Sutures Market to Witness Steady Growth Supported by Increasing Rate of Surgical Procedures

 

Sutures Market 

The sutures market has witnessed significant growth over the past few years owing to the rising incidence of chronic diseases and trauma injuries worldwide. Sutures are medical devices used to hold skin, internal tissues, and blood vessels together after they have been severed by injuries or surgery. Absorbable and non-absorbable sutures are commonly used in various surgeries such as orthopedic, cardiovascular, gynecological, neurological, and general surgeries.

The demand for sutures is rising with the increasing number of surgical procedures conducted annually across the globe. Additionally, increasing prevalence of lifestyle diseases such as diabetes and obesity that often require surgical treatment is further fueling market growth.

The Global Sutures Market is estimated to be valued at US$ 4601.84 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the sutures market are Carestream Health Inc., Siemens Healthineers AG, Shimadzu Corporations, MinXray, Koninklijke Philips NV, GE Healthcare, Canon Medical Systems, Envista Holdings Corporation, and FUJIFILM Holdings Corporation, among others. With advanced products and global expansion strategies, these players dominate the market.

The rising number of surgeries performed across all regions is driving huge demand for sutures. As per estimates, over 312 million surgeries are conducted annually worldwide. This growing surgical volume is a major factor fueling sutures consumption.

Major players are also focusing on expanding their geographic presence to leverage opportunities in emerging markets. The sutures market is witnessing increased adoption in the Asia Pacific and Middle East regions attributed to growing healthcare infrastructure and rising medical tourism in these areas.

Market Key Trends

One of the key trends gaining prominence in the Sutures Market Demand is the rising popularity of antimicrobial sutures. Conventional sutures pose risks such as surgical site infections during the wound healing process. Antimicrobial sutures help prevent infections and associated complications through release of triclosan, an antiseptic agent. With increasing awareness, these advanced sutures are gaining widespread acceptance in healthcare facilities globally.

Porter’s Analysis
Threat of new entrants: Low capital requirements for new entrants but well established brands and regulations favor existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but switching costs and need for medically certified products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies and established buyer-supplier relationships.
Threat of new substitutes: Threat of substitutes is moderate as different procedures are available but sutures have well-defined uses.
Competitive rivalry: Intense competition between major multinational players to gain market share through product differentiation, quality and recognizable brands.

Geographical Regions
North America accounts for the largest share of the sutures market in terms of value due to developed healthcare infrastructure, rising prevalence of chronic diseases and favorable reimbursement policies.
Asia Pacific region is poised to grow at the fastest rate during the forecast period due to increasing medical tourism, rising healthcare spending and growing demand for surgical procedures in densely populated countries like China and India.

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About Author

Priya Pandey, is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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