Surgical Sutures Market Size, Revenue, Growth rate and Future Analysis

According to the study, the global surgical sutures market is likely to grow from $3.5 billion in 2016 to $4.7 billion by 2023. Treatment of chronic diseases such as cancer, hepatitis, COPD, cardiovascular diseases and other viral diseases such as HIV often require complex surgeries thus, involving suturing. These diseases are persistent and have long-lasting effects on a patient’s health. Therefore, the increasing prevalence of chronic diseases is also a key factor driving the global surgical sutures market.

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It has been observed that, hospitals are the major end user of the surgical sutures. Different shapes, sizes and types of sutures are used in hospitals for performing different surgeries. Due to increase in expenditure on healthcare by public and private sources, the number of hospitals are also increasing. According to American Health Association, the total number of all U.S. registered hospitals were 5,564, number of rural community hospitals was 1,829, and the number of urban community hospitals was 3,033, in 2015. As per the data of the Government of India, the number of government hospitals was 35,416, in 2013. According to the report on Australia’s hospital (2014-15) by Australian Institute of Health and Welfare, in 2014, a total number of 1,322 hospitals were present in Australia.

As per the findings of the research, among the different product categories, sutures contributed larger share in the surgical sutures market, in 2016, due to minimal innovation in the surgical sutures market during that period. The automated suturing devices are expected to witness faster growth during the forecast period as it saves time and require less work.

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Key players in the market are entering into partnership to offer advanced surgical sutures. For instance, in March 2017, Medtronic PLC partnered with the Atlas General Hospital to bring advanced surgical technologies and treatment options to Serbia. Both the entities in partnership are expected to contribute to the improvement of treatment experiences of thousands of spine patients at the Atlas General Hospital. Medtronic PLC also agreed to bring innovative spine and minimally invasive technologies, and identify ways to reduce cost and manage operating rooms.

Some of the other key players operating in the surgical sutures industry include DemeTECH Corporation, Sutures India Pvt. Ltd., Zipline Medical, Inc., Peters Surgical, EndoEvolution, LLC, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, and Smith & Nephew PLC.

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