Competitive Pricing Strategy by Domestic Players to Keep Competition High in Global Surgical Sutures Market

The demand for surgical sutures has remained steady over the last few years. This sustainable growth witnessed in the global surgical sutures market is enabled by the increasing number of surgeries conducted worldwide. Factors such as the rising geriatric population and increasing incidence of chronic ailments, besides willingness of people to spend on advanced healthcare have come to benefit of the global surgical sutures market. Considering the latest innovations in healthcare, coupled with growing awareness among public about the same, patients were never more inclined toward minimally invasive surgeries and speedy recovery. Healthcare providers are therefore compelled to offer technological advancements ascertaining improved tissue approximation and wound closure time.

In addition, recent improvements in healthcare facilities leading to the rising number of hospitals and clinics, especially in emerging nations, have augmented growth in the global surgical sutures market. According to TMR, the global Surgical Sutures Market is expected to report a CAGR of 3.9% between 2017 and 2025. At this pace, the market’s valuation will reach US$5.08 bn by the end of 2025.

Q: What are the strategies adopted by leading market players to stay competitive?

A: The top five companies held nearly 65% of the global surgical sutures market in 2015. These companies were Smith & Nephew plc, Acelity L.P. Inc., Medela AG, Integra LifeSciences Corporation, and Cardinal Health. Despite consolidation, price wars prevailing in the market has continued to remain intense as domestic players offer products at a competitive cost. Nonetheless, the aforementioned companies are forecast to hold strong foothold even in the forthcoming years as they offer a diverse product-portfolio. Furthermore, the leading companies boast a strong customer relationships, which have enabled them remain at the market’s fore.  

As a result of shrinking profit margins, besides threat of alternatives, companies are looking to expand their regional footprint. The high prevalence of cardiovascular diseases and other chronic illnesses has resulted in the increasing number of open-heart surgeries conducted in a given year. This provides the market players with considerable opportunities for capitalizing on in the coming years. For instance, in 2015, the medical world witnessed Medtronic acquiring Coviden plc., which a healthcare company based on Ireland. With this Medtronic aims at expanding their product portfolio and thus chances for consolidating market shares.

Q: Which region will prove most lucrative for enterprises operating in the global surgical sutures market?

A: Regionally, North America held dominance with a share of 35% in the market in 2016. Between 2017 and 2025, the dominance of the regional market is expected to remain intact, however, expansion will happen only at a 3.8% CAGR during the forecast period. High prevalence of cardiovascular diseases and chronic ailments and the subsequent rise in surgeries will enable growth in the North America surgical sutures market.

Asia Pacific is likely to emerge as a lucrative regional market as well. The rising awareness among people, besides increased investment in the healthcare sector will aid the surgical sutures market’s expansion in the region.

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