A new market study, titled “Surgical Sutures Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global surgical sutures market size was USD 3.33 billion in 2020. The market is projected to grow from USD 3.41 billion in 2021 to USD 5.12 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Surgical Sutures Market, 2021-2028.”
As per our researchers, the rising occurrence of road accidents and long-lasting diseases, occasioning in a greater percentage of patients going through various types of surgeries comprising ankle arthroplasty, hip replacement, bypass surgery, and many such others.
For example, as per the World Health Organization (WHO), until February 2020, about 20-50 million patients experienced non-fatal injuries, among which few led to bone fracture, and have successively undergone ankle arthroplasty and additional bone operations. This is anticipated to sway the demand for this gadget in the upcoming years and, in return, is estimated to enhance the surgical sutures market growth during the mentioned timeframe in a substantial method.
Rescheduling of Optional Surgeries amid COVID-19 to Drop Demand for Surgical Sutures
The COVID-19 had a destructive impact on the global market for surgical sutures. Several significant market players observed a drop in the 2020 income in comparison with the prior financial year. The government and healthcare officials took an important decision by suspending optional operations, considering the thought to reserve the healthcare assets for the COVID-19 emergency. For example, as per data provided by THE PUBLISHING PVT LTD., the estimation said that about 81.7% of operations linked to the benign condition, 37.7% of surgical cancer treatment should be postponed owing to the COVID-19 pandemic globally.
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The report presents a systematic study of the surgical sutures market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners to better understand the possible threats present in the market. The report further discusses the key manufacturers of sutures and their prominent strategies to stay in the dominating position.
On the basis of product, the market is segregated into absorbable and non-absorbable. Based on form, the market is segmented into natural and synthetic. By end-user, the market is further divided into hospitals & ASCs and specialty clinics. In terms of region, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By application, the market is finally separated into gynecology, cardiology, orthopedics, general surgery, and others. Among these, the gynecology segment held a leading share of 25.4% as of 2020 in the global market. The orthopedic segment remained at the forefront because of the growing number of orthopedic ailments, coupled with the rising number of patients suffering through orthopedic operations worldwide.
Drivers and Restraints
Increasing Number of Surgical Procedures to Boost Market Growth
Surging patients signing up for knee and hip replacement, hysterectomy, bypass operation, and cosmetic and beautification surgeries is uplifting the usage of the surgical sutures device to fix the injuries at a rapid pace.
For example, as per a report published by HEALTHLINE MEDIA, roughly about 600,000 knee replacement operations are executed annually in the U.S. Similarly, according to records by Texas Heart Institute, around 200,000 coronary artery bypass graft operations are accomplished yearly in the U.S.
However, on the contrary, the obtainability of substitute products for injury curing, such as surgical staplers, is curbing the growth of this market. In spite of all the technological progression in these apparatuses, some disadvantages are preventing its utilization into the surgical process. Few of the restrictions comprising cross-hatched marks, surgical site infection, huge cost of anti-bacterial sutures are limiting the implementation of sutures among the surgery specialists.
For example, as per a fact report issued by the National Center for Biotechnology Information, annually roughly about 5% of patients, being performed on several surgeries, further in time grow surgical site septicity owing to the existence of germs in the sutures.
North America held the highest surgical sutures market share and was worth USD 1.34 billion in 2020. This is owing to the increasing occurrence of chronic diseases leading to a huge number of patients being forced to have surgeries, resulting in an upsurge in demand for such sutures.
The market size in Europe is projected to develop with a substantial CAGR owing to advanced healthcare infrastructure in leading countries such as Germany, U.K. and the unveiling of innovative suturing apparatus by Smith & Nephew and various other surgical sutures providers in this region.
Asia Pacific is estimated to grow at a higher CAGR throughout the forecast period on account of escalating incidence of gynecological and cardiovascular illnesses leading to an increasing number of operations, expanding mindfulness for innovative surgical devices, and emphasis on major players in developing nations.
Introduction of Technologically Advanced Products by Key Players to Spur Market Growth
The global market is conquered by few reputable players such as B. Braun Melsungen AG, Ethicon US LLC, and Medtronic in 2020. Strong emphasis on modernization of novel technology in suturing gadgets to accomplish the intricate surgical process, the extension of production size are some of their tactics to embrace the existing market places. On the contrary, developing players such as DemeTECH Corporation, Apollo Endosurgery, Inc., and others are aiming at emerging novel products in developing as well as developed countries to control the majority of the market shares.
For example, in April 2021, Medtronic introduced a research and development facility in India in order to support 15 Medtronic functioning divisions worldwide.
December 2020: Apollo Endosurgery, Inc., was granted the U.S. FDA sanction of the X-Tack endoscopic HeliX appending system to expand the usage of this novel technology.
List of Key Players Covered in this Market Report
- B. Braun Melsungen AG (Melsungen, Germany)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- Smith & Nephew (London, U.K.)
- Medtronic (Dublin, Ireland)
- Coloplast A/S(Humlebaek, Denmark)
- Apollo Endosurgery, Inc. (Austin, U.S.)
- Boston Scientific Corporation (Marlborough, U.S.)
- DemeTECH Corporation (Miami, U.S.)
- TEPHA INC. (Lexington, U.S.)
- Internacional Farmacéutica (Cuahutemóc, Mexico)
- Kono Seisakusho Co., Ltd. (Ichikawa City, Japan)
NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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