According to the report, the global synthetic absorbable sutures market was valued at US$ 1.5 Bn in 2019 and is projected to expand at a CAGR of ~6% to 2019 to 2027.
Synthetic Absorbable Sutures Market: Introduction
According to the report, the global synthetic absorbable sutures market was valued at US$ 1.5 Bn in 2019 and is projected to expand at a CAGR of ~6% to 2019 to 2027. Rapid growth in geriatric population leads to eye diseases, cardiovascular diseases, and neurological disorders, which has increased the number of surgeries globally. According to the American Geriatrics Society, population of people over 65 years and older is growing at a high rate in the U.S., and this number is anticipated to double to 89 million between 2010 and 2050. Based on these factors, in developing geographies, it is expected that a continuous rise in demand would be observed for a variety of surgical services, including gynecological surgeries (with a projected growth of 48%) and general surgeries (with a projected growth of 28%). Thus, increase in geriatric population is expected to boost the growth of the market.
Number of surgical procedures has been rising over the past few years. Various factors responsible for the rise are as follows:
- Increase in cases of cardiovascular diseases leading to rise in number of cardiac surgeries
- Growing interest of people to enhance their physical appearance, thereby increasing the number of cosmetic surgical procedures
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Polyglactin Suture to Lead Synthetic Absorbable Sutures Market
In terms of product type, the polyglactin suture segment is expected to hold major share of the market during the forecast period. Polyglactin is a braided suture material, which is a copolymer of glycolic and lactic acids. The suture is quite reliable and is likely to remain effective throughout the critical wound healing time. It forms secure knots that are not likely to give way. It is good for subcutaneous wound closure and for various internal surgical uses.
Monofilament Suture Material to Witness High Demand
Based on material, the monofilament suture segment is expected to account for major share of the market during the forecast period. Monofilament suture material is made of a single strand. This structure is relatively more resistant to harboring microorganisms. It also exhibits less resistance to passage through tissue than multifilament suture. These advantages are expected to drive the segment during the forecast period.
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Rise in Number of Surgical Procedures to Drive Use of General Stutures
In terms of application, the general sutures segment is anticipated to hold major share of the market during the forecast period. Increase in number of general surgical procedures being performed coupled with technological advancements in the field is anticipated to drive the segment.
Hospitals to be Major End User
Based on end user, the hospitals segment dominated the market, owing to increase in number of hospital surgeries and hospital stay. Hospitals are the most preferred choice of settings due to safe healthcare treatment procedures, healthcare insurance coverage, presence of developed healthcare technology, and availability of operating rooms for large number of patients.
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North America Dominated Synthetic Absorbable Sutures Market
North America dominated the global synthetic absorbable sutures market is terms of revenue in 2019 and is expected to dominate the market during the forecast period. North America is expected to grow at an impressive CAGR of 6.1% during the forecast period. Increase in number of research activities and rise in prevalence of diseases are expected to boost the growth of the market. Major market share held by the region can be attributed to ongoing research on synthetic absorbable sutures for different indications and the growing pharmaceutical industry in North America.
The synthetic absorbable sutures market in Asia Pacific is projected to grow at a rapid pace during the forecast period. Increase in geriatric population, rise in prevalence of diseases that cause hearing loss, surge in research & development, extensive government initiatives in the healthcare sector, and increase in presence & investments by global players fuel the growth of the synthetic absorbable sutures market in Asia Pacific.
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