Exactitude Consultancy explores the current market and new opportunities in the growing Surgical Sutures market. Is the technological advancement or price competition driving the market? And, how the prevalence of various diseases attributing the market growth? Read more to get answers and insights for such and other key questions from the report.
By 2030 approximately 45 million surgical procedures will be done worldwide resulting in the market for the Surgical Sutures to be Around USD 6.4 Bn by 2030
PUNE, India, Nov. 7, 2022 /PRNewswire/ — According to the latest market research completed and published by Exactitude Consultancy, the Surgical Sutures Market is expected to grow at a CAGR of more than 7.2% over the forecast period from 2022 to 2028. This would change the market size (USD) from USD 4.2 Billion in 2022 to USD 6.4 Billion in 2028. The report discusses the market considering the key market players, their brands, and the end use applications of the sutures. Other critical aspects of the market considered while writing the report are the end use cases like specific and general surgeries.
The demand side growth is attributed to the increasing prevalence of chronic diseases, and rising demand for minimally invasive surgeries. While supply side is attributed to the efforts of the key players investing in research and development to offer innovative products and technological advancements that meet the needs of surgeons and patients. Further, the increasing coverage of insurance and support by the government policies would result in higher market penetration for Surgical Sutures in developing countries.
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Report scope & key market segments considered in the study:
Surgical sutures are a key part of the global wound management market. The wounds are of different types and sutures are required to manage them in timely manner to avoid infections and complexities. Suture are used to hold on skin, internal organs, and blood vessels and other tissues of human body together after they have been severed by injury, incision or surgery; they help with healing by holding cells in place until their natural process is complete – through absorption into the body’s own tissue for being broken down by enzymes.
The research study focuses on both absorbable and non-absorbable suture types, along with the key sub types in each of these categories. The research was conducted to look at the market from the following points and then arrive at the Total Addressable Market (TAM):
- The different types of use cases where in sutures are used: Ophthalmic Surgery, Cardiovascular Surgery, Orthopedic Surgery, Neurological Surgery, Cosmetic and General surgeries comprising of wound care and other Single Day procedures.
- The different types of sutures used in the market i.e., Absorbable (those which are dissolved by the body enzymes via proteolysis or hydrolysis) and non-absorbable (those which need to be removed later), and the applicability of these suture types in all the above use cases.
The other aspects considered in the report include:
- The absorbable sutures have been further classified into: Polyglycolic Acid Sutures, Polyglactin, Poliglecaprone, Catgut, and Polydioxanone sutures; while, the non-absorbable sutures include: Polypropylene sutures, Nylon (polyamide), Polyester, PVDF, Silk, and Stainless-Steel sutures.
- The structure of the filaments which include both monofilament and multifilament sutures; and the market size for both the filament types has been estimated.
- The study considers the classification by Natural and Synthetic sutures; and the market size has been estimated for both these types.
- The other parameter considered for market estimation is by coating type: Coated Sutures and Non-Coated Sutures.
Barbed Sutures showed slower growth compared to other sutures due to the higher cost. Few more important insights from the report:
- Absorbable sutures have the highest adoption rate in stomach, liver, obstetric, thyroid and breast procedures; and Absorbable sutures are set to grow at a rate in the range of 5.5% to 5.9%.
- A strong demand is expected for non-absorbable sutures in cardiovascular surgery such as structural heart, aortic and heart defect procedures—all have a 100% adoption rate
- Stainless steel, polypropylene, and polyester sutures; all used in cardiovascular surgeries are set to show high growth globally.
- The highest potential is seen in the barbed monofilament sutures segment due to various surgical advantages for the doctors and the patents.
Regional Growth Insights:
North America (USA and Canada) accounts for almost a billion USD in 2022. USA keeps leading the market with the highest growth rate in the North American market accounting for more than 50% of the regions’ sales value in 2022. Further, the region is expected to grow at a higher CAGR of around 5.6% as compared to a CAGR of around 5% for European markets.
For the European markets, Germany, Span, Italy, France, UK are all set to see a growth in the range of 4% to 6% for the forecasted period of 2022 to 2028. In terms of value, Germany, France, UK are among the top 10 countries in the world with respect to sales of surgical sutures.
