The global surgical suture market is anticipated to grow at a steady rate i.e. 61% CAGR owing to the rising cases of surgical procedures globally. Surgical sutures are used to close the wound and are used in all the major surgeries like C-section, joint replacement, cardiovascular procedures, and minor surgeries like cataract surgery, dental restorations, etc. The growth in the surgical suture market is growing at a constant pace owing to the rising incidents of accidents, rising healthcare expenditure, growing prominence of cosmetic surgeries, knee replacement, hip replacement, bypass surgeries, etc., and developing advanced sutures like film-coated sutures. The rising awareness of novel surgeries, rising geriatric population, growing demand for healthcare facilities will create promising opportunities for growth in the surgical suture market.
According to the report published by National Center for Biotechnology, approximately 30% of the geriatric population have difficulty in walking, thereby the number of patients is increasing and undergoing knee replacement surgery.
The COVID-19 outbreak had a negative impact on the global surgical suture market owing to the postponement of elective surgeries as there was a need to preserve healthcare resources for the COVID-19 emergencies. Moreover, many departments were temporarily closed in hospitals owing to a shortage of staff has also affected to a number of surgeries. Thus, the decrease in surgical procedures will impact the surgical suture market.
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Based on product, the suture thread dominates the market and is bifurcated into absorbable sutures and non-absorbable sutures. The suture thread is growing owing to the rising popularity for suture threads for wound closure and economic viablity as compared to automated suturing devices. Absorbable sutures are used in deep and delicate wounds, have high tensile strength, are highly flexible, ideal degradation of soft tissue, and can heal in less time in an effective way.
North America dominates the surgical suture market owing to the rising geriatric population, change in lifestyle causing chronic diseases, favorable healthcare reforms, and rising number of surgical procedures.
Asia-Pacific is anticipated to have a high CAGR owing to the rising medical tourism industry, growing incidences of chronic diseases, and favorable reimbursement scenario.
Smith+Nephew has launched NOVOSTITCH PRO Meniscal Repair System in Europe after successfully getting CE approval mark certification.
The prominent players in the surgical sutures industry include Ethicon Inc., Demetech Corporation, B. Braun Melsungen AG, Sutures India Pvt. Ltd., Medtronic plc, Péters Surgical, Smith & Nephew, Boston Scientific Corporation, and Endoevolution LLC.
Source: VynZ Research