The sutures market is estimated to be valued at US$ 3,994.65 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sutures are medical devices used for closing or uniting wounds in tissues. It is a strand of material used to surgically hold skin, internal tissues, blood vessels or other anatomical structures together after they have been severed or cut during surgery or other medical procedures. Some common uses of sutures include closing incisions during surgery, closing traumatic wounds, connecting tissues such as blood vessels, tendons, intestinal lining and closing surgical incisions after giving birth.

Market Dynamics:

The global sutures market is witnessing high growth owing to increasing number of surgical procedures across the world. According to WHO, around 313 million major surgical procedures were performed globally in 2012. Rising geriatric population that require various surgical procedures, increasing prevalence of lifestyle diseases and chronic conditions such as obesity, diabetes etc. are factors fueling the growth of surgical procedures. For instance, the number of bariatric surgeries in the U.S. increased from 158,000 in 2011 to 206,000 in 2015. According to American Society of Plastic Surgeons (ASPS) report, almost 18 million surgical and minimally-invasive cosmetic procedures were performed in the U.S. in 2020.

Another driver for sutures market growth is increasing healthcare expenditure globally. Growing population with enhanced disposable incomes is enabling them to spend more on healthcare facilities. As per the estimates by WHO, global healthcare spending is projected to grow at an average annual rate of 5% in the current decade reaching US$ 8.5 trillion by 2023 from US$ 7.8 trillion in 2017.

SWOT Analysis

Strength: The sutures market benefits from wide product portfolio, ease of use, minimal invasive nature and cost-effectiveness. The market witnesses high demand for absorbable and non-absorbable sutures in wound closure applications. Manufacturers focus on development of advanced sutures with anti-microbial coatings.

Weakness: Presence of alternative wound closure methods such as surgical staplers and adhesion barriers poses a threat to sutures market. Heavy regulatory norms for approval of sutures increases complexity.

Opportunity: Increasing volume of surgical procedures globally due to rising disease incidence and elderly population drives the demand. Advancements in suture materials to reduce complications and surgery time offer new opportunities.

Threats: Threat of substitutes such as tissue sealants and adhesive wound closure products. Economic slowdowns hamper healthcare investments of countries.

Key Takeaways

The global Sutures Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing number of surgical procedures globally. According to WHO, by 2030, annual cataract surgeries will reach around 30 million globally.

Regional analysis North America dominates the global sutures market due to supportive reimbursement policies, high healthcare expenditure and rapid adoption of advanced wound closure materials. Asia Pacific exhibits the fastest growth owing to improving access to healthcare facilities, large patient pool and rising medical tourism.

Key players operating in the sutures market are Medtronic Plc, Johnson & Johnson, SMI, Advanced Medical Solutions Group plc, GMD Group (General Medical Disposable), Bentley Healthcare Pvt. Ltd., Lotus Surgicals, Teleflex Incorporated, Sutumed, Lux Sutures, CliniSut, Smith & Nephew Plc, B. Braun Melsungen AG, CONMED Corporation, Unilene, Riverpoint Medical, Unisur Lifecare Pvt. Ltd., Orion Sutures India Pvt Ltd, Dolphin Sutures, Peters Surgical, Meril Life Sciences Pvt. Ltd., Corza Medical, Healthium Medtech Limited, Surgical Sutures Private Limited, DemeTECH Corporation, and Vitrex Medical A/S

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