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Rising number of surgical procedures to drive sutures market to $4.5bn by 2024
The global surgical sutures market, valued at $3.6bn in 2017, is expanding at a compound annual growth rate (CAGR) of 3.4% and is forecast to reach $4.5bn in 2024.
Aging populations are at a higher risk of developing a host of diseases and conditions necessitating the need for surgical interventions. This trend will drive higher volumes of surgical procedures, generating greater sales of surgical sutures. Other factors that drive the market include increasing health awareness programs, government initiatives towards better healthcare, a growing number of healthcare facilities, and the availability of various quality sutures.
Emerging markets, especially large markets such as India and China, have significant untapped potential in expanding the worldwide surgical devices market. As incomes and living standards in these nations continue to rise, a greater segment of the world’s population will demand better healthcare.
The surgical sutures market is segmented into knotted and knotless sutures. While the conventionally knotted sutures market is highly saturated, the knotless, or barbed, sutures segment is expected to grow at the higher CAGR. Since knotless sutures were first approved in 2007, they have been applied to many surgical specialties, including cosmetic, urological, general, orthopedic, obstetric, and gynecological surgery.
Unlike conventional knot tying, knotless sutures require less training, and decrease the risk of the knots breaking or extruding. Additionally, knotless sutures reduce the suture time in nearly all types of surgeries, resulting in shorter operative time. The device is expected to be accepted by more surgeons in the future, which will affect the market for conventional sutures.
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