Surgical Sutures Market by Product (Automated Suturing Device (Disposable, Reuse), Suture (Natural, Nylon, Stainless Steel, Silk)), Application (Cardiac, Gynecological, Orthopedic, Ophthalmic), End User (Hospital, Clinic, ASC) - Global Forecast to 2021
The surgical sutures market is projected to reach USD 4.40 billion by 2021 from USD 3.46 billion in 2016, at a CAGR of 5% during the forecast period. The market for surgical sutures is expanding due to the increasing number of surgical procedures, favorable reimbursement scenario for a number of surgical procedures, and the launch of advanced sutures. On the other hand, increasing preference for minimally invasive surgical procedures and the presence of alternative wound care management products are limiting the growth of the market to a certain extent.
Based on application, the surgical sutures market is segmented into cardiovascular surgeries, gynecological surgeries, orthopedic surgeries, ophthalmic surgeries, general surgeries, and other surgeries. The cardiovascular surgeries segment is expected to attain the highest CAGR during 2016 to 2021. Growth in this segment is attributed to the rising geriatric population, growing obesity rates, rising prevalence of hypertension, and availability of advanced products.
Asia is projected to be the fastest-growing region in the surgical sutures market during the forecast period. High growth in this region can be attributed to factors such as a large population base, increasing number of surgical procedures, growing medical tourism industry, increasing per capita income levels (and consequent increase in purchasing power), growing healthcare awareness, rising number of private sector hospitals, and development of primary healthcare infrastructure.
Various companies are focusing on acquisitions and mergers to improve their surgical sutures offerings and expand their distribution networks. For instance, Péters Surgical (France) acquired Vectec (France) which manufactures, design, and sells its products for laparoscopic surgeries in more than 25 countries (December 2016). Péters Surgical also acquired Stericat Gutstrings (India) which manufactures sutures; this strengthened the company’s product portfolio and helped it enter the Indian market (January 2016). Smith & Nephew (U.K.) acquired the trauma and orthopaedics business of DeOst (Russia) to expand its manufacturing and distribution capabilities in the Russian market (July 2015). Similarly, Medtronic plc (Ireland) acquired Covidien plc (Ireland) to expand its capacities in both manufacturing and distribution (January 2015).
This market is categorized on the basis of product, application, end user, and region. Apart from comprehensive geographical analysis, product analysis, and market sizing; the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on the key players, their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in the strategic approach, and R&D investments for innovations in products and technologies.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help them garner greater market shares. Firms purchasing the report can use any one, or a combination of the below mentioned five strategies to strengthen their market shares.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of top players in the surgical sutures market. The report analyzes this market by product, application, end user, and region
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the surgical sutures market
• Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for surgical sutures across regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the surgical sutures market