The surgical sutures market is likely to attain a CAGR of 5.4% during the forecast period, up from US$ 4.35 Bn in 2019 to reach a valuation of US$ 6 Bn.
The rise in accidents and healthcare expenditures can be majorly attributed to the increasing demand for surgical sutures.
Sales of surgical sutures are expected to spike as the popularity of cosmetic surgeries grows and the development of advanced sutures such as film-coated sutures takes place.
In addition to this, demand for surgical sutures is rising because of increasing healthcare expenditures in most countries and healthcare infrastructure improvement in emerging economies.
An increase in awareness about novel surgeries and a demand for better healthcare facilities are expected to provide lucrative opportunities for companies to expand their surgical sutures market share.
Hospitals and ambulatory care centers are constantly devising new strategies to increase elective surgeries, thereby increasing the demand for surgical sutures.
Sales of surgical sutures are expected to peak as telehealth assessment, screening tools, and improved coordination tools are being used by healthcare providers to develop a higher number of elective surgeries.
Adoption and demand for surgical sutures in the market have been fuelled by manufacturers’ increasing use of advanced materials that are biocompatible and help reduce wound healing time.
Sales of surgical sutures are likely to grow as similar strategies are assisting hospitals in overcoming the financial losses incurred due to the pandemic, and the same has aided the surgical sutures market is regaining its growth.
Elastic, electronic, and knotless sutures are gaining popularity among healthcare providers due to the clinical advantages they provide over traditional sutures resulting in high sales of surgical sutures.
Growing demand for surgical sutures can also be due to the efficiency of these devices to deliver drugs to specific locations, measure the temperature of the wound site, provide heat for primary healing, and stitch large wounds.
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Several established players, such as Smith & Nephew and new entrants, are focusing on these new trending products to expand their surgical sutures market share.
Demand for surgical sutures rises as awareness of advanced surgical interventions has prompted market players to emphasize R&D and introduce innovative products to the market and augment their surgical sutures market share.
Furthermore, the rapid influx of new and automated sutures with improved features has led to an increase in surgeons’ preference for these devices around the world, which is expected to rise the sales of surgical sutures.
What are a Few Factors Influencing the Surgical Sutures Market?
The demand for surgical sutures is driven by a growing aging population, increasing incidence of chronic diseases, rising healthcare expenditure.
An increasing number of surgeries and burns and an increasing number of hospitals is also expected to augment the sales of surgical sutures.
However, growing demand for advanced wound closure materials lack of product innovations in the surgical sutures could negatively impact the demand for surgical sutures.
Side effects from surgical sutures also act as a major barrier to the sales of surgical sutures and impede the surgical sutures market growth.
Demand for surgical sutures dwindle owing to the availability of alternative wound healing products, such as surgical staplers, and the same is limiting the sales of surgical sutures.
Despite advancements in technology, demand for surgical sutures likely goes down on account of a few drawbacks that limit their use in surgical procedures, such as cross-hatched marks.
With a rapidly growing elderly population and increasing incidence of chronic diseases, the global surgical sutures market is expected to grow positively.
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How Strong is the Competition in the Surgical Sutures Market?
The market is slightly consolidated, with a few large companies accounting for the most revenue.
The major players are concentrating their efforts on launching new products that will help them gain a strong foothold in the market and increase their surgical sutures market share.
Furthermore, they intend to expand their geographical presence and surgical sutures market share through strategic initiatives such as partnerships, product launches, and collaborations.
Some of the key market players in the global surgical sutures market are Smith & Nephew, Johnson, and Johnson, Covidien, 3M healthcare, Derma Sciences, SMB Corporation of India, Dolphin Sutures, Molnlycke healthcare, Lotus Surgicals, Riverpoint Medical, and B. Braun Melsungen AG.
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