Fact.MR has published a new research report on global surgical sutures market sizes, upcoming industry trends and growth opportunity through 2019-2029 to its online database that tries to unveil the various scenarios prevailing in the surgical sutures market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the surgical sutures market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers.
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Technological Advancements Accelerating Adoption of Surgical Sutures
In the last few years, some of the major technological advancements have taken place in the global surgical suture market. Such industrial activity has led to increased product adoption of surgical sutures and demand. In comparison with other wound closure products available in the market, the usage of surgical sutures has increased fairly well. Some of the technical advancements that have been incorporated in these sutures include the use of different kinds of synthetic materials with exceptional tissue holding properties and almost zero risk of infection and scar formation.
Additionally, there have been ongoing developments to improve suture coatings, braiding technologies, and antibacterial coatings. Currently in the market, only one product named Triclosan-coated polyglactin 910 or Vicryl Plus Antibacterial developed by Ethicon is available, which has been found to reduce surgical site infection rate by 30 per cent. Besides, handling and tension force of these sutures was found to be comparable to standard surgical suture products.
Consistent Rise in the Number of Surgical Procedures Conducted a Strong Market Driver
Over the years, increase in the number of surgical procedures has led to further expansion of the healthcare industry, with establishments such as hospitals and ambulatory surgical centers growing. It has also resulted in increased end-user demand for surgical devices including surgical sutures. Furthermore, growing number of veterinary and specialized clinics is also driving the growth of the market of surgical sutures. According to National Centre for Health Statistics, in 2009, around 48 million surgical procedures were carried out in the United States.
Growing number of trauma patients as well as upsurge in hospitals and other healthcare centres is also anticipated to increase the demand for surgical sutures in the forecast period.
Growing Healthcare Sector in Emerging Nations Will Favor Surgical Suture Demand
Many Asian countries have evolved to exhibit steady regional growth with improvement in healthcare infrastructure. Countries such as India and China, with their favorable government support are expanding their National Health Insurance to cover more treatment procedures including those incorporating surgical sutures. Besides, relaxation in custom duties will also boost the surgical sutures market growth in untapped markets of emerging regions.
In emerging nations, the absorbable sutures segment is anticipated to expand rapidly and could be the main driver behind the growth of the surgical sutures market in countries such as India, China, and Brazil. Increased demand for absorbable surgical sutures, along with high Average Selling Price (ASP) could lead to more dynamic growth of this segment in comparison to traditional non-absorbable ones.
International Trade Agreements Boosting the Market Growth
Many trade agreements around the world are anticipated to boost the demand for surgical sutures in the forecast period. For instance, U.S-based medical device manufacturers, including those manufacturing wound closure devices such as surgical sutures, are of the opinion that there are many advantages of exporting their products under international trade agreements.
In North America, Under North America Free Trade Agreement (NAFTA) and Trans-Pacific Partnership (TPP). NAFTA, the U.S., Canada, and Mexico have removed custom and trade duties imposed and restrictions on medical devices and according to an estimate, nearly US$ 20.5 trillion of goods and services are generated in the region, boosting the growth of the surgical sutures market.
Increasing Usage of Alternative Methods May Hinder the Market Growth
It is anticipated that the increasing usage of alternative methods of wound closure would downgrade the global market growth of surgical sutures. Other wound closure products such as skin adhesives, hemostats, staples, and tissue sealants are expected to hinder the growth of the global surgical sutures market. Moreover, companies in the global surgical sutures market face stiff competition across their product lines and compete with companies both at local and global level.
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Lately, there has been increased growth in laparoscopic procedures that can affect the growth of the surgical sutures market. Compared to other open surgeries, laparoscopic procedures require few units of surgical sutures. Smaller incisions and use of more precise devices on patients would cause less bleeding and lesser chances of developing post-surgical complications. As more and more specialties are increasingly adapting to minimally invasive procedures, the expansion of surgical sutures and suturing devices becomes limited.
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