Surgical Sutures Market - Massive Rise in Number of Cardiovascular Surgeries to Spell Industry Growth, TMR
Sutures are the most widely used wound closure devices during surgical procedures. Owing to ease of use and several years of usage, sutures are considered the gold standard for wound closure. Sutures effectively address the risk factors associated with surgical site infections. Surgical sutures are very effective but are unsuitable for thin and delicate skin. A variety of sutures possessing different properties suitable for various uses are available in the market and are used for shorter or longer periods based on severity of wound or injury.
In a recent report by Transparency Market Research, the global surgical sutures market is projected to expand at a CAGR of 3.9% from 2016 to 2025. If the projection holds true, the market is expected to rise to a revenue opportunity of US$5,080.1 million by 2025.
In this post, TMR analysts uncover some of the key trends associated with the market and its future growth prospects.
Research and Development Holds Key to the Market Growth
Increasing number of surgeries, such as gynecological surgery, general surgeries orthopedic surgeries, cardiovascular surgeries, cosmetic surgeries, neurovascular surgery, increasing prevalence of, cardiovascular diseases, rapid growth rate of population, are the factors which will drive the global surgical sutures market. Other factors such as government initiatives, increasing healthcare insurance coverage, and developing healthcare infrastructure are other factors expected to fuel the surgical sutures market globally.
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It is estimated that in India, which is one of the most populous countries on earth, has nearly 30 mn cardiovascular disease patients. The country sees nearly 2,00,000 open heart surgeries every year and the number continues to rise due to lifestyle changes and an improved healthcare infrastructure in the country. There has been a massive rise in other kinds of open surgeries as well, in India as well as other leading economies of the globe. Rising numbers of surgeries will have a direct positive impact on the global surgical sutures market.
Absorbable Sutures Witnessing Higher demand
The absorbable sutures segment is significantly growing in surgical sutures market. Absorbable sutures present a number of obvious benefits over non-absorbable sutures, such as the elimination of the need for removing suture, decreased scar formation, reduced risk of tissue inflammation and infection, and reduction of self-induced trauma as the suture material is not exposed to the environment. Moreover, due to the high profit margins associated with absorbable sutures, a number of companies are also focusing on the development of innovative varieties of absorbable sutures.
Recently, researchers developed a new variety of di-acetyl chitin-based absorbable suture. In rats, the suture demonstrated the retention of nearly 63% of its original strength for about 14 days; the suture material was completely absorbed in 42 days and had an impressive wound breaking strength, comparable to Vicryl Plus, and lead to a speedy recovery of tissues at the wound site.
Non-absorbable sutures are beneficial in long term support and are most commonly used in specialty fields like cardiovascular. One of the major drawbacks associated with the use of non-absorbable sutures is the localized side-effects associated with some materials, which encourage surgeons to prefer absorbable sutures.
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The consolidated competitors landscape of global surgical sutures market is set witness a decent CAGR (Compound Annual Growth Rate) over the forecast period of 2017-2025, creating opportunities for market players worth USD 5 billion. Players would hurry to make the most of these untapped opportunities set to merge over the market landscape. Some of the most notable players include Cardinal Health, Medela AG, Integra LifeSciences Corporation, Acelity L.P. Inc., and Smith and Nephew plc, among others. Here, it is worth noting that in the year 2015 about 65% of the total market share was held by top 5 companies.
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