Technological Advancements Accelerating Adoption of Surgical Sutures
by Preet Aman Addressing the pain points of healthcare organizatGrowing 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.
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.
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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.
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Fact.MR
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.
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Created on Jan 8th 2020 06:24. Viewed 331 times.