Fact.MR – A Market Research and Competitive Intelligence Provider: The global surgical sutures market is expected to reach US$ 6.5 Bn, exhibiting growth at a CAGR of 5.6% during 2021 to 2031, estimates Fact.MR.
Surgical Sutures Market Value to Reach US$ 6.5 Bn as Governments Eliminate Trade Duties on Medical Devices
Fact.MR combines trend analysis and quantitative forecasting to provide readers with the latest insight of the surgical sutures market. The study contains distinctive information through exhaustive primary and secondary research methodologies. It also includes detailed information about various segments in terms of product type, raw material, source, application, and end-user across seven major regions.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global surgical sutures market is expected to reach US$ 6.5 Bn, exhibiting growth at a CAGR of 5.6% during 2021 to 2031, estimates Fact.MR. Rising number of trauma patients are expected to drive the growth in the surgical sutures market.
Surgical sutures have gained immense popularity across the globe owing to ongoing technological advancement in this field. Governments of various countries are also supporting the usage of these products for improving their healthcare facilities.
Additionally, compared to the conventional non-absorbable sutures, the new absorbable ones are the most preferred sutures among surgeons across the globe due to their high ‘Average Selling Price’ (ASP).
Further, several manufacturers are investing extensively to develop novel electronic, bioactive, antimicrobial, and knotless surgical sutures for the healthcare sector. These new sutures are beneficial in detecting infections or leakages in the wound.
Also, to enable efficient drug delivery to the surgical site, some of the key players have come up with stem cell-seeded and drug-eluting sutures. These factors are anticipated to bolster the surgical sutures market growth in the forecast period.
“With governments eliminating restrictions, trade duties, and customs on medical devices by launching new agreements, sales of surgical sutures are expected to witness an uptick through 2021. The Trans-Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA) are the two significant examples of such agreements. This has helped the market to generate nearly US$ 20.5 trillion of revenue and the trend is likely to continue over the coming years,” declares a Fact.MR analyst.
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Key Takeaways:
- Based on product type, the absorbable Surgical Suture is expected to exhibit growth at a CAGR of 5% in the upcoming years.
- In terms of application, the cardiovascular procedures segment is set to account for more than 30% of the global market revenue in the forthcoming years.
- The U.S. surgical suture market is expected to dominate North America, generating nearly US$ 1.3 Bn during the forecast period
- China is projected to grow at a CAGR of 5.3% over the forecast period owing to the increasing surgical procedures in the country.
Growth Drivers:
- Growing usage of various synthetic materials possessing properties, such as almost zero risk of scar formation and infection is expected to propel the demand for surgical sutures.
- Absorbable surgical sutures can reduce the chances of infection and scarring, thereby eliminating the need to visit hospitals for manual removal. Thereby, increasing the sales.
- Increasing ambulatory surgical centers and hospitals across India, Japan, the U.S., and China is likely to boost the market.
Restraints:
- Government bodies in developing countries have implemented stringent policies and trade duties on medical devices. This factor may limit the growth in the market.
- Availability of various alternatives, such as sealing agents, hemostatic agents, and topical skin adhesives is likely to hinder the sales.
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Competitive Landscape
Presence of numerous leading players in the surgical suture market has led to severe competition in the market. Some of these companies are adopting strategies, such as mergers & acquisitions, partnerships, and new product development to gain competitive edge.
Meanwhile, some of the players are teaming up with start-up companies to develop joint ventures to strengthen their positions in the market.
For instance,
- December 2021: Corza Medical, a leading provider of surgical medical devices based in Saudi Arabia, acquired Katena Products, Inc., which is a U.S.-based supplier of ophthalmic surgical products. This new acquisition would enable Corza to expand its surgical product portfolio. At the same time, it would help the company to provide world-class service and unique technologies to customers.
- November 2021: MRC Systems FZE, a subsidiary of ADDvise Group AB bagged two cleanroom orders from Masarat situated in Saudi Arabia. The first order is worth $530,000, while the second one is valued at around $800,000. The first order relates to the construction and designing of a cleanroom plant for the production of surgical sutures. The second order involves the designing and building of two cleanroom facilities for IAU University for controlled biomedical laboratories.
- April 2021: A team of scientists at the McGill University created state-of-the-art surgical sutures that can mimic the function of tendons. The newly developed design was inspired by the endotenon sheath present in the human body. These new sutures can be used to monitor wounds, prevent infections, and deliver drugs to patients.
Key Players in the Surgical Sutures Market Include:
- Peters Surgical
- Smith & Nephew Plc.
- Johnson & Johnson
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Medtronic Plc.
- Arthrex Inc.
- Sutures India Pvt. Ltd
- Centenial Surgical Suture Ltd
- Assut Medical S.r.L
More Valuable Insights on Surgical Sutures Market
Fact.MR provides an unbiased analysis of the surgical sutures market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global surgical sutures market with a detailed segmentation on the basis of:
Product Type
- Absorbable Surgical Sutures
- Non-Absorbable Surgical Sutures
Raw Material
- Polyglycolic Acid Absorbable Surgical Sutures
- Polyglactin Absorbable Surgical Sutures
- Catgut Absorbable Surgical Sutures
- Poliglecaprone Absorbable Surgical Sutures
- Polydioxanone Absorbable Surgical Sutures
- Polypropylene Non-Absorbable Surgical Sutures
- Nylon (Poylamide) Non-Absorbable Surgical Sutures
- Polyester Non-Absorbable Surgical Sutures
- Polyvinylidene Fluoride (PVDF)
- Non-Absorbable Surgical Sutures
- Silk Non-Absorbable Surgical Sutures
- Stainless Steel Non-Absorbable Surgical Sutures
Source
- Natural Surgical Sutures
- Synthetic Surgical Sutures
- Coated Surgical Sutures
- Uncoated Surgical Sutures
Application
- Cardiovascular procedures
- General Surgery Procedures
- Ophthalmic Procedures
- Orthopedic Procedures
- Dental Procedures
- Gastroenterology Procedures
- Gynecology Procedures
- Plastic Surgery Procedures
- Veterinary Procedures
End-user
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Emergency Medical Services
- Veterinary Hospitals
- Veterinary Clinics
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Key Questions Covered in Surgical Sutures Market Report
- The report offers insight into the surgical sutures market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for surgical sutures market between 2021 and 2031.
- Surgical sutures market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Surgical sutures market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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Source: Fact.MR