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March 22, 2018updated 25 Feb 2022 6:03am

Rising surgical procedures to drive sutures market to $4.5B by 2024

The global surgical sutures market, valued at $3.6B in 2017, is expanding at a Compound Annual Growth Rate (CAGR) of 3.4% and is forecast to reach $4.5B in 2024.

By GlobalData Healthcare

The global surgical sutures market, valued at $3.6B in 2017, is expanding at a Compound Annual Growth Rate (CAGR) of 3.4% and is forecast to reach $4.5B in 2024.

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Aging populations are at a higher risk of developing a host of diseases and conditions necessitating the need for surgical interventions. This trend will drive higher volumes of surgical procedures, generating greater sales of surgical sutures. Other factors that drive the market include increasing health awareness programs, government initiatives towards better healthcare, a growing number of healthcare facilities, and the availability of various quality sutures.

Emerging markets, especially large markets such as India and China, have significant untapped potential in expanding the worldwide surgical devices market. As incomes and living standards in these nations continue to rise, a greater segment of the world’s population will demand better healthcare.

The surgical sutures market is segmented into knotted and knotless sutures. While the conventionally knotted sutures market is highly saturated, the knotless, or barbed, sutures segment is expected to grow at the higher CAGR. Since knotless sutures were first approved in 2007, they have been applied to many surgical specialties, including cosmetic, urological, general, orthopedic, obstetric, and gynecological surgeries.

Unlike conventional knot tying, knotless sutures require less training, and decrease the risk of the knots breaking or extruding. Additionally, knotless sutures reduce the suture time in nearly all types of surgeries, resulting in shorter operative time. The device is expected to be accepted by more surgeons in the future, which will affect the market for conventional sutures.

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Free Report
img

Find the right pricing strategy for your medical device

How do your competitors set prices in different markets? Will reducing your prices win market share from your main competitors? Do you need to position products differently for different markets? To find out, use our Global Brand Pricing tool to achieve optimal pricing for your devices. Detect price changes, understand competitor market positioning, and plan new product launches, by accessing this tool today. It features:
  • A proprietary algorithm that leverages numerous pricing sources, with an emphasis on real-world data
  • Estimates of the likely spread of selling prices per brand and manufacturer, as well as 3-year forecasts for prices
  • Medical device pricing data that can be tracked by market, company, and brand
  • Additional categories that can be built on a custom basis
Use our tool to access competitor pricing strategies across multiple geographies, and various dynamic case studies from the likes of Germany and China, to benchmark yourself against your competitors and future proof your pricing strategies.
by GlobalData
Enter your details here to receive your free Report.

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