Surgical Sutures Market to Reach USD 6.45 Billion by 2027 Owing to Increasing Number of Surgeries Worldwide, says Fortune Business Insights
Posted on 30 December, 2020 by Hrushikesh Dudhane
The global surgical sutures market is expected to showcase a significant growth by exhibiting a CAGR of 5.9% between 2020 and 2027. The growth is attributable to the increasing number of surgeries and the presence of large geriatric populations across the globe. Fortune Business Insights, in its latest report, titled, “Surgical Sutures Market Size, Share & COVID-19 Impact Analysis, By Product Type (Absorbable and Non-Absorbable), By Form (Natural and Synthetic), By Application (Gynecology, Cardiology, Ophthalmic, Orthopedic, General Surgery, and Others), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, and Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 4.21 billion and is projected to reach USD 6.45 billion by 2027.
Surgical sutures are a type of medical devices that are adopted to treat open wounds of the surgical site. They are available in absorbable and non-absorbable products that cater the required surgical procedures. These devices have a lesser rate of adverse reaction and malfunction when compared to advanced devices such as staplers that propel the demand for the products across several healthcare services.
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What does the Report Include?
The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period.
It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Declining Number of Surgeries amid COVID-19 to Hinder Growth
The healthcare professionals and services are totally concentrating on containing the spread of the novel coronavirus. This has resulted in remarkable reduction in surgeries across the globe. Additionally, several hospitals have focused on treating COVID-19 patients and temporarily closed the surgical operations that are hampering the market growth. However, adhering to the government protocols and resuming hospitals operations partially is expected to favor the growth of the market in the forthcoming years.
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Increasing Number of Surgeries to Bolster Growth
According to the World Health Organization (WHO), about 234.2 million surgeries are performed across the globe every year. The increasing number of bariatric and cosmetic surgeries is driving the demand for these sutures. Additionally, the high prevalence of chronic diseases that require surgical intervention is expected to propel the demand for sutures across the globe. The companies are further focusing on developing advanced surgical sutures owing to the growing geriatric population that is anticipated to contribute to the growth of the global surgical sutures market during the forecast period.
Absorbable Segment Held a Major Market Share in 2019
The absorbable segment, based on product, held a major market share in 2019 and is expected to dominate owing to the relatively lower operation costs when adopting this suture.
North America to Remain at the Forefront; Increasing Adoption of Innovative Products to Spur Demand
Among all the regions, North America is expected to hold the highest position in the global market. The region stood at USD 1.67 billion in 2019 and is anticipated to grow further owing to the increasing preference of key players to develop innovative surgical sutures in the region.
The market in Asia-Pacific is anticipated to showcase an exponential growth owing to the increasing orthopedic surgeries in countries such as India and China that propels the demand for sutures between 2020 and 2027.
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Major Companies Focus on Acquisition to Strengthen Their Positions and Maintain Dominance
The global surgical sutures market is fragmented into both domestic and international players that are striving to maintain their presence and consolidate their positions. They are doing so by focusing on acquiring other companies and further boost their surgical sutures product portfolio. The other key players are adopting strategies such as partnership, the introduction of new products, and collaboration that will favor the market growth in the forthcoming years.
- December 2019 – Baxter International, Inc announced the acquisition of Sperafilm adhesion barrier and other related assets from Sanofi. According to the company, the acquisition is worth USD 350 million and is expected to boost its advanced surgery portfolio.
List of the Companies Operating in the Global Surgical Sutures Market:
- Smith & Nephew
- Boston Scientific Corporation
- Demetech Corporation
- CP Medical
- Coloplast Corporation
- BSN Medical
- Apollo Endosurgery, Inc.
- Molnlycke Healthcare
- Other prominent players
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- An overview of a number of major surgical procedures by key countries
- Recent industry developments such as mergers & acquisitions
- Regulatory scenario for key countries
- Key industry trends
- Reimbursement scenario by key countries
- Global Surgical Sutures Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Market Analysis, Insights and Forecast – By Form
- Market Analysis, Insights and Forecast – By Application
- General Surgery
- Market Analysis, Insights and Forecast – By Distribution Channel
- Ambulatory Surgery Centers
- Market Analysis, Insights and Forecast – By Country
- North America
- Asia pacific
- Latin America
- Middle East & Africa
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