Global Surgical Suture Market Anticipated to Value Over USD 5.6 Billion by 2026 End

  • 19 Aug 2019

The global surgical suture market is projected to value over USD 5.6 billion by 2026 end and register a CAGR of over 5.5% from the forecast period 2019-2026. 
The rise in number of surgeries owing to unhealthy lifestyle and increasing geriatric population is driving the market. Enhanced safety of many surgeries due to technological advancements is boosting the market. Introduction of the latest advanced products and favorable government regulations for ageing baby boomers is expected to hike the number of surgeries, thus bolstering the market over the forecast period. Additionally, favourable reimbursement scenario is contributing towards the growth of the market.
The market is bifurcated into type, filament, application, end-user, and region. In terms of type, the absorbable suture is expected to lead the market growth. An absorbable suture is cost-effective and heals the wound significantly. It dissolves in the body after a certain period. Owing to these factors, there has been a rise in demand for absorbable suture, thus complementing the growth of the market.

The non-absorbable suture is expected to show notable growth as well. They are mainly used for closing skin wounds and the stitches are removed after a few weeks depending on the depth of the wound.
In terms of filament, the multifilament suture is expected to dominate the growth of the market. Multifilament suture offers flexibility, great strength and owing to these features, there has been an increase in the availability of products which has spurred the market. The rise in the availability of multifilament suture has increased the number of successful complicated surgeries, which has boosted the market.

Based on application, cardiovascular surgery is expected to show significant growth owing to technological advancements in surgical tools and diagnostics. Rising cases of cardiovascular diseases are positively influencing the market. 
Based on end-user, hospitals are expected to hold a majority of market shares owing to the rise in complex surgeries, favourable reimbursement offers and rising geriatric population. The presence of advanced healthcare infrastructure in developed nations is also escalating the market.

In terms of regions, North America is the global leader of the market. Presence of advanced devices and rapid adoption of advanced technological products is driving the market in the region. Rise in disposable income and increasing geriatric population is bolstering the market in countries such as Canada and the U.S. The presence of prominent players and developed healthcare infrastructure is boosting the presence of the market.
Asia-Pacific region is expected to show exponential growth due to the introduction of advanced products and increasing penetration by prominent players in the region. Increasing disposable income and surgeries in emerging economies like Japan, China and India is expanding the market in the region. Furthermore, the rise in healthcare expenditure is fueling the growth of the market in the region. 
Major players of the market are Smith & Nephew, Internacional Farmaceutica, Integra LifeSciences, Suture India Pvt.Ltd, Peters Surgical and Medtronic. 

Competitive Landscape: 
●     Prominent players are bolstering their foothold in the market through collaborations and acquisitions
●     Integra LifeSciences acquired Derma Science in 2017. The move helped Integra LifeSciences to expand its products

Global Surgical Suture Market Segmentation:
By Type 

●     Absorbable 
●     Nonabsorbable 

By Filament 
●     Monovalent 
●     Multivalent 

By Application 
●     Cardiovascular Surgery 
●     Ophthalmic Surgery 
●     Neurological Surgery 
●     Orthopedic Surgery 
●     Others 

By End-User
●     Hospitals 
●     Ambulatory Surgical Centers and Clinics

By Region
●     North America
●     Europe
●     Asia Pacific
●     Latin America
●     Rest of the World

FutureWise Key Takeaways:
●  Growth Prospects
●  SWOT Analysis
●  Key Trends
●  Key data-points affecting market growth

Objectives of the Study:
• To provide with an exhaustive analysis on the global surgical suture market by type, by filament, by application, by end-user, and by region 
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• Evaluate and forecast micro-markets and the overall market 
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies


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