(MENAFN- GlobeNewsWire - Nasdaq) Newark, March 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.45 billion in 2022 cardiac sutures market will reach USD 3.13 billion by 2032. The two most prevalent cardiovascular diseases, heart attacks and strokes cause over 18 million fatalities each year. They contribute roughly 30% of deaths globally. A poor diet, a lack of exercise, and escalating smoking and tobacco use increase the risk of these diseases. Another critical factor is that the 700 million people with untreated hypertension are highly likely to develop cardiovascular disease. To decrease mortality, governments worldwide have pushed for better funding and policy interventions to increase healthcare coverage. The aim is to make cardiac surgeries and other treatment options more accessible and affordable with better healthcare infrastructure and reimbursement policies.
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Key Insight of the Cardiac sutures Market
North America is expected to dominate the market during the forecast period.
The region's dominance in the global market results from the rising incidence and prevalence of cardiovascular disorders there. The region's patient pool is growing due to the sizeable senior population and the high prevalence of obesity and cardiovascular diseases. The population's poor lifestyle, which includes a processed-sugary diet and little exercise, is a factor in the increased incidence of cardiovascular ailments. The well-established healthcare sector, which has a vast network of hospitals, clinics, ambulatory surgical centres, and favourable government reimbursement rules, is segmenting the rising demand for cardiac procedures.
In 2022, the absorbable sutures segment dominated the market with the largest market share of 58% and market revenue of 0.84 billion.
The product type segment is divided into absorbable sutures and non-absorbable sutures. In 2022, the absorbable sutures segment dominated the market with the largest market share of 58% and market revenue of 0.84 billion.
In 2022, the synthetic segment dominated the market with the largest market share of 59% and market revenue of 0.85 billion.
The material type segment is divided into synthetic and natural. In 2022, the synthetic segment dominated the market with the largest market share of 59% and market revenue of 0.85 billion.
In 2022, the multifilament suture segment dominated the market with the largest market share of 54% and revenue of 0.78 billion.
The type is divided into monofilament suture and multifilament suture. In 2022, the multifilament suture segment dominated the market with the largest market share of 54% and revenue of 0.78 billion.
In 2022, the hospitals' segment dominated the market with the largest market share of 44% and market revenue of 0.63 billion.
The end user is divided into hospitals, clinics, ambulatory surgical centres and others. In 2022, the hospitals' segment dominated the market with the largest market share of 44% and market revenue of 0.63 billion.
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Advancement in market
February 2023 - Origami Surgical revealed that the FDA had approved the insertion and extraction of its StitchKit technology. The new FDA indication for Origami permits insertion or removal as the surgeon views the procedure through the laparoscope through any existing 8mm trocar incision. The surgeon next inserts the StitchKit straight into the operative field. According to Origami, the surgeon takes StitchKit out using the retrieval string when the procedure is over. The surgeon removes the trocar and StitchKit together after pulling them flush to the robotic trocar. The goal of Origami's StitchKit technology was to improve robotic surgery. The surgeon can control every aspect of suture use and needle disposal in plain sight. Robotic surgery is made safe, autonomous, and effective by technology. StitchKit avoids exposed needle transfer and offers a location for discarded needles to be collected in a transparent, lockable container. A pre-loaded suture delivery canister with six sutures and needles is also included for quick access.
Market Dynamics
Driver: The frequency and incidence of cardiovascular illnesses are increasing
Regardless of age, gender, or race, everyone is susceptible to cardiovascular disorders. Obesity, high blood pressure, high blood sugar, and high cholesterol are the main contributors to cardiovascular disease. Age also increases the risk of cardiovascular illnesses. Cardiovascular illnesses can also be brought on by excessive alcohol consumption and tobacco use. The sedentary lifestyle, lack of exercise, unhealthy ultra-processed diet, high sugar, sodium, and fat, and increased stress are all related to modern lifestyle changes. The burgeoning global elderly population also exacerbates the growing disease burden. With the current lifestyle, the increased incidence of obesity is also a significant contributor to cardiovascular disease. In addition to raising the risk of diabetes and high cholesterol, obesity is also linked to an increase in the prevalence of cardiovascular illnesses. Cardiovascular surgery is a long-term, highly effective therapy with excellent patient results. Technology development also guarantees better patient outcomes, increasing patients' trust in these procedures. The market's expansion is aided by the improved treatment accessibility brought about by favourable reimbursement policies. Hence, the global need for cardiac sutures will expand due to cardiovascular disorders' rising incidence and prevalence.
Restraint: Costly cardiac operations
Most countries lack adequate public healthcare systems to meet the population's expanding requirements. The healthcare systems of many countries are plagued by several issues, including a shortage of resources, staff, equipment, devices, and medications. The public healthcare system's inadequacy and failure have created a market void that is being filled by private businesses. These are privately owned businesses that want to make money. They provide customers with the best tools, resources, tests, medicines, and therapies. These organizations employ the best professionals in the industry. Also, they provide quick, customer-focused services. All of these, however, are pricey. The price of cardiac surgery is high on the private market. The vast majority of people cannot afford these procedures. Poor insurance coverage exacerbates the issue and prevents a sizeable section of the world's population from accessing these surgeries, which are frequently life-saving. As a result, the market's expansion will be constrained by the high cost of cardiac procedures.
Opportunities: The increasing cost of public healthcare and the implementation of reimbursement policies
Numerous countries have consistently struggled with the poor state of their public healthcare systems. The global healthcare crisis is caused by several issues, including a lack of resources, skilled workers, support staff, and logistics. The healthcare industry's supply side has not been ramped up parallel to the demand side, which is widening the market gap because of the growing healthcare needs of the population. While leaving millions without access to pharmaceutical or medical care, private actors have taken advantage of this gap and the consumers. A renewed budgetary push in terms of money and policy reforms has occurred in recent years due to the persistent efforts of civil society, campaigners, and the public. These measures were intensified after the devastating COVID-19 pandemic, which exposed numerous governments' incompetence. By constructing new medical colleges, the increased spending is intended to improve the healthcare infrastructure and provide a vital human resource for the industry. Similar attention has been paid to hospitals, clinics, diagnostic labs, research institutes, and other significant stakeholders. Therefore, the increased fiscal healthcare expenditure will propel the market's growth in the forecast period.
Challenge: the availability of alternative therapies
Therapeutics and other medications can be used to treat some cardiovascular disorders. Due to the high expense of cardiac procedures, many patients now prefer oral medications or other less expensive choices. Also, the scientific community has been able to create precision surgery tools because of technological breakthroughs. There are minimally invasive surgical techniques. They produce superior outcomes and speed up healing and recovery. Given the increasing levels of research, development, and product innovation, these surgeries have better patient outcomes, leave fewer scars, and are less expensive. The availability of other, frequently superior therapeutic choices will thus threaten the market's expansion.
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Some of the major players operating in the cardiac sutures market are:
. Abbott
. Apollo Endosurgery Inc.
. B. Braun SE
. Boston Scientific Corporation
. CONMED Corporation
. DemeTECH Corporation
. Johnson & Johnson Services Inc.
. Medtronic
. Peters Surgical
. Smith & Nephew
Key Segments cover in the market:
By Product Type
. Absorbable Sutures
. Non-Absorbable Sutures
By Material Type
. Natural
. Synthetic
By Type
. Monofilament Suture
. Multifilament Suture
By End User
. Hospitals
. Clinics
. Ambulatory Surgical Centers
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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