Global Surgical Sutures Market Size & CAGR (2021 to 2026)
During the forecast period, the global surgical sutures market is expected to rise at a CAGR of 5% and be worth USD 4.0 billion in 2021 and USD 5.11 billion in 2026.
Impact of COVID-19 on the global surgical sutures market:
The pandemic has negatively influenced the global surgical suture market, with restrictions imposed on general surgical procedure operating hours around the world, which have been significantly reduced to avoid the spread of COVID-19. Furthermore, the closure of several departments of various hospitals worldwide due to a staffing shortage has impacted the number of procedures recommended to non-COVID-19 patients. Moreover, it is projected that COVID-19 patients will rush to commit significant resources to their care. Compared to other medical devices such as equipment used in ICUs, CCUs, and emergency departments of hospitals, surgical sutures, which are considered part of the surgical consumables industry, do not exhibit a significant revenue shift in 2020 and 2021. This is owing to the fact that suture supplies are in short supply during surgical procedures. Due to the present pandemic situation, surgical procedures have decreased. They are only predicted to increase in the future, which is expected to have a limited impact on market growth in the future.
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KEY DRIVING FACTORS:
Y-O-Y increase in the number of surgical procedures happening worldwide boosts the global surgical sutures market growth.
The rise in the number of trauma patients and surgical procedures has led to increased expansion of the global healthcare business, with new hospitals and ambulatory surgery centers springing up throughout the world, giving the global market for surgical sutures a boost. In addition, chronic diseases and ailments affect the elderly population more frequently, necessitating more procedures. Adults aged 65 and up to make for a significant portion of all surgeries performed in the United States. The rapidly aging population and the rising incidence of numerous chronic conditions are predicted to increase the number of surgeries performed around the world considerably.
The availability of alternative treatments is expected to hamper the growth rate of the global surgical sutures market.
The market’s growth is being hampered by the availability of alternative wound healing equipment such as surgical staplers. Despite advancements in technology, these devices have a few disadvantages that limit their use in surgical procedures. Some restrictions, such as cross-hatched marks, surgical site infection, and the costly expense of antibacterial devices, are limiting surgeons’ use of sutures.
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KEY MARKET INSIGHTS:
- Based on the product, the absorbable suture market had the largest share in the global surgical sutures market in 2020. This is due to the suture’s capacity to provide temporary support to the wound until it heals considerably. It is also cost-effective because it disappears in the body after a set period of time.
- Based on the application, surgery is the most popular application type, accounting for most market share. The size of this market is expected to grow as the number of procedures for cardiovascular-related disorders rises. Therefore, the application of orthopedic surgery is next in line to show promising growth during the anticipated period.
- Based on the End-User, in 2020, the hospitals segment had the largest market share. The expanding number of complex surgeries conducted in hospitals, the growing geriatric population, attractive payment policies for hospital treatments, and the growing number of new hospitals, especially in emerging nations, contribute to this segment’s size.
- Based on the region, North America controlled a large portion of the market in terms of revenue. This was due to a surge in improved absorbable & antimicrobial coated sutures, an increase in the incidence of chronic diseases, and advancements in the wound treatment industry. In addition, due to the rise in demand for sophisticated surgical technologies, the United States is likely to account for a large portion of the Surgical Suture market. Investment in the R&D industry in the United States and Canada has been slow, but it is expected to pick up throughout the forecast period.
- The key market participants concentrate on technological advancements, improving the material quality utilized in sutures, and treating the wounded site more effectively. Internacional Farmacéutica, Péters Surgical,Medtronic, Ethicon, Smith & Nephew, Sutures India Pvt. Ltd., and Integra LifeSciences are some of the prominent players in the global industry. Companies’ primary market strategies to strengthen their worldwide presence include mergers and acquisitions, and collaborations.
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RECENT MARKET DEVELOPMENTS:
- Smith & Nephew (UK) introduced the NOVOSTITCH PRO Meniscal Repair System, an automated suturing device, in September 2020.
- Dolphin Sutures, a leading manufacturer of surgical sutures, introduced a non-absorbable polytetrafluoroethylene suture in April 2021.
- Raleigh Adhesive Coatings Limited (“Raleigh”), an independent wound care and bio-diagnostics coatings business, was acquired by Advanced Medical Solutions Group plc in November 2020.
- Smith & Nephew (UK) and VirtaMed AG cooperated in September 2019. (Switzerland). The firms joined to deliver surgical simulation training as part of their advanced surgical device training and education portfolio.
SEGMENTS COVERED IN THIS REPORT:
- Absorbable sutures
- Natural sutures
- Synthetic sutures
- Non-Absorbable sutures
- Nylon sutures
- Proline sutures
- Stainless steel sutures
- Other Non-absorbable sutures
- Automated Suturing devices
- Absorbable sutures
- General Surgeries
- Gynecological Surgeries
- Orthopedic Surgeries
- Ophthalmic Surgeries
- Other Applications
By End User:
- Other End-Users
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Surgical Sutures Market
- Europe Surgical Sutures Market
- APAC Surgical Sutures Market
- Latin America Surgical Sutures Market
- MEA Surgical Sutures Market
BROWSE RELATED REPORTS:
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