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(MoneyNewsWire.Net, May 03, 2018 ) The global surgical sutures market is projected to reach USD 4.40 Billion by 2021 from USD 3.46 Billion in 2016, at a CAGR of 5% during the forecast period. The growing number of surgical procedures, favorable reimbursement scenario for a number of surgical procedures, and the launch of advanced sutures are driving the market growth for surgical sutures.
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On the basis of product, the surgical sutures market is segmented into suture threads and automated suturing devices. In 2016, sutures accounted for the largest share of the market. The dominance of this segment is attributed to the increasing number of surgeries. However, the automated suturing devices segment is expected to grow at the highest CAGR during 2016–2021. This growth is attributed to the growing preference for minimally invasive surgeries and advantages of automated suturing devices such as ease of handling and reduced risk of injuries to surgeons.
On the basis of application, the surgical sutures market is segmented into cardiovascular surgeries, gynecological surgeries, orthopedic surgeries, ophthalmic surgeries, general surgeries, and others. The cardiovascular surgeries segment is expected to be the largest and fastest-growing application segment of the surgical sutures market. The growth in this segment can be attributed to factors such as rising geriatric population, growing obesity rates, rising prevalence of hypertension, and availability of advanced products.
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On the basis of the end user, the global surgical sutures market is segmented into hospitals and other end users (including nursing homes, clinics, and ambulatory surgery centers). In 2016, hospitals accounted for the largest share of the global surgical sutures market. The dominance of this segment can be attributed to the increasing geriatric population, growing prevalence of various diseases, and rising number of reimbursed inpatient procedures.
By region, the global surgical sutures market is segmented into North America, followed by Europe, Asia, and the Rest of the World (RoW). In 2016, North America accounted for the largest share of the market. Asia is expected to grow at the highest CAGR during the forecast period. Factors such as a large population base, increasing number of surgical procedures, growing medical tourism industry, increasing per capita income levels (and consequent increase in purchasing power), growing healthcare awareness, rising number of private sector hospitals, and improving primary healthcare infrastructure are driving the growth of the Asian surgical sutures market.
Key players in the surgical sutures market include Ethicon Inc. (U.S.), B. Braun Melsungen AG (Germany), DemeTECH Corporation (U.S.), Medtronic plc (Ireland), Internacional Farmaceutica, S.A. de C.V. (Mexico), Sutures India Pvt. Ltd. (India), Péters Surgical (France), Smith & Nephew plc (U.K.), EndoEvolution, LLC (U.S.), and Boston Scientific Corporation (U.S.).
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