Market Research Report
Global Surgical Sutures Market Outlook and Projections, 2019-2027
|Published by||Research Nester||Product code||920993|
|Published||Content info||209 Pages
Delivery time: 1-2 business days
|Global Surgical Sutures Market Outlook and Projections, 2019-2027|
|Published: November 19, 2019||Content info: 209 Pages||
The global surgical sutures market reached USD 3,498.82 million in 2018 and is expected to reach USD 4,876.02 million by 2027, by registering a CAGR of 3.75%, across the globe. This is primarily attributed to the growing demand for surgical procedures, across the globe.
North America captured a share of 35.28% in 2018 and is expected to dominate the market, over the forecast period. The growth in the region can be attributed to increasing investments towards healthcare from government and private entities to maintain the highest quality of care offered in healthcare facilities. The US is the major country driving the growth in the region, reaching a market value of USD 1,078.29 million in 2018 and is expected to grow at a CAGR of 3.98%, over the forecast period i.e. 2020-2027. On the back of rising adoption of innovative treatment modalities focused on minimally invasive surgeries, it is expected to result in the market growth over the forecast period.
The Asia Pacific region captured a market of USD 801.88 million in 2018 and is expected to reach USD 1,155.57 million by 2027, with a CAGR of 4.14%. The market is primarily led by the demand from China, with a market of USD 325.04 million in the year 2018, and it is expected to grow at a CAGR of 4.91%. With the rising availability of advanced healthcare in this region, with rising number of manufacturers investing in countries such as China, Japan, & India, to address the growing number of surgical procedures in this region, the demand for surgical sutures products in this region is expected to witness a rapid growth over the forecast period.
Europe is expected to reach a market of USD 967.21 million by 2027. It has been observed that with the availability of innovative treatment modalities, there has been a shift in treatment preferences from conventionally practiced open surgeries to minimally invasive or outpatient surgeries. Primarily driven by the demand from Germany, UK, France, and Italy, this region is expected to showcase a high demand over the forecast period.
In comparison, the Latin America and Middle East & Africa region is presently generating a moderate demand for surgical sutures products. It has been observed that there is a high number of patients, who opt for various surgical procedures, travelling to the countries with the required surgical innovations to get themselves treated. While this boosts the medical tourism in the travelled country, it points out the wide gap in the availability of health resources in these regions. However, with the gradually rising disposable income, encouraging government regulatory policies, and a potential interest of global manufacturers to have a direct market presence in this region, it is expected that the market for surgical sutures in these regions would grow over the forecast period.