As per expert analysts, the global surgical sutures market is expected to gain revenue worth US$ 5080.1 mn during the forecast period from 2017 to 2025. This growth is projected to occur at steady CAGR of 3.9% during the given forecast period.
Technological Upgrades Causes Surge in Demand for Better Surgical Sutures
Rising demand for carrying out surgical activities owing to an increase in healthcare issues as well as external situations such as accidents is primarily driving the global surgical sutures market. With increasing geriatric population, a surge in serious healthcare ailments have reportedly occurred, many of which might need surgical treatments. Thus, the demand for surgical sutures has increased steadily during the last few years, consequently driving the associated market. Moreover, several innovations and technological advancements have occurred in the field of medical surgery, which has provided several advantages in terms of enhanced operations. With such new instruments, enhanced tissue estimation and conclusion time can now be properly estimated. Hence, these factors too are responsible for driving the global surgical sutures market. With numerous upgrades happening to social insurance facilities associated with surgical activities, the global surgical sutures market is expected to tremendously progress in the near future.
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Costly Surgical Suture Processes Hampers Progress
However, high expenses associated with production of surgical sutures and associated instruments is majorly hampering the global surgical sutures market. These expenses may upsurge costs linked with any medical processes mentioned above. Lack of availability of these instruments in remote and underdeveloped regions too has had a negative effect on the market’s growth. Moreover, several health concerns regarding inappropriate usage of equipment associated with surgical sutures might cause infections and other similar scenarios. Nevertheless, many organizations are conducting extensive research-based activities to develop cost-effective techniques required for production of instruments used for facilitating surgical sutures. This is certainly expected to reduce effects of the restraints up to a certain degree.
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From a geographical perspective, the global surgical sutures market is spread across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, North America depicts the existence of a maximum revenue generated in the market owing to the presence of a strong medical infrastructure. Apart from North America, Europe also holds a substantial position in the market. However, Asia Pacific also is expected to garner a splendid revenue in the global surgical suture market owing to numerous well-known companies getting established in the region.
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The global surgical sutures market depicts the presence of a notably consolidated vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a combined and consolidated scenario mainly exists due to the top five companies holding greater than 65% of the total market shares in 2015. The five main players are Cardinal Health, Medela AG, Integra LifeSciences Corporation, Acelity L.P. Inc., and Smith and Nephew Plc. These players dominate the global surgical sutures market by focusing on product diversification and facilitating product innovations as their two chief strategies. Maintaining client relations, expanding geographical reach, and regulating product prices, also are key schemes implemented by most players operating in the global surgical sutures market. In future, the number of players is projected to increase, which could intensify the competition in this market.