NEWARK, Del, April 16, 2024 (GLOBE NEWSWIRE) -- Surgical sutures have been around since ancient times and have played a crucial role in the healthcare industry. However, with advancements in medical technology, the global surgical sutures market has grown exponentially. Medical professionals are now using modern and sophisticated minimally invasive surgeries while ensuring that wound-healing outcomes are not compromised.
Unfortunately, unhealthy lifestyles, stress, and alcohol abuse have led to a rise in chronic and age-related diseases worldwide. As a result, the demand for surgical sutures in healthcare facilities such as hospitals, ambulatory surgical centers, clinics, and cardiovascular hospitals is expected to skyrocket. The market valuation is forecasted to reach a staggering US$ 4,751.7 million by 2024.
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The introduction of robotic arms and barbed sutures has convinced more healthcare professionals to choose sutures over staples and tapes. The market, which is projected to grow at a modest CAGR of 4.20%, is expected to push the overall valuation to US$ 7,170.1 million by 2034. Governments' substantial investments in developing and underdeveloped parts of the world to medically include their populations are attracting a considerable number of people to the market.
“With the advent of new methodologies in the healthcare sector, it is very evident that the market for surgical sutures, too, will undergo tremendous change. This is why companies involved in the manufacturing of surgical sutures always have to be on their toes seeking novel innovations and best-in-class materials to provide effective as well as affordable sutures to the healthcare facilities”, opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The absorbable surgical sutures segment dominates the global market with a share of 61.70% in 2024.
- Based on the raw materials, the synthetic segment leads the surgical sutures market with a share of 51.60% in 2024.
- The surgical sutures market in the United Kingdom is anticipated to grow at a CAGR of 3.70% through 2034.
- The surgical sutures market in China is estimated to rise at a 6.90% CAGR through 2034.
- The surgical sutures market in France has the potential to increase at 4.00% CAGR through 2034.
- The Brazilian surgical sutures market is predicted to rise by 3.60% CAGR through 2034.
- The surgical sutures market in India is very likely to grow at a CAGR of 5.10% through 2034.
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Surgical Suture Market Poised for Bright Future Amidst Competitive Medical Device Landscape:
In the ever-evolving medical sector, advancements continue to foster the development of surgical procedures and equipment that not only enhance effectiveness but also emphasize affordability and environmental sustainability. The surgical suture market, a critical segment within this sphere, is demonstrating promising growth prospects in comparison to its competitive counterparts, namely the surgical stapling device market and the suture anchor device market.
Recent analytics reveal varying growth rates within these sectors, each presenting unique challenges and trends. However, the surgical suture market is distinguished by its robust trajectory, likely outpacing its competitors in the near future. This optimism is based on comprehensive market analysis and emerging trends favoring the versatile applications of surgical sutures.
The surgical stapling device market, while innovative, faces challenges related to cost and complexity of operations. On the other hand, the suture anchor device market, though growing, confronts hurdles in widespread clinical acceptance and material compatibility. In contrast, the surgical suture market benefits from broad-based acceptance across a variety of surgical disciplines, underpinned by ongoing improvements in material technology and surgical techniques.
Competitive Landscape:
- The surgical sutures market is highly established with numerous players and healthcare facilities having a strong foothold in the market.
- In recent years, the prominence of these companies has considerably increased as healthcare facilities rely heavily on their offerings.
- To cater to the demands of eco-conscious consumers and businesses, several companies have begun investing heavily in the development of bio-degradable and natural surgical sutures.
- Some of the most prominent companies in the market include Amgen Inc., Antares Pharma Inc., Becton Dickinson and Company, Consort Medical Plc (Bespak), Crossjet, and Medtronic plc.
Recent Developments:
- Mankind Pharma and ChrysCapital bid for Healthium Medtech, a surgical supplies company owned by Apax Partners, amidst tough competition in March 2024.
- Jesse Nawrocki's STRATAFIX™ sutures, introduced in May 2023, revolutionized surgical procedures, making them safer and more efficient.
- MIT engineers introduced smart sutures in May 2023, which could detect inflammation and deliver drugs, marking a significant advancement in medical technology.
- Genesis MedTech gained NMPA approval in China for its antibacterial sutures in September 2023, reducing surgical site infection risk.
- In April 2024, Samyang Holdings Corp. inaugurated a $22 million surgical suture plant in Hungary, enhancing its presence in Europe.
- Healthium Medtech's TRUMAS, India's first exclusive range of sutures for minimal access surgery, launched in August 2023, promising to revolutionize suturing during minimal access procedures.
Key Companies:
- B.Braun Melsungen AG
- Johnson & Johnson (Ethicon)
- CP Medical
- Atramat
- Medtronic (Covidien)
- DemeTECH Corporation
- Teleflex Incorporated (Teleflex Medical OEM)
- Sutumed
- Kono Seisakusho Co.,Ltd
- Mani Inc.
- Olimp- Surgical Sutures
- Lotus Surgicals
- Unisur Lifecare Pvt Ltd. (Universal Sutures)
- GMD Group
- Dynek Pvt Ltd
- Unilene Advanced MedTech Solutions Pvt. Ltd
- Corza Medical
- Dolphin Sutures
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Key Segments of the Surgical Sutures Industry:
By Product:
- Surgical Sutures
- Mechanical Sutures
By Suture Material:
- Absorbable Sutures
- NonAbsorbable Sutures
By Filament:
- Monofilament/Barb Sutures
- Multifilament/Braided Sutures
By Raw Material:
- Natural Sutures
- Silk Sutures
- Catgut Sutures
- Synthetic Sutures
- Polyglactin 910 Sutures
- Polyglecaprone 25 Sutures
- Polydioxanone Sutures
- Polyglycolic Acid Sutures
- Nylon Sutures
- Prolene Sutures
- Stainless Steel Sutures
- Others
By Coating:
- Coated Sutures
- NonCoated Sutures
By Application:
- General Surgery
- Gynecology Surgery
- Orthopedic Surgery
- Ophthalmic Surgery
- Cosmetic & Plastic Surgery
- Cardiac Surgery
- Others Applications
By End User:
- Hospitals
- Specialized Clinics
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Market Insights Domain:
Surgical Stapling Device Market Size: The surgical stapling device market is projected to be valued at US$ 3,977.40 million in 2023. The market research report anticipates a growth of US$ 5,930.60 million by 2033. The surgical stapling device sales are expected to record a CAGR of 4.10% during the forecast period.
Suture Anchor Devices Market Share: The global suture anchor devices market size is estimated to attain a valuation of US$ 1,080.9 million by 2033. Our healthcare analysts opine that suture anchor device manufacturers can expect a CAGR of 4.2% through 2033, with a current valuation of US$ 719.6 million in 2023.
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