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A report into the projected growth of the current surgical sutures market by Meticulous Research® has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 5.2%, reaching $5.2 billion.
Future Outlook: Surgical sutures market to witness steady growth during the forecast period (2018-2024)
In a report published today, Meticulous Research® has stated that the size of the global surgical sutures market will reach an impressive $5.2 billion by 2024. The researchers suggest that the growth of surgical sutures market will be driven by factors including the rising number of surgical procedures and burn cases, aging population & increasing prevalence of chronic diseases, technological advancement, and favorable reimbursement for various surgical procedures especially in the developed regions.
The report states that absorbable sutures currently account for the largest share of the total market and is expected to grow at a CAGR of 5.6% from 2018 to 2024. Meticulous Research® identified as to why this segment will continue dominating over non-absorbable sutures: “Due to growing demand for synthetic absorbable sutures such as Polyglactin 910 Sutures, Poliglecaprone 25 Sutures, Polydioxanone Sutures, and Polyglycolic Acid Sutures.”
Surgical Suture Market by Product (Suture Thread (Synthetic, Nylon, Silk, Prolene, Steel), Automatic Suture Device), Application (CVD, General, Orthopedic, Gynec, Ophthalmic, Plastic, Cosmetics), End User (Hospitals, ASC, Clinic) - Global Forecast to 2024
Automated suturing devices are cited as the major trend driving the growth of surgical sutures market. Demand for automated suturing device is increasing due to an increase in number of surgeries performed in the hospitals and ambulatory surgical centers, rising demand for minimally invasive surgeries, lower injury risk to surgeons, reduced suturing time, and greater focus on prevention of hospital acquired infections.
Based on application, cardiovascular surgeries accounted for the largest share and is expected to witness the highest CAGR of 5.8% during the projected period. The largest share and fastest CAGR of this segment is mainly attributed to the growing aging population and prevalence of cardiovascular diseases, and rising Coronary Artery Bypass Graft (CABG) cases across the globe.
Hospitals are the largest end users of surgical sutures attributed to the increasing number of complex surgeries performed in the hospitals, rising geriatric population and surgeries, favorable reimbursement policies for hospital treatments, and increasing number of private hospitals especially in emerging countries.
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The report further state that North America is currently home for most of the surgical sutures manufacturers and is the leading adopter of sutures. However, Asia-Pacific region is expected to grow at a fastest CAGR by 2024. The reason behind the growth of Asia-Pacific region is aging population and increasing prevalence of chronic diseases requiring surgical procedures, growing medical tourism industry, lower regulatory hurdles, growing disposable income levels and penetration of health insurance, and increasing investments in the healthcare sector by governments. In APAC, China and India provides lucrative growth opportunities for the surgical sutures market players.
The key players operating in the global surgical sutures market are B. Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), Medtronic plc (Ireland), Ethicon Inc. (Johnson & Johnson) (U.S.), Teleflex Incorporated (U.S.), Smith & Nephew (U.K.), CONMED Corporation (U.S.), Internacional Farmacéutica S.A. De C.V. (Mexico), DemeTech Corporation (U.S.), Peters Surgical (France), Sutures India (India), EndoEvolution, LLC (U.S.), Surgical Specialties Corporation (U.S.), and Mellon Medical B.V. (The Netherlands) among others.
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