Rise in Health System is Leading the Market for Surgical Sutures over the Forecast Period.
According to a new market research study titled ‘Surgical Sutures Market to 2025 – South and Central Analysis and Forecasts by Product, and Application, the South and Central surgical sutures market was valued at US$ 372.7 Mn in 2017 and is estimated to reach US$ 526.9 Mn by 2025. The report highlights the trends prevalent in the South and Central America surgical sutures market and the factors driving the market along with the factors that are restraining the growth of surgical sutures market.
The South and Central America surgical sutures market is expected to experience growth in the coming years. The rise in health system is leading the growth of the surgical sutures market. For instance, health system of Venezuela works under the protocols of National Health System that includes the public and private subsectors. These subsectors are fragmented segmented according to their characteristics that defines the health system in Venezuela. The Ministry of Health is a regulatory agency of government which cover the Comprehensive Health; Public Health Networks; Hospitals; Resources, Technology, and Regulation; and Outpatient Health Care Networks. Similarly, the others public facility includes Venezuelan Social Security Institute (IVSS), the Institute for Social Welfare of the Ministry of Education, the Institute of Social Welfare of the Armed Forces, the Corporacion Venezolana de Guayana, and Petróleos de Venezuela S.A
Moreover, in the year 2016, ministry stated that there were near about 16,909 facilities in the community care networks. These community care networks were across the 593 health areas and were organized as community health clinics. Some of them were 12,904 clinics, comprehensive diagnostic centers 571 centers, community dental offices 1,923 offices; and more. Therefore, owing to the health system in Venezuela, the aesthetic surgery are done in more number in this country. The increase in the more number of the aesthetic surgeries are due to the reliable and cost efficient procedures. For instance, penis enlargement are the most popular procedures in Venezuela after Germany. Moreover many of the patients visit this country for surgeries such as liposuction, breast augmentation, and the corresponding buttock surgery. The driving factor for more cosmetic surgery in Venezuela is due to the three times cheaper rate as compared to Brazil.
The market of surgical sutures in South and Central America is anticipated to grow at a CAGR of 4.4% over the forecast period. Brazil holds the largest market for the surgical sutures market and Argentina is the fastest growing market for the surgical sutures in the South and Central American market. In addition, the prices in Argentina are low for the cosmetic surgeries. The prices are near about 60-70% cheaper in Argentina. The country is well known for the types of the cosmetic surgery such as breast implants, rhinoplasty and tummy tuck surgery. The facelift surgery is very common and performed very frequently. In addition, the weight loss surgeries such as Lap Band or gastric bypass surgery is gain more fame. Thus owing to the above mentioned factors and more such as increasing the need of the surgical sutures due to the rise in the road accidents and aesthetic procedures that are leading to the rise in general surgeries and orthopedic surgeries.
The surgical suture market is highly fragmented due to the presence of various local as well as regional players. Some of the key players operating in this region includes, B. Braun Melsungen AG, Medtronic, Ethicon USA, LLC, Smith & Nephew, Atramat, Demetech Corporation, Sutures India, Péters Surgical, Teleflex Medical OEM, Serag-Wiessner GmbH & CO. KG among others.
The report segments the South and Central America Surgical Suture market as follows:
South and Central America Surgical Suture Market – By Product
Polyglactin 910 Sutures
Poliglecaprone 25 Sutures
Polyglycolic Acid Sutures
Stainless Steel Sutures
South and Central America Surgical Suture Market – By Application
South and Central America Surgical Suture Market – By Geography
Rest of South and Central America