The global sutures market involves medical tools made from surgical thread or filaments used to surgically join tissues and close ruptured wounds. Sutures are commonly used to close incisions from surgery, injuries, or ulcers. Made of materials like polyglycolic acid (PGA), polydioxanone (PDS), or polyglactin 910, sutures promote faster healing of wounds as they hold the skin flaps together. They play a crucial role in various open, minimally invasive, and laparoscopic surgeries across cardiac, gynecology, orthopedic, and neurosurgery domains. The increasing prevalence of lifestyle diseases requiring surgical interventions is boosting the demand for these sterile disposable medical devices.
The global Sutures Market is estimated to be valued at US$ 3994.65 Million in 2023 and is expected to exhibit a CAGR Of 9.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Absorbable sutures made from natural or synthetic materials that dissolve harmlessly in the body over time are gaining traction in the market. The majority of internal stitches used during surgeries are absorbable as they eliminate the need for removal and lower risk of infections. Leading manufacturers are focusing on developing advanced absorbable sutures with enhanced strength retention and knot security properties. For instance, DemeTECH Corporation offers Maxon sutures designed with a glycolide/lactide copolymer coating that allows for higher tensile strength during tissue opposition and healing phases. Growth in the number of Medical tourism hubs across Asia Pacific and Latin American countries offering cost-effective surgeries is creating lucrative opportunities for sutures producers.
Threat of new entrants: The threat of new entrants is moderate as setting up a medical device manufacturing facility requires heavy capital investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high as the market has many global players providing substitutes. Buyers can negotiate on price and demand other value-added services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the industry requires raw materials that are widely available from multiple suppliers globally.
Threat of new substitutes: The threat of new substitutes is high due to technological advancements in wound closure management such as tissue adhesives, clips and staplers.
Competitive rivalry: The competitive rivalry is high owing to the presence of many global and regional players offering a variety of products.
The global Sutures Market Demand is expected to witness high growth.
North America is anticipated to hold the largest share in the global sutures market during the forecast period. This is attributed to factors such rising prevalence of chronic diseases, increasing number of surgical procedures, presence of sophisticated healthcare infrastructure and facilities, and presence of major players in the region.
Carestream Health Inc., Siemens Healthineers AG, Shimadzu Corporations, MinXray, Koninklijke Philips NV, GE Healthcare, Canon Medical Systems, Envista Holdings Corporation, and FUJIFILM Holdings Corporation are some of the key players operating in the sutures market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it