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Surgical Suture Market: Opportunities and Challenges

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Surgical Suture Market: Opportunities and Challenges

November 13
18:15 2019
Surgical Suture Market: Opportunities and Challenges

The market is marked by the presence of several established as well as emerging players, such as Ethicon, Inc. (US), Medtronic plc (Ireland), B.Braun Melsungen AG (Germany), Smith& Nephew plc (UK), Boston Scientific Corporation (US), Péters Surgical (France), DemeTECH Corporation (US)
The global market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures conducted, globally.

The global surgical suture market is projected to reach USD 5.02 billion by 2023 from USD 3.86 billion by 2018, at CAGR of 5.4% during the forecast period.

How will the low- and middle-income countries provide opportunities for growth for players in the surgical suture market?

The Lancet Commission Report, published in April 2015, estimated that five billion people do not have access to safe and affordable surgical care. As many as 143 million additional surgical procedures are needed in low- and middle-income countries (LMICs) each year, to reduce the mortality rate and decrease disability. Of the 313 million procedures performed globally every year, only 6% occur in the poorest countries, which are home to one-third of the world’s population.

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A number of international communities, as well as LMIC governments, have undertaken initiatives to reduce this gap between the surgeries needed and performed. In developing countries such as India, health insurance coverage has grown tremendously by 23.8% from 2014 to 2017.

Currently, 30% of the Indian population has health insurance coverage. The Universal Health Cover (UHC), Mexico’s health reform, has improved access, equity, and use of services, which has resulted in a substantial increase in surgical volumes in the country at an average rate of 23% per year.

It is estimated that against the backdrop of the growing demand for healthcare and associated infrastructure, there will be an increase in initiatives and efforts to resolve this situation over the coming years. This will result in a corresponding increase in both access to and adoption of effective treatment modalities for a number of ailments—globally, but particularly in LMICs—thereby driving the growth of associated markets, such as surgical sutures.

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