Surgical Sutures Market - Competitive Landscape and Key Product Segments
The international market for surgical sutures comprise a to a large extent a combined and consolidated vendor scene, with the top five companies holding for more than 65% of the total market in the year 2015, discovers Transparency Market Research (TMR) in its current report. The market makes an inclusion of an increasing price war because of the increase of numerous household players making an offer of items at low costs. These market players, particularly Cardinal Health, Medela AG, Integra LifeSciences Corporation, Acelity L.P. Inc., and Smith and Nephew plc dominate the global market for surgical sutures market with the help of product diversification and innovation and sound relationship with their clientele.
Surgical sutures refer to those products that are used regularly for the closure of wound during the procedures of surgery and thus create an indispensable part of surgical procedures in almost all of the medical specialties. Irrespective of the emergence of a wide variety of improved wound-care products, like hydrogel dressings, skin substitutes, and alginate/fiber dressings, surgical sutures continue to be utilized in a wide range of surgeries like orthopedics surgery, gynecological surgery, neurosurgery, urological surgery, general surgeries, cardiovascular surgery, and plastic surgery
In accordance with the estimations of Transparency Market Research, the international market for surgical sutures account for an incremental opportunity of around US$ 5,080.1 mn in the forecast time period that extends from 2017 to the year 2025. The market is projected to register a CAGR of around 3.9% over the said forecasted period.
Asia Pacific to Offer Lucrative Opportunities Over the Period of Forecast
Taking geographical facet of the market into consideration, the region of North America ruled over the world market for surgical sutures in the year 2016, and accounted for around 35% of the said world market. The said regional market is also anticipated to retain its supremacy over the period of forecast. The surgical sutures market of North America is forecasted to register a growth rate of around 3.8% CAGR from the year 2017 to 2025. The supremacy of the North American market and its promising prospects of growth for the future are primarily attributed with the early adoption of better treatment procedures, soaring number of surgeries, high occurrences of cardiovascular diseases, and growing number of surgeries
The market in Asia Pacific, however, is estimated to exhibit a very promising CAGR from the year 2017 to 2025. Various growth promoting factors comprise the growing level of consciousness amongst people, flourishing industry of medical tourism owing to low treatment cost, and the immense rise in the prevalence of lifestyle diseases. The increasing prevalence of various disorders that are related to gallbladder and bile ducts, the thyroid gland, liver, pancreas, colon, esophagus, stomach, and small bowel are further fuelling the market for surgical sutures in the Asia Pacific. In accordance with the American heart association, half of the international cardiovascular burden is forecasted to take place in Asia Pacific in few years to come.
Innovation and Technological Advancement in the Healthcare Industry to Stimulate Market Growth
The increasing interest for surgical sutures across the globe is majorly attributed with exploding world populace, rapidly expanding geriatric population, increased quantities of surgical techniques, growing ability of the world population to spend on health services and healthcare facilities, and increasing expendable salaries. Innovation and technological advancement enabling the improvement of suture materials that are apt for enhanced wound tissue estimation and conclusion time, which, in turn, increase the value of the last after-effect of the surgeries, are therefore additionally filling the take-up of surgical sutures worldwide. Furthermore, the vast upgrades pertaining to the social insurance facilities are also bolstering the demand for surgical sutures.