Surgical Sutures Market is anticipated to grow at a CAGR of 5.0% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Surgical Sutures Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Surgical Sutures Market was estimated to account for US$ 3,987.4 Mn in 2018. It is anticipated to grow at a CAGR of 5.0% from 2019 to 2030.
The significant growth of the surgical sutures market can be attributed to increasing number of surgical procedures, growing geriatric population, and favorable reimbursement scenario. In U.S., surgeons perform approximately 64 million surgical procedures, ranging from tooth extraction to open heart surgery every year. Furthermore, according to statistics, in 2014, the number of cardiovascular surgeries in North America was 377,763 and are estimated to increase up to 461,046 by 2021. Thus, these factors contribute to the growth of the market.
Other factors such as encouraging government regulations and promising reimbursement situation for a number of surgical procedures, intensifying healthcare expenditure, increasing number of hospitals and growing healthcare demand in developing countries are fueling the growth of the surgical suture market. Sutures are a common element of the wound closure performed immediately after a surgical procedure. The American Medical Association (AMA) and Center for Medicare and Medicaid Services (CMS), consider suture removal to be an integral part of any procedure that includes suture placement, and needs no reporting of separate CPT code in most of the surgical procedures.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Surgical Sutures Market is anticipated to grow at a CAGR of 5.0% from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/surgical-suture-market/65
The factors which are hindering the market growth are presence of alternative wound care management products such as surgical staples, surgical adhesives or glues, surgical zippers; growing preference for minimally invasive surgeries, and risks associated with surgical sutures. Moreover, adoption of minimally invasive surgeries has gained widespread clinical acceptance due to their advantages over open surgeries. This growing adoption of minimally invasive surgeries has been fuelled by factors such as benefits of faster recovery, with less pain and fewer complications. Along with it, surgical suture materials have a slight tendency of tissue reactions or infections, thus affecting the market growth.
Asia Pacific is estimated to grow at fastest CAGR in surgical sutures market over the forecast period. This growth is attributed to increasing number of hospitals, better healthcare policies, growing geriatric population and rising healthcare awareness in low and middle income countries such as India, China, and others. In addition to this, low cost of treatment, increasing incidence of lifestyle-related diseases, growing medical tourism, rising awareness and increasing disposable income are positively impacting the growth of the market in these countries. People in developing countries are unable to afford the costly wound care products and treatment such as surgical staples devices, surgical zippers and surgical adhesive or glue and minimally invasive surgery treatments therefore they prefer cost effective and easily available surgical interventions that require sutures. As a result, the surgical suture market is likely to expand in this region during the forecast period.
The prominent players in the surgical suture market are B. Braun Melsungen AG, Medtronic ,Ethicon LLC, Zimmer Biomet, Teleflex Incorporated, Conmed Corporation, Peters Surgical, Internacional Farmacéutica S.A. de C.V. (Atramat), EndoEvolution, LLC, DemeTECH Corporation
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