Surgical Sutures Market Expected to Reach $5,255 Million, Globally by 2022
Friday, February 24, 2017
Surgical Sutures Market Report, published by Allied Market Research, forecasts that the global market accounted for $3,360 million in 2015, and is expected to reach $5,255 million by 2022, growing at a CAGR of 6.4% from 2016 to 2022. The sutures segment dominated the market in 2015 with more than four-fifths share.
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Global escalation in the number of hospitals, surge in the adoption of technologically advanced products, and increase in number of surgeries due to geriatric population & patients with various chronic diseases are the major factors that drive the growth of surgical sutures market. However, the adoption of substitute products such as advanced wound closure materials and lack of proper sterilization process in healthcare settings are projected to hinder the market growth.
The sutures segment accounted for more than four-fifths share of the market in 2015, and is expected to dominate the market, growing at a CAGR of 6.3%. The absorbable suture dissolves in tissues after a period of time and heals the wound, whereas non-absorbable suture is to be removed after the incision is healed. The absorbable suture segment held the largest share in 2015, and is anticipated to continue its dominance.
By material, the multifilament segment accounted for the largest share in the sutures market in 2015, and is estimated to grow with a CAGR of 6.6%. In the same year, the general surgeries application segment dominated the market with more than one-third share due to the increase in demand for surgical sutures in various types of abdominal and other general surgeries.
Key findings of the Surgical Sutures Market:
- In the year 2015, suture was the leading segment that accounted for 85.4% of the suture market, and is projected to grow at a CAGR of 6.3% during the forecast period.
- North America accounted for the share of 44.5% of the in 2015, and is projected to grow at a CAGR of 6.1%.
- The prolene suture segment showed the highest growth in the non-absorbable sutures market, and is projected to continue its lead.
- S. is the major shareholder in the North American region, accounting for 91.5% share in 2015.
- Germany is the major shareholder in the Europe, accounting for 19.7% share in 2015.
North America was the highest revenue contributor and Asia-Pacific showed fastest growth, accounting for 19.2% share in 2015. The large share of North America is attributed to the higher adoption of technologically advanced products such as absorbable & antibacterial coated sutures, growth in surgical procedures with increase in prevalence of various chronic diseases, and the development of the wound management sector. However, Asia-Pacific is projected to grow at a the fastest CAGR due to rise in demand for surgical procedures from large pool of patient population suffering from diabetes, cardiovascular diseases, coronary thrombosis, cancer, and others.
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The key players in the surgical suture market are expanding their business operations in the developing countries with new product launches. Comprehensive profiles of major market players such as Johnson & Johnson Private Limited, B. Braun Melsungen AG, Smith & Nephew, Demetech Corporation, Conmed Corporation, W.L. Gore & Associates, Boston Scientific, 3M Healthcare, Medtronic Inc., and Sutures India Pvt Ltd. are provided in this report.