Sutures are medical devices used to hold body tissues such as skin, internal organs, blood vessels, and bone together after injury or surgery. They are sterile surgical threads that are used to repair cuts or join tissues together. Sutures help wounds heal by bridging the defect created in the skin and surrounding tissues, allowing new tissue to grow across the line of sutures. Commonly used sutures are made from materials such as catgut, polyglycolic acid, stainless steel, polypropylene, nylon, silk, or polydioxanone. With the increasing prevalence of diseases like obesity, cardiovascular diseases and neurological disorders requiring surgical interventions, there has been steady growth in the number of surgical procedures performed globally which is expected to drive the demand for sutures over the forecast period.
Market key trends:
The sutures market has witnessed new product launches, as key players focus on developing advanced sutures. For instance, in 2021, Smith & Nephew launched VISTASEAL, an advanced dress technology to support the closure and management of surgical incisions up to 14 days post-surgery. Similarly, in 2019, Johnson & Johnson launched the PROXICARE Negative Pressure wound therapy system and SURGICEL ABSORBA hemostatic agent pads. Absorbable sutures are also gaining popularity in the market. These are made from biodegradable polymers that breakdown harmlessly in the body after a certain period of time. With advances in material science, newer absorbable suture materials such as polyglycolic acid with improved strength and tensile properties are being developed. 3D printed sutures are another emerging trend, offering benefits such potential for customization and lower production costs. However, further research is still needed to optimize mechanical properties before they can enter commercial use.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the sutures market is moderate as the market requires high investment for manufacturing facilities, R&D and obtaining regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate in the sutures market as there are many players offering substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is low in the sutures market as there are many suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is moderate in the sutures market as there are substitute wound closure products available.
Competitive rivalry: The competitive rivalry is high in the sutures market as the major players compete on the basis of product quality, innovation and pricing.
Key Takeaways
The global sutures market is expected to witness high growth. The market is projected to reach a value of US$ 7,289.12 Bn by 2031 from US$ 4,601.84 Bn in 2024, expanding at a CAGR of 9.2% during the forecast period.
Regional analysis: North America is expected to hold the largest share of the global sutures market during the forecast period. The region accounts for around 35% of the global market share due to the presence of major players and developed healthcare infrastructure. Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to increasing medical tourism and healthcare expenditure.
Key players: 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. Key players compete on the basis of product quality, innovation and pricing.
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