Absorbable sutures are expected to propel the market growth with a high growth rate, as these sutures are used in different surgical applications such as cardiovascular surgery, dental surgery, and repair of general soft tissues
The Global Surgical Sutures Market generated $3,360 million in 2015 and is anticipated to garner $5,255 Million by 2022, registering a CAGR of 6.4% during the forecast period, 2016-2022. Market projected to grow at a the fastest CAGR due to rise in demand for surgical procedures from large pool of patient population suffering from diabetes, cardiovascular diseases, coronary thrombosis, cancer, and others.
The growth of the global surgical sutures market is driven by several factors, predominantly the surge in aging population, rise in chronic diseases, increase in number of surgical procedures worldwide, and the overall rise in demand for minimally invasive surgeries. However, absence of proper sterilization and unfavorable taxation policies hamper market growth. Conversely, technological advancement and growth of investment pockets in developing countries provide lucrative opportunities for emerging market players.
The report segments the global surgical sutures market by product type, application, and geography. Based on product type, the report bifurcates the market into automated suturing devices and sutures. The suture segment dominated the global market in 2015, generating 85.4% of total revenue. By material, the multifilament segment accounted for the largest share in the sutures market in 2015 and is estimated to grow with a CAGR of 6.6%. Based on application, the market is fragmented into cardiovascular surgeries, general surgeries, gynecological surgeries, orthopedic surgeries, ophthalmic surgeries, and other surgeries.
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North America was the highest revenue contributor in 2015, accounting for 19.2% of total shares. The large share of North America is attributed to the higher adoption of technologically advanced products such as absorbable & antibacterial coated sutures, growth in surgical procedures with increase in prevalence of various chronic diseases, and the development of the wound management sector. However, Asia-Pacific is projected to grow at the fastest CAGR due to rise in demand for surgical procedures from large pool of patient population suffering from diabetes, cardiovascular diseases, coronary thrombosis, cancer, and others.
The report also profiles key players involved in the global surgical sutures market, such as Johnson & Johnson Private Limited, B. Braun Melsungen AG, Smith & Nephew, Demetech Corporation, Conmed Corporation, W.L. Gore & Associates, Boston Scientific, 3M Healthcare, Medtronic Inc., and Sutures India Pvt Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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