by The global sutures market is estimated to be valued at US$ 3994.65 Mn or Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sutures are medical devices used to stitch cut or surgically incised skin and internal organs. They are typically used to hold skin, internal organs, blood vessels and all other tissues of the human body together after they have been severed by surgery or trauma. Sutures help wounds heal by bringing the wound edges together.
Market key trends:
One of the key trends in the sutures market is the growing preference for absorbable sutures over non-absorbable sutures. Absorbable sutures get absorbed into the body over time and do not require removal after the wound has healed completely. This reduces discomfort to patients and risk of surgical site infections associated with suture removal. Absorbable sutures are made from materials such as catgut and polyglycolic acid that get absorbed naturally by the body. Their use has increased significantly in recent years as they eliminate the need for post-surgery follow-ups for suture removal.
SWOT Analysis
Strength: Sutures are an essential part of surgical procedures and have wide applications in wound closure. The market is dominated by major players who have strong distribution networks.
Weakness: A shift towards minimally invasive surgeries reduces the need for sutures. Alternative wound closure methods such as adhesive tapes and tissue sealants are gaining popularity.
Opportunity: The rising number of surgeries due to increasing incidence of lifestyle diseases and accidents provides growth opportunities. New product launches catering to specific surgeries will support market expansion.
Threats: Stringent regulatory framework for new product approvals increases uncertainties. Prices of raw materials are fluctuating which impacts the manufacturing cost.
Key Takeaways
The global Sutures Market Growth is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing number of surgeries worldwide. North America currently dominates the sutures market owing to technological advancements and availability of reimbursement policies for different surgical procedures in the region. The Asia Pacific region is projected to be the fastest growing market for sutures during the forecast period attributed to rising medical tourism, healthcare infrastructure improvement and growing medical expenditures.
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 Sutures, 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.
Regional analysis: North America currently dominates the global sutures market due to high healthcare expenditure and presence of major market players in the region. According to market research, the U.S. accounts for the largest share in the North American as well as global sutures market. However, Asia Pacific region is expected to witness highest growth in the sutures market owing to increasing medical tourism coupled with rapid improvement in healthcare infrastructure and growing spending on healthcare in developing countries such as China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
