Newark, NJ, Jan. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global surgical suture market is expected to grow from USD 4.1 Billion in 2017 to USD 7.2 Billion by 2025 at a CAGR of 7.38% during the forecast period 2018-2025. Rise in aging population, increasing incidences of various chronic diseases, growing occurrence of continual diseases, the introduction of technologically advanced products and an increase in awareness about surgeries in emerging economies are the factors driving the surgical suture market.
Suture is a thread or wire that is used to join together a wound. They are commonly known as stitches and involves using a needle with an attached length of thread. Surgical sutures are used in closing wound in various conditions including skin ulcers, neuropathic ulcers, pediatric cardiac surgery, and diabetic ulcers. Sutures are divided into absorbable and non-absorbable sutures. The absorbable surgical sutures break down harmlessly in tissue over time without intervention. The non-absorbable sutures do not metabolized by the biological activities of the body tissue. These non-absorbable sutures are removed by the surgeons after the wound has healed. They can be comprised of natural or synthetic materials. Natural material includes silk, linen, and catgut, synthetic materials includes polyglycolic acid and polylactic acid.
Increase in prevalence of injuries and diseases in animals and rise in awareness among pet owners for better treatment options are expected to enhance the growth of the segment. In addition, upsurge in population of livestock and high demand for dairy & meat products are also driving the market. Lack of professionals may restrict the growth of the market. However, increasing technological advancements and increase in pet adoptions are further augmenting the growth of the market.
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Key players operating in the global surgical suture market include Medtronic, B. Braun Melsungen AG, Boston Scientific Corporation, Ethicon Inc., Péters Surgical, Mellon Medical B.V., Surgical Specialties Corporation, Smith & Nephew, Endoevolution LLC, Internacional Farmacéutica, Sutures India Pvt. Ltd., Molnlycke Healthcare, Coloplast Corporation, ConvaTec Inc., Hollister Incorporated, BSN Medical, and Urgo Medical and others.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. In February 2017, Integra LifeSciences acquired Derma Sciences. Through this acquisition Integra LifeSciences expanded their product portfolio and doubled the number of wound care sales channels.
- For instance, in July 2017, Canon launched the new Canon series of CXDI Digital Radiography (DR) Detectors at the 2017 Association for Medical Imaging Management (AHRA) show. Moreover, in 2018, Carestream Health partnered with Med Imaging Healthcare, which is a diagnostic imaging equipment maintenance company. This partnership is aimed at providing wider maintenance coverage and support for customers across Scotland.
Suture threads segment is expected to dominate the segment and was valued around USD 2,382.17 Million in 2017
The product segment is classified into sutures thread and automated suturing device. Suture threads segment is expected to dominate the segment and was valued around USD 2,382.17 Million in 2017. Low cost of suture threads over automated suture device and their increasing preference for wound closure are driving the growth of the segment.
Multifilament segment held the maximum market share of around 59.31% in 2017
Type segment is divided into monofilament and multifilament sutures. Multifilament accounted for the maximum market share of around 59.31% in 2017. Due to their greater strength, flexibility and preference in complicated surgeries are contributing to the growth of the segment.
Cardiovascular surgery segment estimated to attain the highest CAGR of around 8.94% in the forecast period
Application segment is bifurcated into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic surgery, and other applications. Cardiovascular surgery segment estimated to attain the highest CAGR of around 8.94% in the forecast period due high prevalence of cardiovascular diseases leading to large number of cardiovascular surgeries performed worldwide and technological advancements in diagnostics, imaging, and surgical tools.
The hospitals segment held the largest share of around 48.10% in the forecast period
End user segment is classified into hospitals, ambulatory surgical centers and clinics & physician offices. The hospitals segment held the largest share of around 48.10% in the forecast period. The growth can be attributed to rising geriatric population and increasing number of new hospitals especially in developing countries are driving the growth of the segment.
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Regional Segment Analysis of the Surgical Suture Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region captured the largest share of global surgical suture market and was valued around USD 2.14Billion in 2017 whereas Asia pacific is expected to attain the lucrative growth in the forecast period. North America region is expected to dominate the market due to adoption of technologically advanced devices, healthcare facilities and presence of many manufacturers in the region. Asia pacific is expected to register the highest growth in the forecast period owing to rising prevalence of chronic diseases, growing medical tourism industry in the region and favourable reimbursement scenario.
About the report:
The global surgical suture market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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