CHICAGO, October 1, 2018 /PRNewswire/ --
According to the new market research report "Surgical Suture Market by Product (Automated Suturing Device (Disposable, Reuse), Suture Thread(Natural, Nylon, Prolene, Stainless Steel, Silk)), Application (Cardiac, Gynae, Ophthalmic, Orthopedic), End User (Hospital, Clinic)-Global Forecast to 2023", published by MarketsandMarkets, the global market is projected to reach USD 5.02 billion by 2023 from USD 3.86 billion in 2018, at a CAGR of 5.4% during the forecast period.
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The global market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures conducted, globally. The favorable reimbursement scenario for a number of surgical procedures and the launch of advanced sutures are further contributing to the market growth. However, the presence of alternative wound care management products and growing preference for minimally invasive surgeries are some of the factors expected to limit the growth of the market to a certain extent.
By product, the suture threads segment is estimated to lead the Surgical Sutures Market in 2018.
Based on product, the surgical suture market is segmented sutures thread and automated suturing device. In 2018, the suture threads segment is expected to command the largest share of this market majorly due to the greater preference for suture threads for wound closure and their lower cost as compared to automated suturing devices.
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The cardiovascular surgery segment is estimated to lead the Surgical Sutures Market during the forecast period.
Based on application, the Surgical Sutures Market is segmented into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic surgery, and other applications. In 2018, the cardiovascular surgery segment is expected to dominate the Surgical Sutures Market. The largest share of this application segment can be primarily attributed to the large number of cardiovascular surgeries performed across the world as a result of the high prevalence of cardiovascular diseases (CVDs).
Asia to grow at the highest CAGR during the forecast period.
The Surgical Sutures Market is segmented into four major segments-North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of the market. On the other hand, Asia is expected to register the highest CAGR during the forecast period owing to the region's growing medical tourism industry, rising prevalence of chronic diseases, and favorable reimbursement scenario. Moreover, the key surgical sutures manufacturers are also focusing on gaining a competitive edge in these high-growth markets, which is aiding the growth in Asia.
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Prominent players offering surgical sutures include Ethicon Inc. (US), B. Braun Melsungen AG (Germany), DemeTECH Corporation (US), Medtronic, plc (Ireland), Internacional Farmaceutica, S.A. De C.V. (Mexico), Sutures India Pvt. Ltd. (India), Péters Surgical (France), Smith & Nephew plc (UK), EndoEvolution, LLC (US), and Boston Scientific Corporation (US).
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