The suture industry is a vital sector of the healthcare industry that manufactures and supplies sutures used for various types of surgeries and wound care. A suture is a thread that is used to close and hold together a wound or surgical incision, promoting healing and preventing infections. The suture is an essential component in the medical field and has been in use for centuries.
Sutures find their major applications in human and veterinary medicine. In human medicine, sutures are used in multiple surgical procedures, including orthopedic surgery, cardiovascular surgery, and ophthalmic surgery, among others. The veterinary application of sutures is in the treatment of various animal wounds and surgical procedures.
The global suture market has witnessed significant growth in recent years, with a compound annual growth rate of 8.3%. By 2022, the market size is projected to reach US$3743 million. The growth of the suture market is attributed to the increasing number of surgeries and the rising incidence of chronic diseases, particularly in developing countries.
The suture industry is dominated by few major global manufacturers such as Johnson & Johnson Medical, Medtronic, Peters Surgical, B.Braun, and Internacional Farmacéutica. These companies have a significant market share due to their extensive product portfolio, geographic reach, and established distribution network. However, in recent years, there has been an emergence of several local players that are providing stiff competition to these global players.
Furthermore, advancements in suture technology and the development of novel suture materials are further driving the growth of the suture market. For instance, some companies are developing bio-absorbable sutures that can be used in surgeries, promoting faster healing and reducing the risk of infection. Additionally, the rise in the number of minimally invasive surgeries and cosmetic procedures is expected to drive the demand for sutures in the coming years.
In conclusion, the suture industry is a crucial component of the healthcare industry that is witnessing tremendous growth. The increasing number of surgeries and the rise in the incidence of chronic diseases are driving the growth of the market. The main global manufacturers dominate the industry, but local players are providing stiff competition. Furthermore, advancements in suture technology and the development of novel suture materials are expected to drive the growth of the market in the years to come.
The SWOT analysis of the Suture industry is as follows:
Strengths:
1. Growing demand for surgical procedures and increasing healthcare expenditure.
2. Technological advancements in suture materials and manufacturing techniques.
3. Reusable sutures and innovative designs.
4. Increasing adoption of minimally invasive surgeries.
5. Growing prevalence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders.
Weaknesses:
1. Intense competition among industry players.
2. High costs of advanced sutures.
3. Limited reimbursement policies for suture procedures in some regions.
4. Presence of alternative wound-closure products, such as surgical adhesives.
Opportunities:
1. Expansion into emerging markets with growing healthcare infrastructure.
2. Increasing demand for specialty sutures for specific procedures.
3. Development of biodegradable sutures to reduce environmental impact.
4. Growing adoption of robotic surgeries.
Threats:
1. Stringent regulatory guidelines for the approval of sutures due to safety concerns.
2. Presence of counterfeit suture products.
3. Disruption in the supply chain due to the COVID-19 pandemic.
4. Increasing preference for non-invasive procedures such as laser therapy and skin resurfacing.
Key players in global Suture market include:
Johnson & Johnson Medical
Medtronic
Peters Surgical
B.Braun
Internacional Farmacéutica
DemeTech
Kono Seisakusho
Surgical Specialties Corporation
Mani
Samyang Biopharmaceuticals
AD Surgical
Dolphin
Usiol
Unik Surgical Sutures MFG
Assut Medical Sarl
Teleflex
Lotus Surgicals
CONMED
United Medical Industries
W.L. Gore & Associates
Sutures India Pvt
Huaiyin Micra
Weihai Wego
Shanghai Pudong Jinhuan Medical Products
Nantong Huaerkang Medical Technology
JiangXi 3L Medicinal Products
Jiangxi Longteng
Shanghai Tianqing
Huaian Angle
Market segmentation, by product types:
Absorbable sutures
Non-absorbable sutures
Market segmentation, by applications:
Human Application
Veterinary Application
Summary:
Get latest Market Research Reports on Suture. Industry analysis & Market Report on Suture is a syndicated market report, published as Global Suture Market Report 2018-2029. It is complete Research Study and Industry Analysis of Suture market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.