Surgical Suture Market to Outstrip $5.9 Billion by 2027 Growing Sturdy at 6.8% CAGR |Nova one advisor

SHARE THIS ARTICLE

Latest Study on “Surgical Suture Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Surgical Suture market size is expected to be worth around US$ 5.9 Billion  by 2027, according to a new report by nova one advisor.

The global Surgical Suture market size was valued at US$ 4.0 Billion in 2020 and is anticipated to grow at a CAGR of 6.8% during forecast period 2021 to 2027.

Overview of Surgical Suture Market Study

Surgical Suture market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/sample/4379

Growth Factors:

The market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures performed globally. The favorable reimbursement scenario for a number of surgical procedures and the launch of advanced sutures are further contributing to the growth of this market. However, the presence of alternative wound care management products and the growing preference for minimally invasive surgeries are some of the factors expected to limit the growth of this market to a certain extent.

Surgical Sutures Market Dynamics

Drivers : Increasing number of surgical procedures

According to the WHO 2016 Report, the estimated mean global surgical rate was 4,469 operations per 100,000 people per year, with road accidents and associated trauma being the major cause of surgical treatment. According to the EC Factsheet 2017, globally, there are around 174 fatalities per million population every year. Furthermore, WHO data estimates that around 1.3 million people die each year on the roads. For every road accident-related death, there are 20 other persons who sustain non-fatal injuries that often require surgical intervention.

The aging population is at a higher risk of chronic diseases and conditions and requires frequent surgeries. Adults aged 65 and above account for a large fraction of surgeries performed in the US. The rapid growth in the aging population and the growing incidence of various chronic diseases are expected to significantly drive the number of surgeries performed globally. Furthermore, by 2030, noncommunicable diseases (NCDs) are projected to account for more than one-half of the disease burden in low-income countries and more than three-fourths in middle-income countries. In the geriatric population, NCDs account for more than 87% of the burden in low, middle, and high-income countries. The high prevalence of chronic diseases, especially among the geriatric population, will considerably boost the number of surgical treatment procedures conducted and thus drive the demand and use of surgical sutures.

In recent years, the number of cosmetic and aesthetic procedures has risen due to the growing geriatric population, rising disposable income, availability of advanced technologies, and growing procedural safety. The popularity of these procedures across the globe presents a significant growth opportunity to players in the surgical sutures market. According to the American Society of Plastic Surgeons (ASPS), from 2016 to 2017, the number of cosmetic surgeries in the US grew by 1%, with 17.9 million surgical and minimally invasive cosmetic procedures performed in 2017. The trend was similar in Europe, with an increase of ~134% in Italy, ~0.5% in France, and ~9% in Germany.

Restrains : Presence of alternative wound care management products

Topical skin adhesives, hemostatic and sealing agents (such as fibrin sealants, surgical sealants, gelatin-based sealants, human fibrinogen, and thrombin fleeces), and wound closure devices (such as stapling devices, ligating clips, and wound closure strips) are some alternatives to surgical sutures.

These alternative products are associated with certain advantages. For instance, stapling is quicker than suturing. Furthermore, the area requiring suturing is an important factor for determining the selection of material. In the case of head injuries, a stapler can work quickly, saving time and blood loss, thus making it a preferred choice over sutures. Similarly, small incisions and wounds (less than 10 cm) can be closed by tissue adhesives in a relatively painless procedure for pediatric patients without the need for removal, as in the case of sutures. Wound closure strips and tapes can also be used to close smaller lacerations. These products provide better closure and prognosis in the case of elderly patients, especially those with frail skin. Due to their efficiency and benefits over surgical sutures, the availability of alternatives is a key restraint for this market.

Opportunities: Low- and middle-income countries

The Lancet Commission Report, published in April 2015, estimated that five billion people do not have access to safe and affordable surgical care. As many as 143 million additional surgical procedures are needed in low- and middle-income countries (LMICs) each year to reduce the mortality rate and decrease disability. Of the 313 million procedures performed globally every year, only 6% occur in the poorest countries, which are home to one-third of the world’s population.

A number of international communities as well as LMIC governments have undertaken initiatives to reduce this gap between the surgeries needed and performed. In developing countries such as India, health insurance coverage has grown tremendously by 23.8% from 2014 to 2017. Currently, 30% of the Indian population has health insurance coverage. The Universal Health Cover (UHC), Mexico’s health reform, has improved access, equity, and use of services, which has resulted in a substantial increase in surgical volumes in the country at an average rate of 23% per year.

It is estimated that against the backdrop of the growing demand for healthcare and associated infrastructure, there will be an increase in initiatives and efforts to resolve this situation over the coming years. This will result in a corresponding increase in both access to and adoption of effective treatment modalities for a number of ailments—globally, but particularly in LMICs—thereby driving the growth of associated markets, such as surgical sutures.

The Suture Threads segment accounted for the largest market share in 2020.”

Based on product, the surgical sutures market has been segmented into suture threads and automated suturing devices. In 2020, the suture threads segment accounted for the largest market share of 82.6%. The large share of this segment can be attributed to the greater preference for suture threads for wound closure and their lower cost as compared to automated suturing devices.

The Multifilament sutures segment accounted for the largest market share in 2020.

Based on type, the surgical suture threads market is segmented into monofilament and multifilament sutures. In 2020, the multifilament sutures segment accounted for the largest share of 67.5% of the surgical suture threads market. The large share of this segment is attributed to the increasing number of complex surgeries, rising geriatric population, and favorable reimbursement policies for hospital treatments.

The cardiovascular surgery segment accounted for the largest market share in 2020.

Based on application, the surgical sutures market is segmented into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic and plastic surgery, and other applications. The cardiovascular surgery segment accounted for the largest share of 30.4% of the surgical sutures market in 2020. The large share of this segment can be attributed to a large number of cardiovascular surgeries performed across the globe as a result of the high incidence of cardiovascular disease (CVD).

The hospitals segment accounted for the largest market share in 2020.

Based on end users, the surgical sutures market is segmented into hospitals, ambulatory surgical centers, and clinics and physicians’ offices. Among these, the hospitals segment accounted for the largest market share of 74.7% in 2020. The large share of this segment is attributed to the increasing number of complex surgeries performed in hospitals, rising geriatric population, favorable reimbursement policies for hospital treatments, and the growing number of new hospitals, especially in emerging countries

Asia Pacific recorded highest CAGR for surgical sutures market in 2020

The surgical sutures market is segmented into five major regions—north America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 47.4% of the global surgical sutures market. The large share of this region is attributed to the growing geriatric population, rising prevalence of lifestyle diseases, favorable healthcare reforms, and the growing number of surgical procedures performed.

The Asia Pacific region is projected to grow at the highest CAGR of 8.8% during the forecast period, owing to the region’s growing medical tourism industry, rising prevalence of chronic diseases, and favorable reimbursement scenario. Moreover, key surgical suture manufacturers are also focusing on gaining a competitive edge in these high-growth markets, which is aiding the market growth in the Asia Pacific.

Buy Complete Assessment of Surgical Suture market Now@ https://www.novaoneadvisor.com/report/checkout/4379

COVID-19 Impact on Surgical Suture Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Surgical Suture market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Surgical Suture market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Surgical Suture market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Surgical Suture market include:

 Ethicon, Inc. (US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Smith & Nephew plc (UK), Boston Scientific Corporation (US), Peters Surgical (France), DemeTECH Corporation (US), Internacional Farmacéutica (Mexico), Sutures India (India), EndoEvolution, LLC (US), Apollo Endosurgery, Inc. (US), Surgical Specialties Corporation (US), and Mellon Medical B.V. (Netherlands).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

The study categorizes the surgical suture market based on By Type of Product, Mode of Delivery, and Animal Type at the regional and global level.

Surgical Sutures Market, by Product

  • Suture Threads
    • Nature of Absorbent
      • Absorbable Sutures
        • Natural Sutures
        • Synthetic Sutures
          • Polyglactin 910 Sutures
          • Poliglecaprone 25 Sutures
          • Polydioxanone Sutures
          • Polyglycolic Acid Sutures
          • Other Synthetic Sutures
      • Non-absorbable Sutures
        • Nylon Sutures
        • Prolene Sutures
        • Stainless Steel Sutures
        • Other Non-absorbable Sutures
    • Type Of Coating
      • Uncoated  Sutures
      • Antimicrobial Coated Sutures
      • Other Coated Sutures
    • Automated Suturing Devices
      • Disposable
      • Reusable
    • Sutures Thread Market, by Type
      • Multifilament Sutures
      • Monofilament Sutures

Surgical Sutures Market, by Application

  • Cardiovascular Surgery
  • General Surgery
  • Gynecological Surgery
  • Orthopedic Surgery
  • Ophthalmic Surgery
  • Cosmetic & Plastic Surgery
  • Other Applications

Surgical Sutures Market, by End User

  • Hospitals
  • Ambulatory Surgical Centers (ASCs)
  • Clinics & Physician Offices

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/surgical-suture-market

Why Buy this Report?

The purpose of Nova one advisor’s Surgical Suture market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4379

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@novaoneadvisor.com

Web: https://www.novaoneadvisor.com/

James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

View all posts by James Root →

Leave a Reply

Your email address will not be published. Required fields are marked *