by The global Sutures Market is estimated to be valued at US$ 3994.65 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sutures or surgical threads are used to stitch cut, wounded or surgically incised skin and tissues. They are medical tools used by healthcare professionals for wound closure during or after surgeries and injuries. Absorbable and non-absorbable sutures are widely used in various surgeries like cardiovascular, orthopedic, gynecology, ophthalmic, neurosurgery and general surgeries. Rapid advancement in surgical sutures including self-locking surgical sutures, barbed sutures and shape memory sutures have simplified surgical procedures. Technologies such as antimicrobial coating on sutures help prevent surgical site infections which propels the overall market growth.
Market key trends:
Increasing adoption of minimally invasive surgical procedures and rising number of surgeries have boosted the demand for surgical sutures. Additionally, growing prevalence of lifestyle diseases which require surgical intervention further fuel the market growth. Rapid technological advancements in surgical sutures have led to development of advanced novel sutures with enhanced properties. For instance, self-locking sutures have simplified surgical knot tying whereas barbed sutures have reduced the number of knots required during closure. Such advancements help surgeons perform surgeries efficiently in lesser time with improved outcomes. Rising healthcare expenditure in emerging nations also contributes to the suture market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The sutures market requires high initial investments to establish manufacturing facilities and R&D infrastructure. The presence of major players also poses barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of substitutes like surgical staplers and glue. However, sutures are still the gold standard for wound closure procedures.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to availability of raw material suppliers in the market.
Threat of new substitutes: Technological advancements have introduced substitutes like surgical staplers and adhesion barriers, but sutures still remain the standard method of wound closure.
Competitive rivalry: Major players compete on the basis of product quality, innovation, and pricing. The market remains consolidated with key global players occupying majority share.
Key Takeaways
The global Sutures Market Growth is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period 2023 to 2030, due to increasing number of surgeries globally. The market size for 2023 is estimated to be US$ 3994.65 Mn.
Regional analysis: North America is expected to dominate the sutures market during the forecast period. This is attributed to the developed healthcare infrastructure and higher reimbursement facilities in the region along with the presence of major players. Asia Pacific is projected to exhibit the fastest growth during the forecast period owing to increasing healthcare expenditure, healthcare reforms, and growth of medical tourism in the region.
Key players: Key players operating in the sutures market are Medtronic Plc, Johnson & Johnson, SMI, Advanced Medical Solutions Group plc, GMD Group (General Medical Disposable), Bentley Healthcare Pvt. Ltd., Lotus Sutures, Teleflex Incorporated, Sutumed, Lux Sutures, CliniSut, Smith & Nephew Plc, B. Braun Melsungen AG, CONMED Corporation, Unilene, Riverpoint Medical, Unisur Lifecare Pvt. Ltd., Orion Sutures India Pvt Ltd, Dolphin Sutures, Peters Surgical, Meril Life Sciences Pvt. Ltd., Corza Medical, Healthium Medtech Limited, Surgical Sutures Private Limited, DemeTECH Corporation, and Vitrex Medical A/S.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
