The consolidated competitors landscape of global surgical sutures market is set witness a decent CAGR (Compound Annual Growth Rate) over the forecast period of 2017-2025, creating opportunities for market players worth USD 5 billion. Players would hurry to make the most of these untapped opportunities set to merge over the market landscape. Some of the most notable players include Cardinal Health, Medela AG, Integra LifeSciences Corporation, Acelity L.P. Inc., and Smith and Nephew plc, among others. Here, it is worth noting that in the year 2015 about 65% of the total market share was held by top 5 companies.
A Transparency Market Research (TMR) market study report on global surgical sutures market explains that factors such as increase in incidence of trauma, hernia and conditions related to breast, skin and soft tissue is fueling the market on the trajectory of growth. Besides, a growing prevalence of disorders relating to musculoskeletal system is adding to this growth trajectory.
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It is worth noting that a swift rise in the aged demographics is also driving the global surgical sutures market over the forecast period as this demographic is particularly susceptible to slow healing wounds, surgeries and chronic diseases that sometime need certain procedures to be done surgically. Some statistics might add to the overall picture in this regard. One, worldwide, the global population will see a large number of 2 billion people aged 60 and above by the year 2050. Additionally, one in every four people in North America, and in Europe will be aged 65 and above. This ratio would be one in every sic on the global level.
It is worth mentioning here that history was created in the year 2018, when demographics shifted dramatically – number of aged surpassing the number of children. The age bracket for former was 65 and above and for latter it is five and below.
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North America to Dominate the Global Surgical Sutures Market over the Forecast Period
High geriatric population – one in every four by 2050 in the 65 and above age bracket – and rise in demand for surgeries owing to age, lifestyle issues and rise in chronic diseases is helping the North American region to chart impressive figures over the forecast period. There is indeed a massive increase in the incidence of cardiovascular diseases (CVD). Also, chronic diseases in the United States of America are seeing a high incidence with six in every ten people suffering from one and sour in every ten people suffering from at least two chronic diseases. An advances medical environment, high disposable incomes and a robust reimbursement infrastructure also works in favor of the North American Region.
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