Surgical Sutures Market Overview
The global surgical sutures market size was $ 3.5 billion in 2016, which is expected to reach $ 4.7 billion by 2023, growing at a CAGR of 4.2% during the forecast period (2017-2023). Surgical sutures have always been an indispensable part in almost all medical specialties and with continuous advancements, surgical sutures of different shapes, sizes and materials have been developed.
GLOBAL SURGICAL SUTURES MARKET, BY PRODUCT, $M (2013 - 2023)
The different product categories of surgical sutures include sutures and automated suturing device. Automated suturing devices are expected to witness faster growth in demand during the forecast period, as it saves time and require less work due to the automation features in the device which requires less doctor’s involvement.
Based on application, the market is categorized into cardiovascular surgeries, general surgeries, gynaecological surgeries, orthopaedic surgeries, ophthalmic surgeries and other surgeries.Surgical sutures have the largest application in general surgeries and the segment is also expected to witness the fastest growth during the forecast period due to increasing aesthetic surgeries, breast surgeries, surgical oncology, and pediatric surgery procedures.
The end users for the surgical sutures are categorized as hospitals and others. The other end users primarily include private clinics, nursing homes, and ambulatory surgery centers. Hospitals were the largest end user of surgical sutures in 2016, due to the presence of large number of patient base in the hospitals for the treatment of various diseases.
Geographically, the surgical sutures market is bifurcated into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. North America held the largest market. Asia-Pacific is expected to be the fastest growing region for surgical sutures market, during the forecast period, led by aging population, high risk of diabetes among population, and rising number of burn cases in the emerging economies of the region.
Surgical Sutures Market Dynamics
Key factors driving the growth of the surgical sutures market include increasing number of surgeries and burn cases, rising prevalence of chronic diseases, surge in the number of hospitals, growing aging population, and rising healthcare expenditure. Lack in product innovation, increasing minimally invasive surgeries adoption, and availability of alternative wound closure products are some of the key factors restraining the growth of the market.
Emerging economies such as India, China, and Mexico offer significant growth opportunities for the key players in the market mainly due to increase in the healthcare expenditure. Healthcare is undergoing rapid changes in emerging economies due to rising government expenditure, growing number of hospitals, increasing number of surgeries, and rising healthcare awareness. Emerging economies provide a suitable opportunity for the growth of the surgical sutures market. Healthcare awareness has also increased in these economies due to advancement in technologies and government funding. Thus, people tend to opt for surgeries and treatment for the diagnosed diseases, that eventually creates more opportunities for the players in the market.
In economies such as India, China, Brazil, and Mexico, government is increasingly spending on the healthcare. According to World Bank, Brazil spent 8.3% of $2.456 trillion GDP on healthcare in 2014. Similarly, China spent 5.5% of its GDP on healthcare, whereas Mexico spent 6.3% of GDP on healthcare, in 2014.
According to the World Bank, the GDP per capita growth rate in China was 6.4% in 2015, and around 6.3% in India. The increase in GDP per capita income and high disposable income has led to increase in purchasing power of the Asian population on healthcare.
Additionally, increasing government spending on healthcare also leads to the increase in the number of hospitals and clinics, and infrastructure. According to the People’s Republic of China health system review by WHO, there were 950,000 medical institutions in China, in 2012. According to OECD, the number of hospitals in Mexico were 4,456 in 2010.
Moreover, rising healthcare awareness and high prevalence of various diseases has increased the number of surgeries in the emerging economies. According to the World Bank, number of surgical procedures per 100,000 population in Brazil was 13,940, in 2015. Similarly, in China, the number of surgical procedures per 100,000 population was 2,732 in 2012, and 1,303 surgical procedures per 100,000 population in Mexico in 2015. Therefore, the improved healthcare infrastructure in emerging economies has led to an increase in the expenditure on healthcare infrastructure in these countries, further adding to the demand for surgical sutures. This provides ample opportunities for the manufacturers in the surgical sutures market.
With the rise in the prevalence of different kinds of diseases and health problems, the number of surgeries performed are also increasing significantly, globally. The rising number of burn cases is also associated with the increase in the standard of living. The increasing standard of living leads to the increase in the use of electric appliances, and indoor chimneys and fireplaces. The majority of deaths in burn cases happen due to the complications after the surgery such as shock, organ failure, respiratory problems, or infection. Sutures have a high application in the burn cases during plastic surgeries, and also in the surgery of the burned body parts.
According to the WHO, approximately 265,000 deaths every year are caused by burns. Also, in India, every year more than 1,000,000 people are moderately or severely burnt. WHO also reported that in the year 2000, direct costs for care of children with burns exceeded $211 million in the U.S. Additionally, as per the data of the World Bank, in the U.S., 30,537 surgeries were performed per 100,000 population in 2012. Similarly, in 2015, the number of surgical procedures performed in Australia were 28,907 per 100,000 population. Therefore, the increase in number of surgeries and burn cases in different countries is positively impacting the demand, driving the demand in the surgical sutures market globally.
Surgical Sutures Market Competitive Landscape
The companies in the surgical sutures market are introducing products in untapped markets to expand their reach in the geography, by gaining approvals from the regulatory bodies.
In May 2017, Zipline Medical, Inc. received regulatory approval for non-invasive Zip skin closure system in India. Central Drugs Standard Control Organization (CDSCO) approved its Zip Surgical Skin Closure device in India. This clearance gave the company an access to the rapidly growing medical device industry in India. The Zip is a non-invasive and easy to use skin closure device that replaces sutures, staples and glue for surgical incisions and lacerations.
Some of the other key players operating in the industry includes DemeTECH Corporation, Sutures India Pvt. Ltd., Peters Surgical, EndoEvolution, LLC, Medtronic PLC, Johnson & Johnson, B. Braun Melsungen AG, Boston Scientific Corporation, and Smith & Nephew PLC.