by The Sutures Market is estimated to be valued at US$ 3,688.50 million 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:
The Sutures Market offers various types of sutures, including absorbable and non-absorbable sutures, used in surgical procedures to hold tissues together. These products find applications in a wide range of surgeries, including general surgeries, orthopedic surgeries, cardiovascular surgeries, and gynecological surgeries. With the increasing number of surgeries and advancements in surgical techniques, the demand for sutures is expected to grow significantly during the forecast period.
Market Dynamics:
The growth of the sutures market is primarily driven by the increasing number of surgical procedures worldwide. Rising cases of chronic diseases, such as cardiovascular diseases and cancer, along with the growing geriatric population, are contributing to the demand for surgeries. Additionally, the shift towards minimally invasive surgeries, which require the use of sutures, is also fueling market growth.
Moreover, technological advancements in sutures, such as the development of absorbable sutures with antimicrobial properties, are expected to further boost market growth. These sutures help reduce the risk of surgical site infections and improve patient outcomes.
Overall, the Sutures Market Growth presents lucrative growth opportunities due to the increasing demand for surgical procedures and the continuous development of advanced sutures.
Segment Analysis:
The sutures market can be segmented based on product type, application, and end-user. Based on product type, absorbable sutures dominate the market. These sutures are preferred due to their ability to dissolve over time, eliminating the need for suture removal. The dominating sub-segment within absorbable sutures is polyglycolic acid (PGA) sutures. PGA sutures are widely used in various surgical procedures for their excellent tensile strength and biocompatibility. They are commonly used in cardiovascular surgeries, general surgeries, and orthopedic surgeries. The demand for PGA sutures is driven by their easy availability, cost-effectiveness, and high tensile strength, making them the preferred choice for surgeons.
PEST Analysis:
Political: The political environment does not pose significant barriers to the sutures market. Government regulations concerning the manufacturing, sale, and use of sutures are generally well-defined and standard.
Economic: The economic factors influencing the sutures market include healthcare expenditure, insurance coverage, and disposable income. As healthcare expenditure continues to rise, there is an increased demand for surgical procedures, driving the demand for sutures.
Social: The social factor influencing the sutures market is the aging population. With an increase in the elderly population, the prevalence of chronic diseases and the need for surgical interventions increases, thus driving the demand for sutures.
Technological: The technological factor impacting the sutures market includes advancements in suture materials and manufacturing techniques. Innovations such as synthetic absorbable sutures and robotic-assisted suturing are improving the efficiency and effectiveness of surgical procedures.
Key Takeaways:
The global sutures market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period. This growth is primarily driven by the increasing prevalence of chronic diseases, rising geriatric population, and advancements in suture materials and manufacturing techniques. The absorbable sutures segment, particularly polyglycolic acid (PGA) sutures, dominates the market due to their easy availability, cost-effectiveness, and high tensile strength.
Regionally, North America is the fastest-growing and dominating region in the sutures market. This can be attributed to the well-established healthcare infrastructure, high healthcare expenditure, and increasing surgical procedures in the region. Additionally, the presence of key market players in North America further contributes to its dominance in the market.
Key players operating in the sutures market include 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
