Global Surgical Suture Market is expected to grow at a CAGR of 7.38% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Surgical Suture Market by Product (Automated Suturing Device, Suture Thread), type, Application, End User, and Region and Global Forecast 2018-2025.
As per the report, the global surgical suture market is expected to grow from USD 4,100.17 Million in 2017 to USD 7,200.61 Million by 2025 at a CAGR of 7.38% during the forecast period from 2018-2025. North America is dominating the market and held the largest market share in the assessment period. Adoption of technologically advanced devices, increasing healthcare facilities and presence of many manufacturers in the region are positively impacting growth of the market.
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Major players operating in the market are Medtronic, B. Braun Melsungen AG, Boston Scientific Corporation, Ethicon Inc., Péters Surgical, Mellon Medical B.V., Surgical Specialties Corporation, Smith & Nephew, Endoevolution LLC, Internacional Farmacéutica, Sutures India Pvt. Ltd., Molnlycke Healthcare, Coloplast Corporation, ConvaTec Inc., Hollister Incorporated, BSN Medical, and Urgo Medical and others. Major players are engaged in developing new technologies to retain their foothold in the global market. For instance, in January 2016, Surgical Specialties Corporation acquired all entities of FSSB Chirurgische Nadeln GmbH, which is a needle and suture manufacturer. This acquisition has expanded the needle business of Surgical Specialties Corporation in the market.
The product segment is classified into sutures thread and automated suturing device. Suture threads segment is expected to witness the highest CAGR of 9.81% in the forecast period. Increasing preference of suture threads for wound closure is driving the growth of the segment. Type segment is expected to dominate the segment due to their greater strength, flexibility and preference in complicated surgeries. Application segment is divided into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic surgery, and other applications. Cardiovascular surgery segment is dominating owing to increasing prevalence of cardiovascular diseases and technological advancements in diagnostics, imaging, and surgical tools are driving the segment. End user segment is classified into hospitals, ambulatory surgical centers and clinics & physician offices. The hospitals segment held the largest market share due to rising geriatric population and increasing number of new hospitals especially in developing countries.
Increase cases of burns and injuries leading to surgeries and rising aging population are some of the major factors for the growth of the market. In addition, introduction of technologically advanced products are also driving the market. Growing demand for advanced wound closure materials may restrict the growth of the market. However, rising awareness about surgeries in the developing region, investment by market players in emerging markets and developing imaging and diagnosis techniques are some of the factors expected to boost the growth of the market.
About the report:
The global Surgical Suture market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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