Report [2022-2028] Surgical Sutures and Surgical Lights Market Size, Share, Growth, Trends, Competitive Landscape, Forecast Report
Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The global surgical sutures market size was USD 3.33 billion in 2020. The market is projected to grow from USD 3.41 billion in 2021 to USD 5.12 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Surgical Sutures Market, 2021-2028.” As per our researchers, the rising occurrence of road accidents and long-lasting diseases, occasioning in a greater percentage of patients going through various types of surgeries comprising ankle arthroplasty, hip replacement, bypass surgery, and many such others.
Rescheduling of Optional Surgeries amid COVID-19 to Drop Demand for Surgical Sutures
The COVID-19 had a destructive impact on the global market. Several significant market players observed a drop in the 2020 income in comparison with the prior financial year. The government and healthcare officials took an important decision by suspending optional operations, considering the thought to reserve the healthcare assets for the COVID-19 emergency. For example, as per data provided by THE PUBLISHING PVT LTD., the estimation said that about 81.7% of operations linked to the benign condition, 37.7% of surgical cancer treatment should be postponed owing to the COVID-19 pandemic globally.
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Drivers and Restraints
Increasing Number of Surgical Procedures to Boost Market Growth
Surging patients signing up for knee and hip replacement, hysterectomy, bypass operation, and cosmetic and beautification surgeries is uplifting the usage of the surgical sutures device tofixthe injuries at a rapid pace.
For example, as per a report published by HEALTHLINE MEDIA, roughly about 600,000 knee replacement operations are executed annually in the U.S. Similarly, according to records by Texas Heart Institute, around 200,000 coronary artery bypass graft operations are accomplished yearly in the U.S.
December 2020: Apollo Endosurgery, Inc., was granted the U.S FDA sanction of the X-Tack endoscopic HeliX appending system to expand the usage of this novel technology.
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On the basis of product, the market is segregated into absorbable and non-absorbable. Based on form, the market is segmented into natural and synthetic. By end-user, the market is further divided into hospitals & ASCs and specialty clinics. In terms of region, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By application, the market is finally separated into gynecology, cardiology, orthopedics, general surgery, and others. Among these, the gynecology segment held a leading share of 25.4% as of 2020 in the global market. The orthopedic segment remained at the forefront because of the growing number of orthopedic ailments, coupled with the rising number of patients suffering through orthopedic operations worldwide.
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North America held the highest surgical sutures market share and was worth USD 1.34 billion in 2020. This is owing to the increasing occurrence of chronic diseases leading to a huge number of patients being forced to have surgeries, resulting in an upsurge in demand for surgical type of sutures.
The market size in Europe is projected to develop with a substantial CAGR owing to advanced healthcare infrastructure in leading countries such as Germany, U.K. and the unveiling of innovative suturing apparatus by Smith & Nephew and various other surgical sutures providers in this region.
List of the Companies Operating in the Market:
B. Braun Melsungen AG (Melsungen, Germany)
Johnson & Johnson Services, Inc. (New Brunswick, United States)
Smith & Nephew (London, United Kingdom)
Medtronic (Dublin, Ireland)
Coloplast A/S(Humlebaek, Denmark)
Apollo Endosurgery, Inc. (Austin, United States)
Boston Scientific Corporation (Marlborough, United States)
DemeTECH Corporation (Miami, United States)
TEPHA INC. (Lexington, United States)
Internacional Farmacéutica (Cuahutemóc, Mexico)
Kono Seisakusho Co., Ltd. (Ichikawa City, Japan)
Part II - Surgical Lights Market Research Report 2022-2027:
The global surgical lights market size is projected to reach USD 833.5 million by 2026. Innovative lights providing efficient illumination among other features during surgical procedures is driving the growth of this market. As per the report titled, “Surgical Lights Market Size, Share & Industry Analysis, By Technology (LED, and Halogen), By End User (Hospitals & ASC’s, Specialty Clinics, and Others) and Regional Forecast, 2019-2026,” the market value was USD 586.4 million in 2018. The report predicts the market to rise at a CAGR of 4.5% within the forecast duration of 2019 to 2026.
Gradual Switch from Halogen to LED Lights in Hospital Setups to Promote Market Growth
The advancements in medical technology and the rise in demand for providing the latest technologies to ensure the best healthcare facilities to patients is a major factor promoting the surgical lights market growth. Additionally, the gradual shift from halogen lights in operation theatres to light-emitting diode lights (LEDs) is another important factor boosting the market.
Other factors adding to the surgical light market growth include unmet medical needs of the patient, prolonged waiting hours, and indirect expenses of healthcare and medical facilities. Furthermore, large investments made by governments for healthcare infrastructure, medical facilities, and the introduction of medical robotics especially in emerging economies are anticipated to help the market gain traction in the coming years. This can be supported by a recent announcement of a plan set by Aster DM Healthcare, a private hospital group in India. The plan discusses the setting up of 5 new hospitals in the nation with a set of 750-bed facilities in Kerala alone. Such innovations will bode well for the market in the forecast duration.
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Segmentation of the Surgical lights Market:
By Technology: LED segment to witness high CAGR on account of its technologically advanced properties. According to the current operating lights market trends, the market is classified on the basis of technology, end user, and regions. In terms of technology, the market is bifurcated into halogen lights and LED lights. Among these, there is a higher demand for LED lights as compared to their halogen lights counterparts on account of better illumination quality and quantity, adequate intensity, and long term cost reduction. In addition to this, the advent of advanced LED lights for surgical purposes has also accelerated the demand for LED lights in the market.
By End User: Based on end user, the market is segmented into hospitals & ASC’s, specialty clinics, and others (procedure rooms, etc.). Advanced healthcare facilities are growing at a remarkable rate across countries such as UAE, India, China, and others. The rising demand for operating rooms will lead to an increasing demand for operating lights. Among end users, hospitals and ASCs account for the maximum share in the market.
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North America to Dominate the Market with Increasing Number of Ambulatory Centers
The increasing adoption of advanced LED lights in hospitals and medical infrastructures in the U.S. is likely to help North America generate high operating lights market revenue in the forecast duration. In 2018, North America generated a revenue of USD 178.2 million, owing to the consolidation of hospital and healthcare infrastructures in the U.S. The surge in the number of surgical procedures in the U.S., coupled with the substantial rise in the number of ambulatory centers around the nation is expected to help North America dominate the market in the years to come.
However, the market may face tough challenges in Europe owing to the decline in the number of hospitals in France, Germany, and Italy. Nevertheless, the market in Asia Pacific is likely to witness significant growth on account of the rapidly developing medical infrastructure in the region. This, coupled with high investments from both private players and governments to improve medical stay experience at hospitals is further anticipated to help the drive the market in this region over the projected horizon.
Strong Brand Presence and Core Competencies will help Key Players Dominate the Market
Several companies are putting continuous efforts to survive the competitive. These companies are adopting strategies such as mergers and acquisitions, partnerships, agreements, product launches, and others to maintain a strong foothold in the surgical lights market. Some of the significant players listed in the market include:
S.I.M.E.O.N. Medical GmbH & Co. KG
HillRom Services Inc.
Dr. Mach GmbH & Co. KG
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