Northbrook, IL -- (SBWIRE) -- 03/28/2022 -- According to the new market research report "Surgical Suture Market by Product (Automated Suturing Device (Disposable, Reuse), Suture Thread (Natural, Prolene, Stainless Steel, Antimicrobial)), Application (Cardiac, Gynae, Cosmetic, Ortho), End User (Hospital, ASC, Clinic) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 4.9 billion by 2026 from USD 3.7 billion in 2021, at a CAGR of 6.0% from 2021 to 2026.

Opportunities: Low- and middle-income countries;

The Lancet Commission Report, published in April 2015, estimated that five billion people do not have access to safe and affordable surgical care. As many as 143 million additional surgical procedures are needed in low- and middle-income countries (LMICs) each year to reduce the mortality rate and decrease disability. Of the 313 million procedures performed globally every year, only 6% occur in the poorest countries, which are home to one-third of the world's population.

A number of international communities as well as LMIC governments have undertaken initiatives to reduce this gap between the surgeries needed and performed. In developing countries such as India, health insurance coverage has grown tremendously by 23.8% from 2014 to 2017. Currently, 30% of the Indian population has health insurance coverage. The Universal Health Cover (UHC), Mexico's health reform, has improved access, equity, and use of services, which has resulted in a substantial increase in surgical volumes in the country at an average rate of 23% per year.

It is estimated that against the backdrop of the growing demand for healthcare and associated infrastructure, there will be an increase in initiatives and efforts to resolve this situation over the coming years. This will result in a corresponding increase in both access to and adoption of effective treatment modalities for a number of ailments-globally, but particularly in LMICs-thereby driving the growth of associated markets, such as surgical sutures.

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The market for surgical sutures is witnessing steady growth primarily due to the increasing number of surgical procedures performed globally. The favorable reimbursement scenario for a number of surgical procedures and the launch of advanced sutures are further contributing to the growth of this market. However, the presence of alternative wound care management products and the growing preference for minimally invasive surgeries are some of the factors expected to limit the growth of this market to a certain extent.

The Suture Threads segment accounted for the largest market share in 2020.

Based on product, the surgical sutures market has been segmented into suture threads and automated suturing devices. In 2020, the suture threads segment accounted for the largest market share of 82.6%. The large share of this segment can be attributed to the greater preference for suture threads for wound closure and their lower cost as compared to automated suturing devices.

The Multifilament sutures segment accounted for the largest market share in 2020.

Based on type, the surgical suture threads market is segmented into monofilament and multifilament sutures. In 2020, the multifilament sutures segment accounted for the largest share of 67.5% of the surgical suture threads market. The large share of this segment is attributed to the increasing number of complex surgeries, rising geriatric population, and favorable reimbursement policies for hospital treatments.

The cardiovascular surgery segment accounted for the largest market share in 2020.

Based on application, the surgical sutures market is segmented into cardiovascular surgery, gynecological surgery, orthopedic surgery, ophthalmic surgery, general surgery, cosmetic and plastic surgery, and other applications. The cardiovascular surgery segment accounted for the largest share of 30.4% of the market in 2020. The large share of this segment can be attributed to a large number of cardiovascular surgeries performed across the globe as a result of the high incidence of cardiovascular disease (CVD).

The hospitals segment accounted for the largest market share in 2020.

Based on end users, the surgical sutures market is segmented into hospitals, ambulatory surgical centers, and clinics and physicians' offices. Among these, the hospitals segment accounted for the largest market share of 74.7% in 2020. The large share of this segment is attributed to the increasing number of complex surgeries performed in hospitals, rising geriatric population, favorable reimbursement policies for hospital treatments, and the growing number of new hospitals, especially in emerging countries

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The surgical sutures market is segmented into five major regions-north America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 47.4% of the global market. The large share of this region is attributed to the growing geriatric population, rising prevalence of lifestyle diseases, favorable healthcare reforms, and the growing number of surgical procedures performed.

The Asia Pacific region is projected to grow at the highest CAGR of 8.8% during the forecast period, owing to the region's growing medical tourism industry, rising prevalence of chronic diseases, and favorable reimbursement scenario. Moreover, key surgical suture manufacturers are also focusing on gaining a competitive edge in these high-growth markets, which is aiding the market growth in the Asia Pacific.

Prominent players in the global surgical sutures market include Ethicon, Inc. (US), Medtronic plc (Ireland), B. Braun Melsungen AG (Germany), Smith & Nephew plc (UK), Boston Scientific Corporation (US), Peters Surgical (France), DemeTECH Corporation (US), Internacional Farmacéutica (Mexico), Sutures India (India), EndoEvolution, LLC (US), Apollo Endosurgery, Inc. (US), Surgical Specialties Corporation (US), and Mellon Medical B.V. (Netherlands).

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