‘Absorbable’ Surgical Sutures to Witness Rapid Adoption, Key Market Players Focus on Competitive Pricing Strategies for Extended Outreach: Fact.MR
Published : 30 Aug 2019 Industry: Healthcare
Surgical sutures have become a preferred choice for surgeons, and have gained significant popularity over the years. Consistent improvement in products by incorporating advanced technologies as well as government support, and government support for awareness campaigns regarding cancer radiation therapy are among the most important factors that are estimated to fuel the demand for surgical sutures during the forecast period. According to the latest research by Fact.MR, the global surgical sutures market accounted for ~ US$ 3.9 Bn in terms of value at the end of 2018. The surgical sutures market report also projects significant growth potential with an anticipated average Y-o-Y growth rate of ~ 4% during the forecast period.
Collaborative Efforts and Initiatives to Develop Absorbable Surgical Sutures
Availability of knowledge-based resources and enhanced research collaborations will improve the product development for surgical sutures. An important factor in the competition is the timing of market introduction of new products. The speed with which companies can develop products and complete clinical testing and regulatory clearance processes will decide how much they can increase their market share. Moreover, growing focus on clinical trials to enrol new surgical sutures products will further help the market. The success rates for these clinical trials to meet the endpoints and obtain key approval are marginally higher than those of currently available products.
In addition, there has been increasing burden of disease and growing number of surgeries, which is a positive factor for wound closure product markets. The importance of patient outcomes with assurance of better surgical recoveries is also important to drive the growth of the surgical sutures market. It is equally important for the payers, regulators, and healthcare facilities to not only focus on patient outcomes but also on quality outcomes. A change in reimbursement policy covering more medication or treatment is also expected to drive the market of surgical sutures. Amongst surgical sutures, the usage of absorbable surgical sutures is growing rapidly, and is the main driver for the growth of the surgical sutures market in emerging markets.
According to Fact.MR, the high demand for absorbable sutures and the higher Average Selling Price (ASP) have led the segment to experience more dynamic growth than any other product in the surgical sutures market. Additionally, increase in disposable incomes leading to affordability to surgical treatment in emerging countries is also inciting patients to opt for surgical sutures. However, lower adoption of surgical sutures is observed in some of the poor or lower income nations due to their poor economy. Therefore, rise in disposable income is expected to be an important factor that is anticipated to drive the growth of the market of surgical sutures globally. It also provides an excellent growth opportunity for the surgical suture manufacturers to get connected to potential customers. One of the primary drivers for the surgical sutures market is also the increasing number of surgical procedures, especially propelled by an aging population.
Aging populations have greater risk of developing diseases and health conditions, necessitating the need for surgical interventions. This trend will drive higher volumes of both open and minimally invasive procedures, generating greater sales of suturing devices.
FMR has segmented the surgical sutures market to offer a comprehensive taxonomy of the surgical sutures market based on product type, raw material, source, application, end user, and region. By product type, the surgical sutures market is segmented into absorbable and non-absorbable. By source, the surgical sutures market is segmented into natural, synthetic, coated, and uncoated. By application, the surgical sutures market is further segmented into cardiovascular procedures, general surgery procedures, ophthalmic procedures, orthopedic procedures, dental procedures, gastroenterology procedures, gynaecology procedures, plastic surgery procedures, and veterinary procedure. By end user, the market is segmented into hospitals, specialized clinics, ambulatory surgical centres, veterinary hospitals and veterinary clinics. Based on raw material, surgical sutures can be categorised into nylon, silk, stainless steel, catgut, polyglycolic acid, and polygalactin, polydioxanone, and various polyester-based materials. By region, the surgical sutures market is segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA.