In terms of revenue, the Global Surgical Sutures Market is probable to reach USD 5,038.6Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.8% from 2022 to 2028.
The Surgical Sutures Market is witnessing growth primarily owing to the rising number of surgical procedures performed universally. Moreover, the favorable reimbursement situations for the number of surgical procedures and the introduction of the latest sutures are further expected to fuel the growth of the surgical sutures market in the coming future.
Key Highlights from the Report:
The Suture sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The largest share of the market is attributed to the increased preference for suture threads for wound closure and the low cost as compared with the automotive suturing devices.
The multifilament suture sub-segment holds a substantial market share in 2021. The large share of the multifilament segment is attributed to the increasing number of rising geriatric population, complex surgeries, and favorable reimbursement policies for hospital treatments.
Asia Pacific is the fastest regional segment. The growth of the market is mainly attributed to the presence of the high population base, development in the healthcare infrastructure, increasing incidences of chronic diseases, rise in the demand for the number of surgical procedures, and the rising demand for better healthcare services. Additionally, the Surgical Sutures Market growth led by Japan, and China in order to integrate new latest technologies and develop the healthcare sector are the other factors majorly driving the Surgical Sutures Market growth in the Asia Pacific region during the forecast period.
The growth in the occurrences of various chronic diseases, and growth in the geriatric population are projected to significantly drive the surgical sutures market growth in the years to come.
Additionally, the increasing awareness about the novel surgeries, rising demand for better healthcare facilities, and an upsurge in the aging population are projected to provide profitable opportunities for the surgical sutures market growth during the forecast period.
North America is the largest market. The growth of North America is attributed to the increasing adoption of the advanced absorbable and the antibacterial coated sutures, development in the wound management sector, and an increase in the incidences of various chronic diseases. Additionally, the high healthcare investments for research and development in Canada, and United States are further expected to boost the market growth during the forecast period.