Increasing healthcare expenditure in emerging
economies, including on aesthetic procedures, is having a positive effect on
the expansion of the surgical sutures market, according to a new report by
medical intelligence company GlobalData.
The new report* states that a rising
interest in cosmetic procedures, combined with technological advancements, the growing
demand for outpatient surgeries and increasing healthcare expenditure due to
older, more wealthy populations, in emerging countries such as China, India and
Brazil will support market growth for medical equipment such as surgical
sutures.
Emerging economies
such as India and China are
expected to drive the demand for operating equipment in the future, where the markets for surgical sutures are forecast to grow at a
respective compound annual growth rate (CAGR) of 4.3% and 4.7%, to reach market
values of $115.5m and $274.8m in 2018. The Brazilian surgical sutures market is
also predicted to grow at a slightly lower CAGR of 3.8%, to reach $220.1m in
2018.
The strong economic growth forecast in
these emerging economies is expected to lead to increased investments in
healthcare infrastructure, due to increasing patient affordability, the
availability and demand for healthcare insurance, and general improvements in
healthcare services offered. China
and India
are the most populous countries in the world, and are therefore anticipated to
provide significant growth opportunities for manufacturers for years to come.
While the number of people opting for plastic
surgery is increasing on a global scale, including in emerging economies, the
highest concentration of surgeries still take place in the US. According
to statistics released by the American Society for Aesthetic Plastic Surgery
(ASAPS) in April 2011, the demand for plastic surgery procedures increased by
9% between 2009 and 2010 alone, and has grown by a total 155% since 1997. Around
9.5 million plastic surgery procedures were performed in the US in 2010, during which year $6.6 billion was
spent by US citizens on
cosmetic surgery procedures, meaning it will be some years yet before emerging
economies reach the kind of levels demonstrated by the US.
The global market for surgical sutures is
forecast to reach a market value of $4,233m by 2018, growing at a CAGR of 4.4%
during 2011-2018.
*Surgical Sutures - Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2018
The report provides market landscape,
competitive landscape and market trends information on the surgical sutures
market and provides comprehensive information on the key trends affecting the
market, and key analytical content on the market dynamics. The report also
reviews the competitive landscape and technology offerings.
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