Surgical Sutures Market Overview
In 2016, the global surgical sutures market generated a revenue of $3.5 billion and is predicted to attain $4.7 billion in 2023, advancing at a 4.2% CAGR during the forecast period (2017–2023).
The market is growing due to the rising prevalence of chronic diseases, increasing healthcare expenditure. Surging geriatric population, rising number of surgeries and burn cases, and increasing number of hospitals. Medical devices which are utilized during a surgery or after an individual suffers injury for holding the body tissues together and closing the wounds are referred to as surgical sutures.
Surgical Sutures Market Future Estimations
When product is taken in consideration, the surgical sutures market is divided into automated suturing devices and sutures. Between the two, the sutures division dominated the market during the historical period (2013–2016). It is predicted to account for the major share of the market during the forecast period as well. The division is further bifurcated into non-absorbable and absorbable sutures. The automated suturing devices is expected to grow at the fastest pace during the forecast period, as these devices save time and need less work.
In terms of application, the surgical sutures market is categorized into cardiovascular surgeries. Gynecological surgical, general surgeries, orthopedic surgeries, ophthalmic surgeries, and others (which include vascular surgery. Thoracic surgery, vascular surgery, plastic & reconstructive surgery, neurosurgery, and head & neck surgery). Out of these, the general surgeries category held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. On the basis of end user, the market is divided into hospitals and others (which include ambulatory surgery centers, clinics, and nursing homes).
Surgical Sutures Market Segmentation Analysis
One of the major driving factors of the surgical sutures market is the growing number of hospitals. Different types of surgical sutures are utilized in hospitals for performing various types of surgeries. It is primarily due to the increasing expenditure on healthcare by private and public sources that the number of hospitals is rising. According to the Government of India, in 2013, the number of government hospitals in India was 35,416. This rising number of hospitals implies that the number of patients is also growing, which will further increase the demand for sutures.
The rising prevalence of chronic diseases is a key driving factor of the surgical sutures market. As per the World Health organization, chronic diseases are the leading cause of mortality around the world, accounting for 60% of all deaths. Chronic diseases including cardiovascular diseases, cancer, viral diseases, such as hepatitis and HIV, and chronic obstructive pulmonary disease have persistent and long-lasting effect on a person’s health. Moreover, the treatment of these diseases often requires complex surgeries, which, in turn, involve the utilization of sutures. This is leading to the rising demand for surgical sutures.
Surgical Sutures Market Growth Forecast
Another factor positively impacting the surgical sutures market is the surging aging population. According to the United Nations Department of Economic and Social Affairs report, the number of people aged 60 years or above is predicted to grow by 56%, globally. The elder population goes through various kinds of surgeries such as abdominal & thoracic surgery, heart surgery, hip & knee replacement, non-cardiac surgery, and cataract surgery, which require different kinds of surgical sutures.
An indispensable part of the medical sciences sector since times immemorial, surgical sutures continue to grow in demand. The increasing volume of surgeries, rapid growth in the number of hospitals, rising prevalence of chronic diseases, surging aging population, and burgeoning healthcare expenditure are some of the key factors driving the growth of the surgical sutures market. Sutures can be defined as the medical devices that are used either during a surgery or after it, to hold the tissues together, close the wounds, and stop the bleeding.
Surgical Sutures Market Business Strategies
On the basis of product, the global surgical sutures market is bifurcated into automated suturing devices and sutures. Owing to their shorter operating time and comparatively easier handling. Automated suturing devices are projected to experience faster growth during the forecast period. However, the market will be led by sutures, which include several kinds of synthetic and natural absorbable sutures and numerous non-absorbable products made of stainless steel, prolene, and nylon.
Depending on application, the surgical sutures market is divided into orthopedic surgeries, gynecological surgeries. Cardiovascular surgeries, general surgeries, ophthalmic surgeries, and others. Out of these, the general surgeries division, mainly due to the rapidly increasing demand for breast surgeries. Pediatric surgeries, oncological surgeries, and aesthetic surgeries, is expected to experience the fastest growth during the forecast period. As per the World Bank, the U.S. had a surgery rate of 30,537 per 100,000 people in 2012, while Australia’s 2015 rate was 28,907 per 100,000 people.
Surgical Sutures Market Developments
On the basis of the end user, the surgical sutures market is categorized into hospitals and others. Which consist of clinics, ambulatory surgery centers, and nursing homes. Due to the presence of a large number of patients and the easy availability of skilled professionals. Hospitals have historically dominated the market, and this trend is only going to pick up in future. An important reason behind this, which is also a market driver, is the increase in the number of hospitals.
For instance, in 2015, the U.S. had 5,564 registered hospitals, as per the American Health Association. Similarly, the Indian government estimated the number of government hospitals in the country, for 2013, at 35,416. Further, according to the Australian Institute of Health and Welfare, the nation had 1,322 hospitals in 2014. Thus, with a rise in the number of such healthcare centers. Where the surgery volume is always high, this end user will continue dominating the market in the coming years.
Surgical Sutures Market Competitive Landscape
Since chronic diseases can be difficult to cure with medication or prevent with vaccines. Surgery becomes an effective option for their management, which leads to a rise in the demand for various types of sutures. For instance. According to the British Lung Foundation, around 2% of the U.K.’s population lives with chronic obstructive pulmonary disease (COPD). Which usually requires surgery, thereby driving the growth of the global surgical sutures market.
Among all chronic diseases, cardiovascular diseases are the leading cause of death, globally, as per the reports of the World Health Organization (WHO). According to the organization, cardiovascular diseases killed 17.7 million people in 2015, accounting for 31% of the global mortality. Of these deaths, around 7.4 million were a result of coronary heart disease and 6.7 million due to stroke. The WHO also reported that globally, 8.8 million people died, in 2015, from cancer, which came out to be 1 in 6 deaths.
Surgical Sutures Market Strategy
Owing to the booming population, sincreasing health issues, and rising healthcare expenditure by governments. Especially in emerging economies, such as India, China, and Brazil. The key players in the surgical sutures market are witnessing significant growth opportunities. Furthermore, a constant increase in the per capita income and standard of living in these countries has raised the purchasing power of people. Thereby making surgeries more affordable. Subsequently, lucrative opportunities have been created for the players, to augment their revenue and expand their geographical footprint.
Based on the above factors, it can be concluded that the market will witness remarkable growth in the coming years.
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