Fact.MR’s recent report forecasts the global surgical sutures market to register a CAGR of 4% across the 2021-2031 assessment period, expected to reach a value of US$ 6.5 Bn. Furthermore, as of 2021, global market value is anticipated to reach US$ 4.4 Bn. The rising incidence of trauma surgeries is anticipated to fuel future market demand.
Historically, from 2016 to 2020, surgical sutures sales expanded at a CAGR of 3%. By the end of the aforementioned historical period, the market was valued at US$ 4.2 Bn. Amidst the COVID-19 pandemic, prospects took a backseat in the first half, as a decline in elective surgical procedures was encountered in order to prioritize patients infected with the novel coronavirus. Eventually, prospects rebounded since Q1 2021.
Future expansion prospects are also being influenced by the increase in cardiovascular surgeries. According to W.H.O, CVDs claim nearly 18 million lives annually, with over 80% of deaths arising due to heart attacks and strokes. Also, as of August 2021, number of people living with hypertension has doubled since 1990 to reach 1.28 billion people. Hence, people are opting for advanced surgical procedures, increasing deployment of sutures.
Key Takeaways from the Market Study
- The global surgical sutures market is anticipated to add 1.5x value by 2031 compared to 2021
- Absorbable surgical sutures to expand at a CAGR of 5.6% from 2021 to 2031
- By application, surgical sutures for cardiovascular surgeries to account for 30% revenue
- Sales across the U.S likely to be valued at US$ 1.3 Bn in value terms until 2031
- China to emerge as an opportunistic market, expanding at 5.3% CAGR
“Establishments of new hospitals & ambulatory centres will the project continue to surge in the market, in terms of value, fuelled by latest advances in the manufacturing process of Surgical Sutures.” comments a Fact.MR analyst
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In February 2019, Johnson & Johnson, made an announcement regarding Ethicon, Inc., entering into a definitive agreement to acquire Auris Health, Inc. for approximately US$3.4 billion in cash. This acquisition will accelerate Johnson & Johnson’s entry into robotics with potential for growth and expansion into other interventional applications.
- In December 2019, Medtronic plc MDT completed the acquisition of Klue, a software company focused on behavior tracking of people. Notably, in February 2019, PCL received Breakthrough Device designation from the FDA. The acquisition is expected to be neutral to Medtronic’s fiscal 2020 earnings per share.