Sutures, also known as stitches, are sterile surgical threads that are used to repair cuts, wounds, incisions and surgical sites by holding edges of skin or other tissues together. Some key products in the sutures market include absorbable, non-absorbable and antimicrobial sutures. Absorbable sutures are beneficial for internal wounds as body absorbs them once the wound is healed. Non-absorbable sutures such as nylon and polypropylene are used for non-healing wounds and antimicrobial sutures prevent surgical site infections.
The global Sutures Market is estimated to be valued at Us$ 3994.65 Mn in 2023 and is expected to exhibit a CAGR Of 9.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising number of surgical procedures is the primary driver estimated to propel the growth of sutures market over the forecast period. As per the latest estimates from the Centers for Disease Control and Prevention, around 51 million inpatient surgeries were performed in the United States in 2018. This growing surgical volume necessitates increased demand for sutures. Additionally, increasing awareness about availability of advanced suture materials such as barbed sutures and self-knotting sutures is also estimated contribute significantly to the market growth. Barbed sutures have additional barbs along its length that anchors tissues securely, whereas self-knotting sutures have tiny anchors that tie knots automatically thus requiring lesser time for suturing.
SWOT Analysis
Strength: Sutures market experiences technological advancements leading to introduction of faster dissolving and absorbable sutures over the forecast period. Advanced sutures offer less painful procedures and reduce chances of infections. Growing popularity of minimally invasive surgeries is also fueling the demand for advanced sutures. Absorbable sutures are increasingly being used for internal wound closure which is propelling the sutures market growth.
Weakness: Traditional techniques requiring long training of practitioners is a weakness for the sutures market. High costs associated with minimally invasive procedures and reluctance to adopt newer techniques are also posing challenge.
Opportunity: Opportunity lies in increasing surgical procedures especially in developing countries. Rise in number of trauma cases and accidental injuries globally presents an opportunity for suture manufacturers. Introduction of advanced closure products using robotics also opens new growth avenues.
Threats: Threats include shift towards alternative wound closure methods. Strong competition from internal dissolvable stitches poses threat. Stringent regulations for approval of new sutures also acts as restraint.
Key Takeaways
The global Sutures Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Improving access to healthcare and rising medical tourism in developing countries will drive the market.
Regional analysis:
Asia Pacific region holds immense growth potential for sutures market. Countries like India, China, and South Korea offer lucrative opportunities with rising healthcare spending and infrastructure development. Large patient pool, increasing medical procedures, and focus of global players to tap emerging markets in the region will fuel the APAC sutures market growth. By 2030, Asia Pacific region is anticipated to account for around 30% of global sutures market share.
Key players operating in the sutures market are Carestream Health Inc., Siemens Healthineers AG, Shimadzu Corporations, MinXray, Koninklijke Philips NV, GE Healthcare, Canon Medical Systems, Envista Holdings Corporation, among others. The global sutures market is highly fragmented with top players focusing on new product launches and strategic collaborations to strengthen market presence.
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