Surgical Sutures Market By Drivers & Strains, Size and Share, Technology, New Innovations, Future Roadmap
Surgical sutures are medical tools used to stitch open wounds and close the surgical incision. The growing awareness regarding healthcare, especially in low- and middle-income countries is impacting the global market for surgical sutures. On the basis of product, the global surgical sutures market can be bifurcated into non-automated sutures and automated suturing devices. Non-automated sutures can be absorbable and non-absorbable. Similarly, automated devices are disposable and reusable. Based on applications, the market can be segmented into general surgeries, cardiovascular surgeries, orthopedic surgeries, gynecology surgeries, and ophthalmic surgeries.
Global Surgical Sutures Market: Key Trends
The growing prevalence of chronic diseases such as cancer, cardiovascular disorders, and diabetes is leading to the rising number of surgical procedures worldwide. This factor is, thereby, creating a staggering volume of demand for surgical sutures. The increasing focus on research and development activities is facilitating the launch of advanced sutures, which in turn is also working in favor of the market. Besides this, expenditure on the majority of surgical sutures is covered under insurance policies, therefore, the presence of favorable reimbursement scenario is stoking the growth of the market.
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On the flip side, the growing preference for minimally invasive surgical procedures is creating a dent in the global demand for surgical sutures. Moreover, the lack of proper sterilization systems in healthcare organizations and presence of a number of substitute wound care management products are impeding the growth of the market.
Global Surgical Sutures Market: Market Potential
To ensure maximum profit, market players are focusing towards the development of innovative and safe sutures. For instance, in September 2016, Mellon Medical unveiled a precision-suturing instrument, Switch®, which allows surgeons to suture tubular and layered structures about twice as fast as the traditional technique at reduced risk of complications. This is expected to allow enhanced patient outcome and reduced costs. The international market launch of this instrument is anticipated to happen by 2018. The advent of such suturing devices is likely to work in favor of the global surgical sutures market. The adoption in robotics in suturing procedures is also poised to open new avenues for market players.
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Global Surgical Sutures Market: Geographical Segmentation
Geographically, North America will account for a large chunk in the revenue pie of the global surgical sutures market. The expanding pool of patients suffering from lifestyle disorders, rapidly growing geriatric population, and conducive healthcare reforms are contributing to the growth of the region. The domicile of a large number of key players also provides a competitive edge to North America over other regions.
Asia Pacific is expected to witness healthy growth during the forecast period. Large population base, rising consumer spending on healthcare, and booming medical tourism sector are rendering the region highly opportunistic. The growth of the region can also be attributed to the growing number of people undergoing surgical procedures and improving healthcare infrastructure.
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Global Surgical Sutures Market: Competitive Scenario
Key companies are primarily focusing towards developing absorbable and anti-bacterial sutures, which will help them in enhancing their visibility in the global surgical sutures market. Several players are looking upon mergers and acquisitions as key growth strategies to expand their product portfolio. The market features high competitive rivalry among players in terms of pricing. Some of the prominent participants in the global market are Lotus Surgicals Pvt. Ltd., B. Braun Melsungen AG, Ethicon Inc., DemeTECH Corporation, Medtronic Plc., Smith & Nephew Plc., Sutures India Pvt. Ltd., CP Medical, Boston Scientific Corporation, and Teleflex Medical OEM.
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