Sutures are medical devices that are used for wound closure in surgical procedures and trauma cases. Absorbable as well as non-absorbable sutures are widely used in cardiac, gynecological, orthopedic, and general surgeries. The growing preference for minimally invasive surgeries and the rising number of surgical procedures being performed globally are expected to drive the market growth.
The global Sutures Market is estimated to be valued at Us$ 3994.65 Mn in 2023 and is expected to exhibit a CAGR Of 9.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for minimally invasive surgeries is a key trend in the sutures market. Minimally invasive procedures require use of absorbable sutures for internal tissue and organ repair with minimal incision and scarring. They offer various advantages over traditional open surgeries such as shorter hospital stays, reduced post-operative pain and lower risk of wound infections. With rising healthcare costs and greater patient awareness, minimally invasive surgeries are gaining popularity worldwide. This is expected to boost demand for advanced suturing devices and fast absorbing sutures in the coming years. Development of innovative suturing techniques and introduction of new suture products will further support the market growth.
Segment Analysis
The global sutures market is segmented into product, raw material, application, end users, and region. Based on product, absorbable sutures dominate the market and account for larger market share. Absorbable sutures are preferred more as they disintegrate and dissolve once healing is complete inside the human body without need for removal. On the basis of raw material, the market is dominated by the synthetic segment. Synthetic sutures such as polyglactic acid and polyglycolic acid have greater mechanical strength, control degradation rate, and show least inflammatory response inside the body.
Key Takeaways
The global Sutures Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis-
North America currently has the largest market share primarily due to developed healthcare infrastructure and rising surgical procedures. However, Asia Pacific region is poised to grow at highest CAGR during the forecast period. This is attributed to factors such as growing medical tourism industry, rising healthcare expenditure, increasing surgical procedures and growing focus of international players to tap potential opportunities in the region.
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. These players are focusing on new product launches and geographic expansion to strengthen their global presence.
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