SUTURES MARKET ANALYSIS

Sutures Market Size and Trends

The sutures market is estimated to be valued at USD 4.26 Bn in 2024 and is expected to reach USD 7.45 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.

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The global sutures market is expected to witness significant growth over the forecast period. This is attributed to rising number of surgical procedures worldwide owing to the increasing incidence of chronic diseases and accidents. Additionally, increasing priority on wound management to reduce surgical site infections and faster recovery are further augmenting the demand for sutures. Moreover, growing focus on R&D activities to develop advanced products is also contributing to the market growth. Manufacturers are focusing on manufacturing sutures from synthetic polygalactin and poliglecaprone material which dissolves itself after healing. This helps in avoiding secondary surgical procedures required for suture removal and leaves no scars. However, the availability of alternative wound closure materials, such as surgical tapes and glues, may hamper the market growth to some extent during the forecast period.

Increasing investments in facility expansions for surgical sutures

The global sutures market has been witnessing significant investments from manufacturers towards expanding their production capacities. Sutures being an indispensable medical device for wound closure, these expansions aim to ensure adequate supply in meeting the ever-growing demand. For instance, in August 2023, Riverpoint Medical, a leading developer, designer, and manufacturer of medical devices, announced the opening of its new facilities and manufacturing site in Zona Franca Coyol, Costa Rica. With a US$ 10 million investment, the company aims to double its current workforce of 70 employees, growing to 140 associates in early 2024. Riverpoint Medical is the first custom suture manufacturer of absorbable, non-absorbable, and orthopedic fibers in Costa Rica, U.S. This strategic move capitalizes on Costa Rica’s capabilities as a medical manufacturing hub and its proficiency in medical device exports.

The increasing number of surgical procedures is expected to drive the global sutures market growth over the forecast period. The global sutures market has been witnessing steady growth over the past few years owing to a rise in the number of surgical procedures being performed worldwide. Sutures or stitches are an integral part of almost every surgery to effectively close wounds or surgical incisions. As more and more people are opting for various elective and non-elective surgical treatments for different health conditions, the demand for sutures has increased significantly. For instance, according to data published on September 1, 2023 by the International Society of Aesthetic Plastic Surgery, in 2022, more than 14.9 million surgical procedures were performed worldwide. According to data published on June 222 by the National Heart, Lung, and Blood Institute (NHLBI), each year, more than 2 million people around the world have open-heart surgery to treat various heart problems.