Surgical Sutures Market Size to Accelerate at a Rapid CAGR of 3.9%

Transparency Market Research states that the global market for surgical sutures will exhibit a 3.9% CAGR from 2017 to 2025, rising to a valuation of US$5,080.1 mn by 2025.

Rising Number of Surgeries to Present Promising Growth Avenues

The rising global demand for surgical sutures is chiefly attributed to increasing numbers of surgical procedures, surging global population, rapidly expanding geriatric population base across developed and developing economies, rising disposable incomes, and the rising willingness of the global population to spend on healthcare and wellness. Technological advancements enabling the development of suture materials capable of improving wound closure time and tissue approximation, which add more value to the final result of surgeries, are also fueling the uptake of surgical sutures across the globe. Moreover, the vast improvements observed in healthcare facilities such as the rising numbers of clinics and hospitals, especially in developing economies, are also intensifying the growth opportunities of the global surgical sutures market.

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North America to Retain Leadership Position in Terms of Revenue Contribution

On the basis of product type, the segment of absorbable sutures, which accounted for a nearly 60% of the overall market in terms of revenue contribution in 2016, is expected to remain the leading segment throughout the forecast period. The segment is expected to offer an incremental opportunity of nearly US$880 mn between 2017 and 2025. Geographically, the North America market dominated the global market in 2015, accounting for a nearly 35%. Factors such as the rising numbers of orthopedic surgeries and the high per capita expenditure on healthcare will continue to drive the strong demand for surgical sutures in the North America market throughout the forecast period.

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Intensifying Price Wars and Shrinking Profit Margins to Intensify Growth Challenges

However, certain factors, such as the availability of other advanced wound closure materials and the burgeoning demand for minimally invasive procedures could hamper the growth prospects of the global surgical sutures market to some extent during the forecast period. The rising demand for precision surgical sutures and the rising number of vendors, especially in several developing economies where a number of local manufacturers offer surgical sutures at significantly low prices, have intensified price wars. The need to offer products at low costs to survive in such environment is adversely affecting the profit margins of leading players, which is consecutively bringing down funds usually invested in R&D activities and eventually resulting in the lack of innovative products in the global market.

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The global market for surgical sutures features a largely consolidated vendor landscape, with the top five vendors accounting for over 65% of the market in 2015, states Transparency Market Research in a recent report. The market features an intensifying price war due to the emergence of a number of domestic players selling products at significantly low prices. These leading players, namely Acelity L.P. Inc., Smith & Nephew plc, Cardinal Health, Medela AG, Integra LifeSciences Corporation, dominate the global surgical sutures market owing to their innovative product offerings and strong customer relationships.

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With profits margins rapidly shrinking and the threat of alternatives becoming a huge challenge, companies operational in the field are focusing on expansion across emerging economies where the high prevalence of cardiovascular diseases is leading to a huge surge in open-heart surgeries. An instance of this would be Medtronic’s acquisition of Covidien plc., an Ireland-based healthcare company and manufacturer of medical devices and supplies, in 2015. The acquisition helped the former gain benefits such as expanding geographical access to a high-growth potential region and lower operational costs.

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This release was published on openPR.