The rapid increase in the number of elective surgical procedures being performed daily around the globe has triggered the development of efficient and reliable surgical supplies. Sutures can be defined as a row of stitches used to seal an open wound with the use of a needle and thread. The thread is threaded in the needle and passed through semi-soft skin tissues to close neuropathic ulcers, diabetic ulcers or post-surgery sites to protect them from infection or any harmful reaction involving organ damage. Based on the type of material used, multiple layers of sutures need to be used by the healthcare professional. Increase in adoption among hospitals during highly invasive orthopedic, cardiac and neurological procedures expands the field of growth opportunities.
The global suture market reported a large market size in 2019, which is expected to expand significantly in 2032 at a rapid revenue growth rate during the forecast period. Industry analysis indicates that demand for reliable and efficient medical supplies has been rising substantially, and its adoption across healthcare industries has been increasing simultaneously due to changing market trends and consumption patterns, and these factors are expected to continue to support industry growth as well as market growth over the forecast period.
The rising number of coronavirus infected patients has widely affected the normal functioning of hospitals and the manufacturing industry, in turn reflecting on the suture market. Many hospitals for elective surgeries have been converted into emergency centers for patients infected by COVID-19. There has been a decline in the availability of medical supplies, and supply chains are badly disrupted. Many private firms have relied on past savings and have registered weak financial strength. Although, after lifting quarantine regulations and an immense need for emergency surgeries, the market is forecasted to have new opportunities for growth.
Major Factors Driving Growth Of The Global Suture Market:
The continual increase in the number of surgeries performed daily due to unhealthy lifestyles, technological advancements in the healthcare industry and rise in elderly population is anticipated to boost the market. Increasing adoption of sutures due to unavailability of alternatives such as surgical staples in developing countries to keep the wound intact and promote tissue growth for healing has potentially affected the sales. Rise in the number of patients diagnosed with chronic diseases and trauma cases involving road accidents and third degree burns has created immense need for efficient medical supplies. Popularization of elective cosmetic surgeries and the availability of absorbable sutures that disintegrate in the skin automatically are actively being preferred by medical practitioners. The improvement in suture designs for critical stitching in treatment of neurological diseases and tumors coupled with favorable government reimbursement plans has affected the overall scenario of the market.
Improved efficacy of surgeries and major initiatives taken to promote partnerships among key leaders in low- to middle-income nations have created lucrative opportunities for growth. Absorbable suture segment is expected to hold largest market share due to numerous benefits offered by the use of bio-produced thread.
Factors Restraining Growth Of The Global Suture Market:
A rise in preference towards non-invasive surgeries and availability of different alternatives for wound care might hinder market growth.
North America Accounts For Largest Revenue Share In Global Suture Market:
North America held the largest market share in the last decade, attributed to major factors including adoption of technologically advanced medical infrastructure, high disposable income, and strong presence of major market players.
Asia Pacific Continues To Grow In Terms Of Revenue CAGR:
Asia Pacific is projected to grow at the fastest CAGR over the forecast period due to increasing public and private-sector investments, favorable government policies, high volume of surgeries performed and a rapid rise in geriatric population in India and China.
Major Companies Profiled In The Report:
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