Market Overview
The Surgical Sutures Market is projected to grow from USD 4.1 Billion in 2023 to USD 6.0 Billion by 2032, exhibiting a CAGR of 4.90% during the forecast period (2023 - 2032).
Market Dynamics
Market expansion is being fueled by a number of factors, including an increase in the number of patients admitted to hospitals with chronic conditions, a more generous payment environment, and an increase in the number of trauma cases. There has been an uptick in both the incidence of trauma and the number of individuals admitted to hospitals with long-term conditions. The need for surgical sutures is expected to rise as the number of surgical procedures requiring suturing increases, particularly those involving the musculoskeletal system, the digestive system, the eyes, and other areas. Consequently, the growth of the market for surgical sutures was positively influenced by the rising number of surgical procedures.
Demand for bariatric treatments is rising as the percentage of obese people in the population rises. As a result, there is a greater need for surgical sutures in bariatric surgeries, driving market growth. Market growth during the forecast period could be aided by the proliferation of hospitals and ASCs that offer advanced surgical suturing techniques.
The growth of the market is also expected to be fueled by the aging population. The rise in fatal car accidents is seen as a growth opportunity for the industry. Due to other crucial variables such as increasing urbanization and disposable income, the market for surgical sutures will grow at a slower rate. Good reimbursement conditions and increased healthcare infrastructure spending will fuel the growth of the surgical suture market. Consequently, fueling business in the Surgical Sutures industry.
Market Segmentation
Surgical suture markets can be broken down into two categories: absorbable and non-absorbable.
The filament segment is divided the market into monofilament and multifilament subsets.
The market segmentation of Surgical Sutures, based on Application, includes ophthalmic surgery, cardiovascular surgery, orthopedic surgery, neurological surgery, and others.
Regional Analysis
In 2022, North America held a 45.80% share of the global surgical sutures market. This was largely due to the region's abundance of key players, favorable reimbursement policies, expanding public health initiatives, and well-established healthcare infrastructure. North America's substantial revenue share can also be attributed in large part to the region's advanced technology and robust domestic wealth. Canada's Surgical Sutures market is expanding at twice the rate of the U.S. market, and the North American market as a whole is growing at twice the rate of the rest of the world.
In 2022, the European market for surgical sutures was by far the largest. This is because of the growing prevalence of chronic diseases among the elderly, which in turn increases the demand for surgical sutures. As a result, it's expected that the local market will expand. In addition, Germany was the largest market for surgical sutures, while the United Kingdom was the fastest expanding market in Europe.
From 2023 to 2032, the market for surgical sutures is projected to expand at a rate highest in Asia Pacific. This is due to an increase in the older population, who are more likely to require surgical intervention, and an increase in government spending on the healthcare system to meet the increased demand. China, India, and Japan are three of the most important markets in the Asia Pacific area. The growth of medical tourism to countries like India, Singapore, and Malaysia is also a major factor in the exponential expansion of this sector. Furthermore, China's Surgical Sutures market retained the greatest market share, while India's Surgical Sutures market grew at the quickest rate in the Asia-Pacific region.
Competitive Analysis
The Global Surgical Sutures Market Players including Covidien, Ethicon US, LLC. (Johnson & Johnson Services, Inc.), B. Braun Melsungen AG, Smith & Nephew, Integra Lifesciences, Peter Surgical, Internacional farmaceutica, CONMED CORPORATION, and Sutures India Pvt. Ltd., are attempting to increase market demand by investing in research and development operations.
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