market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures conducted, globally. The favorable reimbursement scenario for a number of surgical procedures and the launch of advanced sutures are further contributing to the market growth. The report segments the surgical sutures market by product, type, application, end user, and region.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.4% during the forecast period, the global Surgical Sutures Market is estimated to reach USD 5.02 Billion by the end of 2023. In 2018, North America is expected to account for the largest share of the market. On the other hand, Asia is expected to register the highest CAGR during the forecast period.
Based on type, the market is segmented into monofilament and multifilament sutures. In 2018, the multifilament/braided segment is expected to account for the largest share of the surgical sutures market. The growth of this segment is driven by the increasing number of complex surgeries, rising geriatric population, and favorable reimbursement policies for hospital treatments.
Based on application, the market is segmented into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic surgery, and other applications. In 2018, the cardiovascular surgery segment is expected to dominate the market. The largest share of this application segment can be primarily attributed to the large number of cardiovascular surgeries performed across the world as a result of the high prevalence of cardiovascular diseases (CVDs).
Based on the end user, the surgical suture market is segmented into hospitals, ambulatory surgical centers, and clinics & physician offices. Among these, the hospitals segment is expected to account for the largest market share in 2018. The large share of this segment is attributed to the increasing number of complex surgeries performed in hospitals, rising geriatric population, favorable reimbursement policies for hospital treatments, and increasing number of new hospitals established, especially in emerging countries.
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What Drives the Market?
The growth of the global market for Surgical Sutures is primarily influenced by the following factors:
- Increasing Number of Surgical Procedures
- Technological Advancements in Suture Design, Features
- Favorable Reimbursement Scenario
- The development of drug-eluting surgical sutures has enabled drug delivery to the desired site, thereby offering significant potential for application in therapeutics and diagnostics. Due to the benefits offered by advanced suturing products, their applications and adoption among surgeons have increased significantly.
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Geographical growth scenario of Surgical Sutures Market
Geographically, the Surgical Sutures market has been studied for North America, Europe, Asia, and the Rest of the World (RoW). Asia is expected to register the highest CAGR during the forecast period owing to the region's growing medical tourism industry, rising prevalence of chronic diseases, and favorable reimbursement scenario. Moreover, the key surgical sutures manufacturers are also focusing on gaining a competitive edge in these high-growth markets, which is aiding the growth in Asia.
Leading market players and strategies adopted
The prominent players in the Surgical Sutures market include Ethicon Inc. (US), B. Braun Melsungen AG (Germany), DemeTECH Corporation (US), Medtronic, plc (Ireland), Internacional Farmaceutica, S.A. De C.V. (Mexico), Sutures India Pvt. Ltd. (India), Péters Surgical (France), Smith & Nephew plc (UK), EndoEvolution, LLC (US), and Boston Scientific Corporation (US).
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