The escalating number of hospitals and healthcare professionals, growing expenditure on healthcare, and surging aging population are set to propel the Saudi Arabian surgical sutures market at a CAGR of 3.6% during the forecast period (2018–2023). The market stood at $16.7 million in 2017, and it is expected to reach $20.6 million by 2023.
Further, the growth of the market is driven by the soaring incidence of burn cases, surging volume of surgeries, and rising prevalence of chronic diseases. With the growing cases of several diseases and different types of health problems in Saudi Arabia, the number of surgeries is also on the rise. Moreover, the elderly also undergo several surgical procedures because of their higher susceptibility to diseases, which is why the constant increase in the geriatric population is supporting the market growth.
Additionally, the bifurcations under the end user segment of the Saudi Arabian surgical sutures market are hospitals and others, which include nursing homes, ambulatory surgery centers, and private clinics. Of these, the hospitals bifurcation generated the higher revenue for the market in 2017 because most of the surgeries are performed in hospitals, as they offer the required infrastructure and the best possible services. Hospitals are equipped with several medical devices and employ a trained staff, which conducts surgical procedures efficiently. Even in the coming years, the category will maintain its dominance on the market.
To make the most of the lucrative opportunities, players in the Saudi Arabian surgical sutures market, such as Johnson & Johnson, Doğsan, Smith & Nephew plc, Medtronic plc, Surgical Specialties Corporation, B. Braun Melsungen AG, and United Medical Industries Co. Ltd., are focusing on acquisitions. For instance, Surgical Specialties Corporation, in January 2016, acquired all affiliated entities and shares of FSSB Chirurgische Nadeln GmbH, which produces needles and sutures. Through the acquisition, Surgical Specialties Corporation expanded its needle business by utilizing the proprietary technology of FSSB Chirurgische Nadeln GmbH.
Thus, the growing awareness regarding beauty enhancement and rising cases of chronic diseases will drive the sales of surgical sutures in the kingdom.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
