Global Information Inc. would like to present a new market research report, "Surgical Sutures - Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2018" by GlobalData.
The Global Surgical Sutures Market is Expected to Grow at a Compound Annual Growth Rate of 4.4% from 2011 to 2018
The global market for surgical sutures is forecast to reach a market value of $4,233m by 2018 with a Compound Annual Growth Rate (CAGR) of 4.4% from 2011 to 2018. The market is expected to be driven by a significant increase in the number of surgeries, especially cosmetic, cardiovascular, orthopedic and laparoscopic surgeries; an increase in the number of sports injuries, and an increase in the global elderly population. Additional factors expected to drive the market demand for surgical sutures in the future include: technological advancements, the growing demand for outpatient surgeries and the increasing healthcare expenditure especially in emerging countries such as China, India and Brazil.
The US Remains the Largest Surgical Sutures Market
The surgical sutures market in the US accounted for 33% of the global surgical sutures market amounting to $1,020m in 2011. It is forecast to grow at a CAGR of 3.9% to reach a market value of $1,328.8m in 2018. The market growth is expected to be driven by factors such as the increasing demand for surgeries, especially cosmetic surgeries; and technological advancements in surgical sutures.
According to statistics released by the American Society for Aesthetic Plastic Surgery (ASAPS) in April 2011, the demand for plastic surgery procedures increased by 9% in 2010 over 2009 and has grown by 155% since 1997. About 9.5 million plastic surgery procedures were performed in the US in 2010 and about 92% or 8.6 million of these procedures were performed on women. Breast augmentation, lipoplasty, abdominoplasty, eyelid surgery and breast reduction procedures were the most sought after procedures in the US in 2010. About $6.6 billion was spent by US citizens on cosmetic surgery procedures in 2010.
Emerging Economies such as India and China are Expected to Drive the Demand for Surgical Sutures in the Future
The surgical sutures market in the emerging economies of India and China is forecast to grow at a CAGR of 4.3% and 4.7% to reach market values of $115.5m and $274.8m, respectively in 2018. The Brazilian surgical sutures market is also forecast to grow at a CAGR of 3.8% to reach $220.1m in 2018. The strong economic growth forecast in emerging economies such as India and China is expected to lead to increased investments in healthcare infrastructure, high patient affordability, the expansion of healthcare insurance in China and India and improvements in healthcare services offered. China and India are the most populous countries in the world and should provide significant growth opportunities for years to come.