The surgical sutures materials & packaging market is estimated to be over US$ 887 Mn in 2018. It is anticipated to grow at a 4.7% CAGR from 2019 to 2030.
The continual growth of the surgical sutures materials & packaging market can be attributed to several factors such as suturing technique being a widely adopted and economical technique for closure of wounds related to surgeries. Moreover, rise in different kinds of surgical procedures and newer innovations in suture packaging such as they help in reducing the memory effect are anticipated to further contribute to the substantial growth of the global surgical sutures materials & packaging market between 2019 and 2030. To obtain better insights regarding the market scenario prominent players are increasingly focusing on mergers, acquisition and expansion for increasing their sales in particular regions. For instance in 2018, Oliver Healthcare Packaging, opened a new manufacturing plant of 68,000 square-foot in Suzhou, P.R. China.
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The prominent players in the global sutures materials & packaging market are DuPont de Nemours, Inc. (DuPont), Harro Höfliger Verpackungsmaschinen GmbH, Körber Medipak Systems GmbH, Oliver, KOCH Pac-Systeme GmbH, Monadnock Paper Mills Inc. and Ace Technologies among others.
The increasing number of surgical procedures such as cardiovascular surgeries, gynecological surgeries, orthopedic surgeries and other open surgeries and rise in road accidents is anticipate to increase the demand of surgical suture. Also for wound closure sutures are widely adopted as an economical technique for closure of wounds. Moreover, sutures can used for both internal and external wound closure application, this increases the demand for sutures and in turn are factors propelling the growth surgical sutures materials & packaging market.
The companies are focusing in newer technologies in packaging that help in increasing their manufacturing output in lesser time. The advancements include the automation process in suture packaging machines such that they include sterilization of packaging materials and surgical sutures followed by complete sealing of package to prevent contamination and provide sterile suture. Moreover, innovation in the packaging materials such as Tyvek that provide better sterility, act as a microbial barrier and provides puncture protection for the suture, are factors that are anticipated to propel the growth of surgical suture material & packaging market.
The higher cost of surgical suture packaging process is hindering the growth of the market. The increase in price of raw materials for packaging and the method used for sterilization such as radiation & ethylene oxide gas used for sterilization impact the design and choice of packaging material for suture packaging and therefore increase the cost of packaging process. These factors are likely to restrain the market of surgical suture materials & packaging.
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Asia Pacific is estimated to witness the highest CAGR during the forecast period. The factors such as low cost raw materials like paper & polymer and comparatively cheaper packaging machine available in this region leads to reduction in the cost of product as well as packaging. Moreover, growing number of surgeries, increasing medical tourism and rising geriatric population are anticipated to drive the growth of surgical suture materials & packaging market in this region during the forecast period.
Table of Contents
- Market Definition
- Market Ecosystem
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottoms Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecasting Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESMENT
- UNIQUE SELLING PROPOSITIONS (USPs)
- Key Product Assessment
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