Surgical Suture Market
According to the new market research report “Surgical Suturing by Product (Automated Suturing Apparatus (Disposable, Reuse), Suturing Threads (Natural, Prolene, Stainless Steel, Antimicrobial)), Application (Heart, Gynecology, Cosmetics, Ortho), End Consumer (Hospital, Clinic) Global forecast for 2026 “, published by MarketsandMarkets ™, predicts the market to reach $ 4.9 billion by 2026 of $ 3.7 billion by 2021, with a CAGR of 6.0% from 2021 to 2026.
Opportunities: Low- and middle-income countries;
The Lancet Commission Report, published in April 2015, estimates that five billion people do not have access to safe and affordable surgical care. As many as 143 million additional surgical procedures are needed each year in low- and middle-income countries (LMICs) to reduce mortality and disability. Of the 313 million procedures performed worldwide each year, only 6% occur in the poorest countries, where one-third of the world’s population lives.
A number of international communities as well as LMIC governments have taken initiatives to reduce this gap between the operations that are needed and done. In developing countries like India, health insurance coverage has grown enormously from 23.8% from 2014 to 2017. At present, 30% of the Indian population have health insurance. The Universal Health Cover (UHC), Mexico’s health care reform, has improved access, equity and use of services, leading to a significant increase in surgical volumes in the country with an average rate of 23% per year .
It is estimated that against the background of the growing demand for healthcare and associated infrastructure, there will be an increase in initiatives and efforts to resolve this situation in the coming years. This will lead to a corresponding increase in access to and adoption of effective treatment modalities for a number of diseases – globally, but particularly in LMICs – and hence the growth of associated markets, such as surgical sutures.
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The market for surgical sutures is witnessing a constant growth mainly due to the growing number of surgical procedures that are being performed worldwide. The favorable reimbursement scenario for a number of surgical procedures and the initiation of advanced sutures continue to contribute to the growth of this market. However, the presence of alternative wound care products and the growing preference for minimally invasive surgeries are some of the factors that are expected to limit the growth of this market to some extent.
The Suture Threads segment accounted for the largest market share in 2020.
Based on product, the surgical suture market is segmented into suture threads and automated suturing devices. In 2020, the Suturthread segment accounted for the largest market share of 82.6%. The large share of this segment can be attributed to the greater preference for suturing skills for residential closure and their lower cost compared to automated sewing machines.
The multifilament suture segment accounted for the largest market share in 2020.
Based on type, the market for surgical suture thread is segmented into monofilament and multifilament sutures. In 2020, the multifilament suture segment accounted for the largest share of 67.5% of the market for surgical suture threads. The large share of this segment is attributed to the increasingly complex operations, up geriatric population, and favorable reimbursement policy for hospital treatments.
The cardiovascular surgery segment accounted for the largest market share in 2020.
Based on application, the surgical suture 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 market in 2020. The large proportion of this segment can be attributed to a large number of cardiovascular surgeries worldwide as a result of the high incidence of cardiovascular disease (CVD).
The hospital segment accounted for the largest market share in 2020.
Based on end users, the surgical suture market is segmented into hospitals, outpatient surgical centers, and clinics and physician offices. Among these, the hospital segment accounted for the largest market share of 74.7% in 2020. Much of this segment is attributed to the increase in the number of complex surgeries in hospitals, the increase in the geriatric population, the favorable reimbursement policy for hospital treatments, and the hospitals. growing number of new hospitals, especially in emerging countries
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North America was the largest regional market for surgical suture market by 2020
The surgical suture market is segmented into five major regions – North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. By 2020, North America accounted for the largest share of 47.4% of the global market. The large proportion of this region is attributed to the growing geriatric population, increased prevalence of lifestyle diseases, favorable health care reforms, and the growing number of surgical procedures.
The Asia Pacific region is expected to grow at its highest CAGR of 8.8% during the forecast period, due to the region’s growing medical tourism industry, rising prevalence of chronic diseases, and favorable reimbursement scenario. In addition, key surgical suture manufacturers are also focusing on gaining a competitive advantage in these high growth markets, which is helping the market growth in the Asia Pacific.
Prominent players in the global market for surgical sutures 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 Pharmacéutica (Mexico) ), Sutures India (India), EndoEvolution, LLC (US), Apollo Endosurgery, Inc. (US), Surgical Specialties Corporation (US), and Mellon Medical BV (Holland)).
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