North America is Dominant in the Global Surgical Sutures Market
" The global surgical sutures market is expected to witness a CAGR of 5.6% to reach revenue over $5.7 billion by 2025 "
Bangalore, India, November 2019: With its recently published study “Global Surgical Sutures Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global surgical sutures market will continue to grow, owing to upsurge in the number of surgical procedures & burning cases and favorable government regulations. Technological advancements in suture design & application and improving healthcare infrastructure in the developing economies are projected to support the market growth during the forecast period 2019–2025.
The global surgical sutures market, by product, is segmented into suture thread and automated suturing device. The suture thread segment occupied a significant market share in 2018, and the automated suturing device segment is expected to grow at a high CAGR during the forecast period 2019–2025. Reduced cost and higher preference of suture threads for wound closure make the segment the largest shareholder over automated suturing devices.
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Numerous companies are hugely investing in developing new products to enter the market. For instance, in April 2019, Croma announced the launch of its newly registered PDO sutures named “threadz”, which has been registered as per existing Medical Device Law. “threadz” is one of the first PDO sutures for tissue elevation, and the safety & efficiency performance of the product has been verified during the successful conformity assessment procedure. This allowed the company to offer “threadz” for minimally invasive tissue elevation.
In March 2018, Terumo Corporation entered into an agreement to acquire assets related to the large bore vascular closure device, Xpro System, from Medeon Biodesign, a Taiwan-based medical device company. Terumo will pay $20 million upfront under the terms of the agreement, and additional payments will be based on the achievement of upcoming specific development milestones. Xpro System is an automated suture-mediated closure device, specifically designed to achieve rapid and reliable hemostasis at the puncture sites. This device can deliver two pairs of sutures simultaneously, precisely targeting percutaneous large bore procedures through the common femoral artery.
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The global surgical sutures market is segmented in the regions of North America, Europe, Asia Pacific, and Rest of the World. North America occupied a significant market share in 2018, and Asia Pacific is likely to grow at a high CAGR during the forecast period 2019–2025. The increasing adoption of technologically advanced products, the presence of major companies, and a growing number of disease cases make North America a dominant shareholder in the global surgical sutures market. High growth opportunities in the Asia Pacific region are majorly due to upsurge in chronic disease cases, growing medical tourism, increasing disposable income, and favorable reimbursement scenario.
“The surgical sutures market is growing steadily, and the key vendors are focusing on innovative product launch to have significant hold in the market. For instance, in 2019, Cypris Medical announced the commercial launch of the Xact handheld surgical suturing device, intended to be used in minimally invasive face & neck lift suturing. Biodegradable sutures have received substantial attention among various polymeric materials available as they offer better promises in the field of drug delivery.” – Arpitha Shetty, Research Analyst, Infoholic Research
Key Segments of the Report Include:
- Suture Thread
- Absorbable Sutures
- Natural Absorbable Sutures
- Synthetic Absorbable Sutures
- Non-absorbable Sutures
- Nylon Sutures
- Prolene Sutures
- Stainless Steel Sutures
- Other Non-absorbable Sutures
- Absorbable Sutures
- Automated Suturing Device
- Ophthalmic Surgery
- Neurological Surgery
- Orthopedic Surgery
- Cardiovascular Surgery
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Rest of the World
Industry Outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP