Global Surgical Suture Market is Flourishing: Expected to Reach USD 5.22 Billion in 2027
A recent study conducted revealed that the global surgical suture market was worth USD 3.24 billion in the year 2020. It is further expected to grow at the CAGR of 7.1% during 2021-2027 (forecast period), reaching USD 5.22 billion by 2027. This can be attributed to the increase in the number of road accidents, rise in expenditure on healthcare, increase in popularity of cosmetic surgeries among different age groups, and development of advanced sutures.
Surgical sutures, also known as stitches, are applied with a needle and a piece of thread connected to it. Surgical sutures are used to heal wounds and close surgical incisions. These sutures cause little or no reaction and provide better passage of the thread via tissue. However, the growing preference for minimally invasive surgical procedures, as well as the availability of alternative wound care products, are posing major market constraints. Furthermore, growing awareness of innovative surgeries, as well as an increase in the elderly population and demand for better healthcare facilities, are expected to provide lucrative opportunities for the surgical sutures market during the forecast period.
An increasing number of surgical procedures driving market growth
According to a report published by WHO in 2016, the average global surgical rate was 4,469 operations per 100,000 people per year. The majority of them were related to traffic accidents and the injuries that resulted from them, which were the leading causes of surgical care. According to the European Commission Factsheet 2017, there are approximately 174 deaths per million populations worldwide per year. Moreover, according to WHO statistics, approximately 1.3 million people die on the roads each year. With every car accident, 20 other people suffer non-fatal injuries that often necessitate surgical intervention.
The elderly population is at a higher risk of chronic diseases and conditions and requires frequent surgeries. Adults aged 65 and above account for a sizable proportion of surgeries performed in the United States. The rapidly rising elderly population, as well as the increasing prevalence of various chronic diseases, are expected to significantly increase the number of surgeries performed globally.
Presence of alternative wound care management products impeding market growth
Topical skin fixative, hemostatic sealing agents, and wound closure devices are some substitutes for surgical sutures. These alternative products reduce the healing time and minimize post-operative care. For instance, stapling is faster and quicker than suturing. Wound closure strips and tapes can be used to close smaller tearing. These products provide better closure in the case of aging patients, especially those with frail skin. Due to their efficiency and benefits over surgical sutures, the presence of alternatives is a major restraint for the market.
The absorbable suture segment is the largest based on product types
Based on product types, the market has been bifurcated into absorbable and non-absorbable sutures. The absorbable suture segment is anticipated to hold a larger market share in the global surgical suture market during the forecast period. This is due to its ability to provide temporary relief to a wound until it heals. Moreover, it is a cost-effective treatment as it dissolves within the body after a certain period of time.
North America Holds the Largest Market Share
Based on region, the global surgical suture market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among all the regions, North America holds the largest market share due to factors such as the proliferation of advanced technology, growing household income, and the presence of major companies in the region. Furthermore, high investments in healthcare R&D in the United States and Canada are expected to propel the market forward during the forecast period.
Impact of COVID-19 Outbreak
The novel coronavirus has had an adverse effect on the global surgical suture market due to the restrictions imposed on the operational hours of general surgical procedures across the globe to prevent the spread of the deadly virus. Furthermore, the closure of several departments in various hospitals around the world due to a lack of manpower impacted the number of surgeries. This has caused people all over the world to postpone surgical procedures. In an event that surgery is needed urgently, surgical teams are required to wait for COVID-19 test results from the admitted patients who are suspected of being infected.
In the event of a staff shortage in the operating theatre, emergency surgical procedures, especially at night, should be contemplated only after a sufficient presence of staff and equipment has been determined. Furthermore, the aerosol generated during procedures such as intubation, blood electrocautery, catheter insertion, and so on, raises the risk of infection in healthcare workers from patients who test positive for COVID-19 or those who are at high risk of infection. Thus, a decrese in general surgical procedures caused by the ongoing pandemic has impacted the global surgical sutures market unfavorably.
Key Market Players: Some of the leading market players in the global surgical suture market are B. Braun Melsungen AG, Boston Scientific Corporation, CP Medical, Demetech Corporation, Johnson & Johnson, Coloplast Corporation, Smith & Nephew Plc, Molnlycke Healthcare, Internacional Farmacéutica S.A. de C.V., Peters Surgical, Medtronic Plc, Surgical Specialties Corporation, W. L. Gore & Associates, Inc., Apollo Endosurgery Inc., Ethicon US, LLC, Integra LifeSciences, Sutures India Pvt. Ltd., and other prominent players. To maintain market dominance, market players are constantly engaging in product launches, alliances, mergers and acquisitions, and collaborations.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global surgical suture market size & forecast. The report promises to provide recent technology trends of the global surgical suture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. Global Surgical Suture Market Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.3. Recent Development/Technological Advancements
4.4. Porter’s Five Forces Analysis
5. Global Surgical Suture Market Overview
5.1. Market Size & Forecast by Value, 2017-2027
5.2. Market Share & Forecast
6. North America Surgical Suture Market
6.1. Market Size & Forecast by Value, 2017-2027
6.2. Market Share & Forecast
7. Europe Surgical Suture Market
7.1. Market Size & Forecast by Value, 2017-2027
7.2. Market Share & Forecast
8. the Asia-Pacific Surgical Suture Market
8.1. Market Size & Forecast by Value, 2017-2027
8.2. Market Share & Forecast
9. Latin America Surgical Suture Market
9.1. Market Size & Forecast by Value, 2017-2027
9.2. Market Share & Forecast
10. the Middle East & Africa Surgical Suture Market
10.1. Market Size & Forecast by Value, 2017-2027
10.2. Market Share & Forecast
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market Share Analysis, 2020
11.3. Competitive Benchmarking, By Operating Parameters
12. Impact of Covid-19 on Global Surgical Suture Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, SWOT Analysis, Contact Address, and Strategic Outlook)**
13.1. B. Braun Melsungen AG
13.2. Boston Scientific Corporation
13.3. CP Medical
13.4. Demetech Corporation
13.5. Johnson & Johnson
13.6. Coloplast Corporation
13.7. Smith & Nephew Plc
13.8. Molnlycke Healthcare
13.9. Internacional Farmacéutica S.A. de C.V.
13.10. Peters Surgical
13.11. Medtronic Plc
13.12. Surgical Specialties Corporation
13.13. W. L. Gore & Associates, Inc.
13.14. Apollo Endosurgery Inc.
13.15. Ethicon US, LLC
13.16. Integra LifeSciences
13.17. Sutures India Pvt. Ltd.
13.18. Other Prominent Players
14. Key Strategic Recommendations
*Financial details of unlisted companies will be available as per data availability in final deliverable
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
A selection of companies mentioned in this report includes:
- Braun Melsungen AG
- Boston Scientific Corporation
- CP Medical
- Demetech Corporation
- Johnson & Johnson
- Coloplast Corporation
- Smith & Nephew Plc
- Molnlycke Healthcare
- Internacional Farmacéutica S.A. de C.V.
- Peters Surgical
- Medtronic Plc
- Surgical Specialties Corporation
- W. L. Gore & Associates Inc.
- Apollo Endosurgery Inc.
- Ethicon US LLC
- Integra LifeSciences
- Sutures India Pvt. Ltd