Surgical Sutures Market to Reach $4.7 billion by 2
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NEW YORK, Sept. 25, 2017 (GLOBE NEWSWIRE) -- According to the new market research report titled " Surgical Sutures Market by Product (Sutures, Automated Suturing Devices), by Application (Cardiovascular Surgeries, General Surgeries, Gynecological Surgeries, Orthopedic Surgeries, Ophthalmic Surgeries) by End User (Hospitals,), by Geography (U.S., Canada, U.K., Germany, France, Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa), Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the global surgical sutures market is likely to grow from $3.5 billion in 2016 to $4.7 billion by 2023.
Treatment of chronic diseases such as cancer, hepatitis, COPD, cardiovascular diseases and other viral diseases such as HIV often require complex surgeries thus, involving suturing. These diseases are persistent and have long-lasting effects on a patient’s health. Therefore, the increasing prevalence of chronic diseases is also a key factor driving the surgical sutures market.
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It has been observed that, hospitals are the major end user of the surgical sutures. Different shapes, sizes and types of sutures are used in hospitals for performing different surgeries. Due to increase in expenditure on healthcare by public and private sources, the number of hospitals are also increasing. According to American Health Association, the total number of all U.S. registered hospitals were 5,564, number of rural community hospitals was 1,829, and the number of urban community hospitals was 3,033, in 2015. As per the data of the Government of India, the number of government hospitals was 35,416, in 2013. According to the report on Australia’s hospital (2014-15) by Australian Institute of Health and Welfare, in 2014, a total number of 1,322 hospitals were present in Australia.
The increasing number of hospitals implies that the patient volume is increasing which leads to more number of surgeries. Therefore, the increase in the number of hospitals is expected to positively impact the growth of the global market.
As per the findings of the research, among the different product categories, sutures contributed larger share in the surgical sutures market, in 2016, due to minimal innovation in the surgical sutures market during that period. The automated suturing devices are expected to witness faster growth during the forecast period as it saves time and require less work.
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Based on application, general surgeries held the largest share of the market in 2016, owing to the increasing aesthetic surgeries, breast surgeries, surgical oncology, and pediatric surgery procedures.
Hospitals were the largest end user of the surgical sutures in 2016, mainly due to the presence of large number of patient base in the hospitals for the treatment of various diseases.
Globally, North America held the largest share of the surgical sutures market, and the region is also expected to retain its position during the forecast period, with the U.S. being the larger contributor to the regional market, as compared to Canada. Growth in the North American surgical sutures market is mainly driven by the increasing aging population, rising road accidents, increasing prevalence of diabetes and obesity, and surging burn cases in the region.
Europe is the second largest market for surgical sutures, after North America. Germany has been the largest contributor to the European surgical sutures market, historically, followed by the U.K. and France. The European market is projected to grow on account of increasing aging population, rising prevalence of diabetes, and obesity in the region.
The surgical sutures market is expected to witness the fastest growth in Asia-Pacific during the forecast period. Increase in the aging population, increasing prevalence of diabetes, and surge in the number of burn cases in the region are some of the factors driving the Asia-Pacific market.
Cosmetic surgeries are achieving popularity due to increasing consumer awareness and technological advancement in surgical procedures. According to the American Society for Aesthetic Plastic Surgery (ASAPS), Americans spent more than $15 billion on surgical as well as non-surgical cosmetic surgeries, in 2016. Of the total procedures, surgical procedures accounted for 56% and non-surgical procedures accounted for 44%. According to International Society of Aesthetic Plastic Surgery, the total number of surgical cosmetic procedures performed, was 9,641,253, in 2015, globally.
Some of the other key players operating in the surgical sutures industry include DemeTECH Corporation, Sutures India Pvt. Ltd., Zipline Medical, Inc., Peters Surgical, EndoEvolution, LLC, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, and Smith & Nephew PLC.
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