ROCKVILLE, Md., March 21, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Surgical Sutures market is projected to grow at a compound annual rate (CAGR) of 5.6% between 2021 and 2031. The market is expected to reach US$ 6.5 Bn by the end of 2031.
The demand for Surgical Sutures is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 4.4 Bn by 2021.
Future expansion prospects are also being influenced by the increase in cardiovascular surgeries. According to W.H.O, CVDs claim nearly 18 million lives annually, with over 80% of deaths arising due to heart attacks and strokes. Also, as of August 2021, number of people living with hypertension has doubled since 1990 to reach 1.28 billion people. Hence, people are opting for advanced surgical procedures, increasing deployment of sutures.
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Historically, from 2016 to 2020, surgical sutures sales expanded at a CAGR of 3%. By the end of the aforementioned historical period, the market was valued at US$ 4.2 Bn. Amidst the COVID-19 pandemic, prospects took a backseat in the first half, as a decline in elective surgical procedures was encountered in order to prioritize patients infected with the novel coronavirus. Eventually, prospects rebounded since Q1 2021.
How are Increasing Surgical Procedures Influencing Surgical Sutures Demand?
Proliferation in number of trauma patients and upsurge in surgical procedures has led to further expansion of the global healthcare industry, with growing establishments of hospitals and ambulatory surgical centres, providing momentum to the global market for surgical sutures.
According to the National Centre for Health Statistics, in 2009, nearly 48 million surgical procedures were carried out in the United States. Further, augmented demand for absorbable surgical sutures, along with high Average Selling Price (ASP) could lead to more dynamic growth of this segment in comparison to old-style non-absorbable ones.
Additionally, surgical sutures have become an ideal choice for surgeons, and have gained significant popularity over the years. Constant improvement in products by incorporating advanced technologies along with government support, are estimated to propel the demand for surgical sutures during the forecast period.
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Key Segments Covered in the Surgical Sutures Industry Survey
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
End User
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Emergency Medical Services
- Veterinary Hospitals
- Veterinary Clinics
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In February 2019, Johnson & Johnson (NYSE: JNJ), made an announcement regarding Ethicon, Inc., entering into a definitive agreement to acquire Auris Health, Inc. for approximately US$3.4 billion. This acquisition will accelerate Johnson & Johnson's entry into robotics with potential for growth and expansion into other interventional applications.
- In December 2019, Medtronic plc MDT completed the acquisition of Klue, a software company focused on behavior tracking of people. Notably, in February 2019, PCL received Breakthrough Device designation from the FDA. The acquisition is expected to be neutral to Medtronic’s fiscal 2020 earnings per share.
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Key players in the Surgical Sutures Market
- Peters Surgical
- Smith & Nephew Plc.
- Johnson & Johnson
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Medtronic Plc.
- Arthrex Inc.
- Sutures India Pvt. Ltd
- Centenial Surgical Suture Ltd
- Assut Medical S.r.L
Key Takeaways from the Market Study
- The global surgical sutures market is anticipated to add 1.5x value by 2031 compared to 2021
- Absorbable surgical sutures to expand at a CAGR of 5.6% from 2021 to 2031
- By application, surgical sutures for cardiovascular surgeries to account for 30% revenue
- Sales across the U.S likely to be valued at US$ 1.3 Bn in value terms until 2031
- China to emerge as an opportunistic market, expanding at 5.3% CAGR
Explore Fact.MR’s Coverage on the Healthcare Domain –
Absorbable Surgical Sutures Market Report: Absorbable Surgical Sutures market analysis is done on the basis of product (Polyglycolic Acid sutures, Polyglactin 910, Catgut absorbable sutures, Poliglecaprone 25, Polydioxanonen absorbable surgical sutures)
Polyglyconate Sutures Market Analysis: Polyglyconate Sutures Market Analysis on the basis of Applications (Cardiovascular Surgeries, General Surgeries, Gynecological Surgeries & Orthopedic Surgeries). Rising number of surgeries and augmenting demand for advanced treatment procedures propel the market of polyglyconate sutures market in North America.
Laparoscopic Sutures Market Research: Laparoscopic Sutures Market analysis on the basis of Product type (Stitch Suturing Devices & Laparoscopy Suturing Needles). Laparoscopic needles are expected to hold a large revenue share in the laparoscopic sutures market.
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