The global Sutures Market is estimated to be valued at US$ 4601.84 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Sutures offer an efficient and cost-effective way of wound closure compared to other methods such as staples or glue. They enable precise apposition of wound edges for proper healing.
Weakness: Using sutures require special skills and training for placement. Removal of sutures often causes pain and discomfort to patients. Absorbable sutures may cause inflammation as they degrade in the body.
Opportunity: Rising number of surgical procedures worldwide owing to the growing geriatric population and chronic diseases presents an opportunity for the sutures market. Technological advancements are introducing novel suturing methods and new suture materials.
Threats: Presence of alternative wound closure methods such as tissue glue and staplers poses a threat to the dominance of sutures. High risk of surgical site infections associated with sutures also threatens their use.
Key Takeaways
The global sutures market is expected to witness high growth over the forecast period of 2024 to 2031 at a CAGR of 9.2% to reach a market size of US$ 4601.84 Bn by 2031.
Regional analysis: North America is currently the largest and fastest growing regional market for sutures owing to the developed healthcare infrastructure and rising surgical procedures in the region. The Asia Pacific region is also projected to register rapid growth in the sutures market supported by improving access to healthcare and a surge in medical tourism in countries such as India, China and Singapore.
Key players analysis: Key players operating in the sutures market are Carestream Health Inc., Siemens Healthineers AG, Shimadzu Corporations, MinXray, Koninklijke Philips NV, GE Healthcare, Canon Medical Systems, Envista Holdings Corporation, and FUJIFILM Holdings Corporation, among others. These players are focusing on developing innovative suturing technologies and novel suture materials to strengthen their market position.
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