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Surgical Sutures Market Worth $5.5 Billion | MarketsandMarkets

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Surgical Sutures Market Worth $5.5 Billion | MarketsandMarkets

May 17
23:05 2024
Surgical Sutures Market Worth $5.5 Billion | MarketsandMarkets
Prominent players in the surgical sutures market include Ethicon, Inc. (a subsidiary of Johnson & Johnson) (US), Medtronic Plc (Ireland), B. Braun SE (Germany), Advanced Medical Solutions Group Plc (UK)
Surgical Sutures Market in terms of revenue was estimated to be worth $4.0 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 6.4% from 2023 to 2028 according to a new report by MarketsandMarkets.

Surgical Sutures Market in terms of revenue was estimated to be worth $4.0 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 6.4% from 2023 to 2028 according to a new report by MarketsandMarkets. The surgical sutures market is propelled by several key drivers. The increasing global prevalence of chronic diseases and a growing aging population contribute significantly to the rising demand for surgical procedures, thereby boosting the need for effective wound closure solutions like surgical sutures. Technological advancements and innovations in suture materials further enhance the market, providing healthcare professionals with advanced and tailored options for diverse surgical applications. However, amidst this optimistic landscape, certain restraints merit consideration. Stringent regulatory requirements pose challenges for market entry, particularly for new players. Additionally, the market contends with price pressure due to intense competition and the availability of alternative wound closure methods.

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The hospital segment is expected to register a substantial share by end users of the Surgical Sutures market.

Hospitals play a pivotal role as end users in the surgical suture market, holding a substantial share. This dominance is rooted in the extensive and diverse range of surgical procedures conducted within hospital settings, ranging from routine surgeries to complex interventions. The consistent demand for surgical sutures in these environments underscores their critical role in wound closure and patient recovery. Additionally, hospitals often serve as central hubs for medical care, contributing to the heightened utilization of surgical sutures. As the healthcare landscape continues to evolve, the significance of hospitals as key end users in the surgical suture market remains pronounced, influencing market dynamics and trends.

Multifilament Surgical Sutures hold a substantial share by type in Surgical Sutures market.

Multifilament surgical sutures have emerged as a dominant force in the surgical suture market, securing a substantial share by type. This prominence is attributed to the distinct advantages offered by multifilament sutures in comparison to their monofilament counterparts. Characterized by multiple strands twisted or braided together, multifilament sutures boast enhanced flexibility, knot security, and ease of handling for surgeons. These attributes make them particularly well-suited for a wide range of surgical applications. The multifilament variety’s ability to minimize tissue reaction and inflammation, coupled with its superior tensile strength, further solidifies its position as a preferred choice among healthcare professionals. As surgical techniques evolve and demand for precise and reliable wound closure solutions grows, multifilament surgical sutures continue to play a pivotal role in shaping the landscape of the surgical suture market.

Asia is to witness a considerable growth rate during the forecast period.

In the upcoming years, the surgical suture market in Asia is set to experience significant growth. This growth is driven by factors such as a growing population, an increase in chronic diseases, and a rise in the number of surgical procedures. Governments in the region are also investing more in healthcare infrastructure, making surgeries more accessible. Big countries like China and India are expected to be major contributors to this growth, with a rising awareness of advanced medical treatments. The popularity of medical tourism in countries like India and Singapore is adding to this momentum. As Asia continues to develop economically and improve its healthcare services, the surgical suture market is likely to see substantial and sustained growth in the region.

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Surgical Sutures Market Dynamics:

Drivers:

1.  Rising surgical procedures and trauma cases to drive the market

2.  Aging population, chronic diseases and rice in surgical procedures to drive the market

Restraints:

1.  Availability of Alternative Wound Closure Methods

Opportunities:

1.  Low and Middle-Income Countries have opportunities for growth of this market

Challenge:

1.  High Market Competition and Pricing Pressures

Key Market Players of Surgical Sutures Industry:

Prominent players in the surgical sutures market include Ethicon, Inc. (a subsidiary of Johnson & Johnson) (US), Medtronic Plc (Ireland), B. Braun SE (Germany), Advanced Medical Solutions Group Plc (UK),  Internacional Farmacéutica S.A. de C.V. (Mexico), Healthium MedTech Limited (India), Peters Surgical (France), Corza Medical (US), Boston Scientific Corporation (US), DemeTECH Corporation (US), Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Smith & Nephew Plc (UK), CONMED Corporation (US), Mellon Medical B.V. (Netherlands), Unisur Lifecare Pvt. Ltd. (India), Assut Europe (UK), Katsan Katgüt Sanayi ve Tic. A.S. (Turkey), Sutumed Corp. (US), Aqmen Medtech Pvt. Ltd. (India), Futura Surgicare Pvt. Ltd. (India), Anchora Medical Ltd. (Israel), Lotus Surgicals (India), Biosintex (Romania), and Meril Life Sciences Pvt. Ltd. (India).

The break-down of primary participants is as mentioned below:

  • By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
  • By Designation – C-level: 42%, Director-level: 31%, and Others: 27%
  • By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, RoW- 10%

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