The Sutures Market is estimated to be valued at US$ 3,994.65 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 are medical devices used to stitch cut or surgically incised internal or external tissues. They are commonly used in surgical procedures to hold skin, internal organs, blood vessels, and all other tissues of the human body together after they have been severed or cut in surgery. Sutures find applications in cardiovascular surgery, gastrointestinal surgery, general surgery, gynecological surgery, orthopedic surgery, plastic surgery, and other surgeries. The key advantages of sutures include efficiency in closing wounds and surgical incisions, hemostasis, prevention of infection, promotion of healing, and cost-effectiveness.
Market key trends:
One of the key trends driving growth of the sutures market is rising number of surgical procedures worldwide. According to World Population Prospects 2019 of the United Nations, the global population is expected to increase from around 7.7 billion currently to 9.7 billion by 2050 with the population aged 60 or above expected to double from 12% to 22%. The growing aging population globally has led to rise in number of age-associated diseases such as cardiovascular diseases, orthopedic disorders, and cancer, necessitating surgical treatment of these conditions. Furthermore, increasing healthcare expenditure in developing countries is leading to better access to surgical treatments, thereby propelling the sutures market growth.
Porter's Analysis
Threat of new entrants: The sutures market has moderate barriers for new entrants due to high R&D and manufacturing costs. Established players have strong brand recognition.
Bargaining power of buyers: Individual consumers have low bargaining power, but large hospitals and healthcare facilities can negotiate lower prices in bulk.
Bargaining power of suppliers: A few major companies dominate the raw material supply, giving them significant influence over prices.
Threat of new substitutes: Technologies like tissue adhesives and sealants pose a minor threat currently but could grow in future.
Competitive rivalry: The market is consolidated with top players competing on product quality, innovation and branding.
SWOT Analysis
Strengths: Growing geriatric population boosting surgical procedures. Technological advancements improving product efficacy.
Weaknesses: Strict regulations delay product approvals. Price pressure from bulk buyers.
Opportunities: Untapped growth potential in emerging economies. New application areas expanding market scope.
Threats: Increase in minimally invasive surgeries reducing need for sutures. Economic slowdowns affecting healthcare spending.
Key Takeaways
The global Sutures Market Growth is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing number of surgical procedures worldwide. In 2023, the global market size is estimated to reach US$ 3994.65 Mn.
Regionally, North America dominates the sutures market currently due to high healthcare expenditure and technological advancements. Asia Pacific is anticipated to showcase fastest growth during the forecast period with rising medical tourism and healthcare infrastructure development in major countries like India and China.
Key players operating in the sutures market include Medtronic Plc, Johnson & Johnson, SMI, Advanced Medical Solutions Group plc, GMD Group (General Medical Disposable), Bentley Healthcare Pvt. Ltd., Lotus Surgicals, 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.
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