Surgical Sutures Market To Generate Revenue Worth $6.8 Billion by 2030
- Published: November 2022
The global surgical sutures market is predicted to reach $6.8 billion by 2030, growing at a CAGR of 5.9% during 2021–2030. The growth can be primarily attributed to the rising number of surgical procedures, the increasing prevalence of chronic diseases, the surging number of hospitals, the growing aging population, and the rising healthcare expenditure, across the world. The market is also growing, as a result of the attractive reimbursement status for a variety of surgical procedures and the introduction of improved suture methods.
Elderly people are more susceptible to chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases, which result in the increased demand for surgical sutures. Low immunity levels make the aging population more prone to infection after post-surgical procedures, thus leading to the rise in the use of surgical sutures.
Improving Healthcare Infrastructure in Emerging Economies Creating High Potential Growth
The expansion of the surgical sutures market is projected to be driven by opportunities in untapped, emerging economies with significant potential, due to the improvement in healthcare infrastructure, unmet healthcare demands, and an increase in cases of chronic diseases. In addition, the healthcare business in emerging economies is expanding at a rapid rate, due to the surging demand for better healthcare services and the government's substantial investments to strengthen healthcare infrastructure.
Moreover, the expanding popularity of medical tourism in emerging nations, such as China, India, Brazil, Mexico, Malaysia, Thailand, and Singapore, pumps up the number of surgical procedures performed. It provides lucrative growth opportunities for manufacturers of surgical sutures. Consequently, the increase in surgical operations in emerging nations would raise the demand for surgical sutures, creating a lucrative potential for market growth throughout the forecast period.
These emerging economies offer significant growth opportunities for key players, due to the rapid changes in healthcare systems, the rising government expenditure, the increasing number of hospitals, the surging number of surgeries, and the growing healthcare awareness. Also, healthcare awareness has increased in these economies due to the advancement in technologies and the rise in government funding. Thus, people tend to opt for surgeries and treatments for several diseases.
Based on region, the APAC market is predicted to grow at the highest CAGR, of around 8.5%, over the forecast period. This can be ascribed to the expanding medical tourism business, the rising prevalence of chronic illnesses, and the attractive reimbursement environment across the region. Additionally, major surgical suture producers are concentrating on acquiring a competitive edge in developing countries of the region, which is promoting the market expansion in APAC.
Some of the major players operating in the surgical sutures market are Medtronic Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Surgical Specialties Corporation, Smith & Nephew Plc, Medical Device Business Services Inc., Derma Sciences, Advanced Medical Solutions Group Plc, and Stryker Corporation.