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Surgical Sutures Market to Hit USD 5.54 billion by 2030 owing to it provides support and power to the wound.

02-07-2024 12:09 PM CET | Health & Medicine

Press release from: SNS Insider Pvt Ltd

Surgical Sutures Market

Surgical Sutures Market

Based on SNS Insider's research, the elastic, knotless and electronic sutures are becoming increasingly popular with healthcare providers because of their clinical advantages over conventional sutures.

Market Size-

The SNS Insider report indicates that the Surgical Sutures Market was valued at USD 3.53 billion in 2022, and is expected to reach market size of USD 5.54 billion by 2030, with a compound annual growth rate (CAGR) of 5.8% expected over the forecast period from 2023 to 2030.

Market Report Scope -

The growth of this market is driven by advances in sutures and wound closure technologies, as well as the growing number of surgical procedures. Moreover, market expansion will probably offer more growth opportunities due to the development of health care infrastructures across emerging economies. However, the growth of this market is expected to be limited in part due to availability of alternative wound care products and growing popularity of minimally invasive surgery.

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The major key players In Surgical Sutures Market
-Medtronic Plc,
-Braun Melsungen,
-Peters Surgical
-ConMed Corporation,
-DemeTECH Corporation,
-Boston Scientific Corporation,
-Johnson & Johnson,
-Healthium MedTech
-and others.

Market Opportunities-

Advanced Health Care Facilities Provided by Government
The governments of many countries have actively participated in efforts to improve the services that they offer their citizens. Therefore, state hospitals are equipped with top quality medical equipment and materials that facilitate wound healing. Moreover, health insurance companies are offering their customers enhanced reimbursement options with a view to encouraging the use sutures.

Segmentation Analysis -

By Product Type
-Automated Suturing Devices
-Sutures

By Material
-Monofilament
-Multifilament

By Application
-Cardiovascular Surgeries
-General Surgeries
-Orthopedic Surgeries
-Other Surgeries

The segment with the largest market share and expected to expand at a faster compound annual growth rate over the forecast period isabsorbable. Due to their ability to temporarily support wounds until they heal and withstand normal stress, the demand for absorbable sutures is constantly increasing. Moreover,absorbable sutures may be damaged by natural deterioration and therefore a preferable option is to use them. Many new products have been introduced and approved; for example, Genesis MedTech is the first company to receive approval from China's National Medical Products Authority in 2023 when it will launch itsabsorbable sutures with antibacterial protection on the Chinese market.

In 2023, due to the high incidence of cardiac disease, sufficient experts in this field, supportive reimbursement scenarios and advanced diagnostics, cardiovascular surgery accounted for a significant market share. For instance, according to the World Health Federation 2023 report, more than half a billion people around the world continue to be affected by cardiovascular diseases, which accounted for 20.5 million deaths in 2021 - close to a third of all deaths globally and an overall increase on the estimated 121 million CVD deaths. In turn, the demand for surgical sutures is expected to increase over the forecast period as a result of this significant rise in cardiac surgery.

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Key Regional Development -

The presence of large domestic and international companies, which has led to innovation products and extensive distribution networks, North America had the highest revenue share in 2023 amounting to almost 43.7%. Moreover, the favourable environment for sustained market growth was created by the relatively higher cost of sutures compared to other regions and by supportive reimbursement policies and government healthcare programmes.

The increasing number of elderly people, which tend to require more surgical interventions, Asia Pacific is expected to grow at a higher rate over the forecast period. Moreover, addressing the region's lack of health care needs and promoting market growth is a focus of increased government investments for healthcare infrastructure throughout the Asia Pacific.

Key Takeaway from Surgical Sutures Market Study-

The growth of the market is driven by technical progress in surgery sutures, e.g. automated or innovative products.

Despite the growth, due to the availability of alternative wound closure methods such as stapling and surgery complications, the market is restricted.

The adoption of sutures is also increasing thanks to modern health care facilities provided by governments and healthcare insurance companies.

Recent Development Related to Surgical Sutures Market-

In September 2023, to improve healing outcomes and reduce the risk of infection on the market, Genesis MedTech has received approval from China's National Medicinal Products Administration for antibacterial absorbable sutures.

In August 2023, Healthium Medtech introduced TRUMAS, a specialized range of sutures designed to deal with the challenges that come up in minimally invasive surgery.

Buy Surgical Sutures Market Report @ https://www.snsinsider.com/checkout/3173

Table of Contents

1.Introduction

2.Research Methodology

3.Market Dynamics

4.Impact Analysis

4.1COVID-19 Impact Analysis

4.2.Impact of Ukraine- Russia war

4.3.Impact of Ongoing Recession on Major Economies

5.Value Chain Analysis

6.Porter's 5 Forces Model

7.PEST Analysis

8.Surgical Sutures Market Segmentation, By Surgical Sutures

9.Surgical Sutures Market Segmentation, By Material

10.Surgical Sutures Market, By Application

11. Regional Analysis

12. Company profile

13.Competitive Landscape

13.Use Case and Best Practices

15.Conclusion

continued

Access Complete Report Details with Toc and Graphs@ https://www.snsinsider.com/reports/surgical-sutures-market-3173

Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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