COVID-19 Impact on Surgical Sutures Market Can See 6.26 Billion by 2028 Major Ethicon, Inc, Medtronic, B. Braun Melsungen AG, Smith& Nephew Plc

London, UK -- (SBWire) -- 12/01/2021 --The Surgical Sutures Market is expected to reach USD 6.26 Billion by 2028 from USD 3.91 Billion in 2019, at a CAGR of 5.39% from 2020 to 2028. The market size for North America was USD 1.38 Billion in 2019. The North American market is witnessing strong growth owing to the rise in the adoption of advanced absorbable & antibacterial coated sutures, an increase in the incidence of various chronic diseases, and the development of the wound management sector. The U.S. surgical sutures market is anticipated to account for the major share of the market, due to the rise in demand for innovative surgical procedures & surgical products such as biocompatible surgical sutures with antimicrobial coatings. Moreover, high healthcare investment for R&D in the U.S. and Canada is expected to increase the market during the forecast period

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The market is analyzed across the globe. The North American region holds 35% of the market share with a CAGR of 5.70%. Rising demand from major countries such as the US, China, and India, where the population is growing at a higher pace. This is due to the presence of established manufactures across the developed region and the continued increase in the demand for Surgical Sutures from end-use applications and inclination towards adoption of the latest technology in wound care options.

Market Segmentation:
By Type
Automated Suturing Device
Suture Thread

By Application
Cardiac
Gynae
Ophthalmic
Orthopedic

By Product Type:
An automated suturing device is an instrument to facilitate suturing procedures during minimally invasive surgery and open surgery and is primarily used in surgical procedures and trauma cases that require surgery. Reusable automated suturing devices are medical devices used to seal tissue after surgery or a wound. These devices are used in various surgeries and do not need to be disposed of as medical waste after the completion of a single procedure. Disposable automated suturing devices are medical devices used for single use and need to be disposed of as medical waste after completion of a single procedure. Automated suturing devices such as the one developed by Sutures are estimated to reduce suturing errors made by professionals in operation theatres.

Suture thread is made from numerous materials. The original sutures were made from biological materials, such as catgut suture and silk. Most modern sutures are synthetic, including absorbable polyglycolic acid, polylactic acid, Monocryl, and polydioxanone as well as the non-absorbable nylon, polyester, PVDF, and polypropylene. This segment is witnessing steady growth due to the increasing number of surgical procedures conducted, globally. The favorable reimbursement scenario for a number of surgical procedures and the launch of advanced sutures are further contributing to the market growth. Also, factors like the surge in the incidence of accidents, increase in expenditure on healthcare, rise in popularity of cosmetic surgeries, and development of advanced sutures such as film-coated sutures, are contributing to the growth of the segment.

By Application:
Cardiac suture materials include stainless steel, polypropylene, and polyester sutures. The rise in the number of patients with cardiovascular diseases globally is a major factor driving the cardiology devices market. Cardiovascular diseases (CVDs) are the leading cause of death across the world. According to the World Health Organization (WHO), CVDs accounted for over 17.7 million deaths in 2015, which represents 31% of the total deaths globally. The number of deaths due to cardiovascular disease is expected to be more than 23.6 million by 2030.

Gynecology is the medical practice dealing with the health of the female reproductive system (vagina, uterus, and ovaries). It includes diseases related to women's health and their genital tract. Major factors driving the growth of this segment include a high incidence of gynecological diseases, increasing awareness of gynecological diseases, the growing trend for regular checkups is leading to increased cases of feminine diseases being registered each year, and rising government investments for providing advanced healthcare facilities & services. Also, significant changes in lifestyle contributed to a steep rise in the number of gynecological disorders and gynecology cancer. In addition, emerging Asian markets have opened an array of opportunities for players in this market.

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Regional Analysis:
The Asia Pacific Surgical Sutures market is expected to continue to grow fastest in the coming years. The Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at manufacturing and at an execution level. The Chinese Market was valued at USD 296.1 Million in 2019. With the global Surgical Sutures market witnessing a major transition in terms of technological advancements, enhancements, and growing investments in the healthcare industry, the market poses a lucrative option in the coming years. Increasing awareness about surgeries, the surge in the geriatric population, and the rise in demand for better healthcare facilities are expected to provide lucrative opportunities for the surgical sutures market growth during the forecast period in the Asia Pacific region.

Global Surgical Sutures Market is foreseeing a positive outlook for the last decade. The market appears to be one of the biggest markets within the Healthcare Industry. The global Surgical Sutures market is not only playing a major role in the developed markets but also shaping in emerging geographies due to growing demand from the cardiovascular industry. The presence of various companies investing in these sectors to expand their business will stimulate industry growth in the coming years. A growing aging population and increasing prevalence of chronic diseases are the major factors that drive the growth of the surgical sutures market.

Regionally, North America contributes the highest share in the global Surgical Sutures market and holds a dominant lead. With the continued increase in the demand for Surgical Sutures from multiple applications and the presence of key players in this region, the North America Surgical Sutures market is expected to continue to lead the global market in the coming years. Europe, among other regional Surgical Sutures markets, is also projected to report a fast-paced growth over the next couple of years.
Asia Pacific Surgical Sutures market is projected to contribute a significant revenue share in the target market, due to the rising geriatric population and better healthcare infrastructure policies. In addition to this, rising healthcare awareness and disposable income are positively impacting the growth of the market in this region.

Competitive Analysis:
However, growing demand for advanced wound closure materials, lack of product innovations in the surgical sutures, and side effects from surgical sutures act as a major barriers for this market.
The Surgical Sutures Market is segmented on the basis of Product Type, and Application Type.

By Product Type, Suture Thread is expected to hold the dominance in the forecasted period. On the other hand, by Application, Cardiac based application holds the highest market share.
Key Companies Profiled in the report are Ethicon, Inc, Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Smith& Nephew plc (UK), Boston Scientific Corporation (US), Péters Surgical (France), DemeTECH Corporation (US), Internacional Farmacéutica (Mexico), Sutures India (India), EndoEvolution, LLC. (US), Apollo Endosurgery, Inc. (US), Surgical Specialties Corporation (US), Mellon Medical B.V. (Netherlands). The key players adopted strategies such as strong new product launches along with strategies such as partnership & collaboration to increase its market share and increase global penetration. Further, the significantly rising application of Surgical Sutures in healthcare and cosmetics surgeries is the main factor behind the growth of the global Surgical Sutures market over the forecasted period.

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Covid-19 IMPACT:
The coronavirus outbreak has caused concern and economic hardship for businesses, consumers, and even for the government worldwide. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3% in 2020. This is expected to lead to recession and increase the unemployment rates globally. In the US, Covid-19-related disruptions have led to millions filing for unemployment benefits. In April alone, the figures were at 20.5 million, and are expected to rise as the impact of the pandemic on the US labor market worsens. As per a Reuters report, since March 21, more than 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population. World trade has also seen a decline. According to WTO, the drop is expected to be 13% -32% in 2020.

This situation due to COVID -19 has led to uncertainty around its impact on various industries. The majorly affected sectors include airlines, automotive, manufacturing sector, construction sites, pharmaceuticals, medical, and tourism. The medical device industry was standstill for some period of time which has caused some losses to these companies and thus, has affected the healthcare sector. The demand towards addressing the Covid-19 situation was more than surgeries and treatments in hospitals. This has reduced the demand for surgical sutures and other operations resulting in decreased demand. The medical devices industry has also witnessed huge losses owing to the suspended manufacturing process, low demand from end-users. The labor issue has impacted these companies largely.

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