NEW YORK, April 02, 2018 (GLOBE NEWSWIRE) -- According to P&S Market Research, Saudi Arabian surgical sutures market is forecasted to value $20.6 million by 2023, the industry is driven by the growing number of hospitals and healthcare professionals, surging geriatric population, and rising healthcare expenditure.
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On the basis of product, the Saudi Arabian surgical sutures market has been categorized into sutures and automated suturing devices. Between the two suture types, namely absorbable and non-absorbable, absorbable sutures are estimated to hold a larger share, of 65.3%, in the market in 2017. This can be attributed to an increase in the demand for absorbable sutures, as they can be easily broken down by the body through the process of hydrolysis and therefore do not have to be removed after surgery.
Based on application, the surgical sutures market has been categorized into general, gynecological, orthopedic, ophthalmic, cardiovascular, and other surgeries. Among these, general surgery is expected to continue being the largest application area for surgical sutures in the market in the coming years. General surgery is estimated to account for the largest share in the surgical sutures market of Saudi Arabia in 2017 and is also predicted to be the fastest-growing application category, with a CAGR of 4.6%, during the forecast period.
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Key players in the surgical sutures industry in Saudi Arabia are acquiring other firms to gain a larger market share. For instance, in January 2016, Surgical Specialties Corporation acquired all shares and affiliated entities of FSSB Chirurgische Nadeln GmbH, a needle and suture manufacturer. The company financed the transaction through a $147 million commercial banking facility. The acquisition aimed at expanding the needle business of Surgical Specialties Corporation by making use of FSSB Chirurgische Nadeln GmbH’s proprietary technology.
Moreover, in January 2015, Medtronic plc completed the acquisition of Covidien plc, a manufacturer of medical devices and supplies. The cash-and-stock transaction valued approximately $49.9 billion. The acquisition aimed at extending the innovation capabilities of Medtronic plc. Some of the other key players operating in the surgical sutures market in Saudi Arabia are Johnson & Johnson, Smith & Nephew plc, United Medical Industries Co. Ltd., and Doğsan.
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