APAC is the leading region in terms of market value with around USD 2 billion in 2022 and is forecasted to grow at a highest CAGR of 6.0% from 2022 to 2028. The key drivers such as increasing prevalence and diagnosis of diseases, and support from the hospitals to push towards minimally invasive procedures offer significant growth opportunities in developed markets across Asia and South America. Other key factors driving the market include increasing healthcare spending, government policies on the reimbursement scenario, rising government programs, and developed healthcare infrastructure. New investment in primary and tertiary healthcare is a key factor in driving institutional sales across Asia-Pacific.
China with the second highest rank in sales value in our analysis is the highest potential county in APAC. The factors driving the Chinese market are high growth in the wound care market, increase in cardiovascular surgeries. The approximate CAGR is around 6% for the period 2022 to 2028.
India continues to be the market to tap for most of the companies due to increasing demand, increase in accessibility and increase in disease prevalence. A CAGR of more than 7% in the market is set to take market past the current sales value of around 200 million USD by 2028.
The South American marker has Brazil, Argentina, Peru, Uruguay, and Chile. Each of these countries spends around 6% on an average of their GDP on healthcare and the market is expected to register strong growth because of the huge population based, untapped healthcare market and scope for insurance to expand among other key factors to consider.
Clients obtain market facts and figures based on industry assessments using primary and secondary research methods.
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Key Drivers – Cardiovascular, Wound Closure and Oncology:
“Increase in prevalence of cardiovascular disease, diagnosis and treatment in oncology, and the improving quality and availability of wound care treatment are the key drivers for the market” – Head of Research, Exactitude Consultancy.
Some of the surgery figures below show the scope of the market around the globe:
- Around 90,000 Cardiovascular surgeries done in the USA. This presents a great opportunity for the Steel Sutures market to grow.
- India alone accounts for around 150,000 open heart surgeries shows a great potential for sutures in the market.
- Around 1.3 million caesareans done in the European region in 2021 alone shows the great potential for the absorbable catgut sutures.
As per Lancet, the global demand for Oncology related surgeries has reached around 5 million in 2018. Demand for cancer surgery is expected to increase from 9.1 million to 13.8 million procedures over the next twenty years from 2020 to 2040. All these facts show that there is huge potential for barbed sutures and other absorbable or non-absorbable sutures.
Challenges in the market:
- Rising cost of sutures is a major challenge in the industry which makes the adoption more dependent on insurance programs and government healthcare spending.
- Availability of Tissue adhesives for closure of surgical incisions is another challenge for the market. Although this will not impact the market hugely, but this can play an important role in wound care management market.
Competitive landscape and companies covered:
Some of the major players in this industry have taken a lead position, while are trying to establish their market through innovative marketing strategy. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are tying to penetrate the market which again can be disruptive in low-income economies.
There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation.
Major players operating in the global Surgical Sutures market include B. Braun Melsungen AG, Johnson & Johnson (Ethicon), CP Medical, Atramat, Medtronic (Covidien), DemeTECH Corporation, Teleflex Incorporated (Teleflex Medical OEM), Sutumed, Kono Seisakusho Co.,Ltd., Mani Inc., Olimp- Surgical Sutures, Lotus Surgicals, Unisur Lifecare Pvt Ltd. (Universal Sutures), GMD Group, Dynek Pvt Ltd., Unilene, Advanced MedTech Solutions Pvt. Ltd, Corza Medical, Dolphin Sutures and others
Objectives of the research and the key questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, investment banks and VCs, healthcare organizations, governments and research personnel.
The key questions answered in the report are:
- What was the market size of the surgical sutures market before Covid-19 and what is the forecast from 2022 onwards?
- Who are the key manufacturers in the market and what are their product offerings?
- Which are the highest growing countries in the market and their growth rates?
- What are the key factors driving the market in countries like: USA, Germany, India, China, and other major countries?
- Which is the highest growing application for the sutures market in terms of sales?
- Which type of Surgical suture has the highest market potential?
- What products and technologies are likely to replace surgical sutures in the future?
- What is the most used surgical suture material in the market?
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