According to the latest report published by Credence Research, Inc. “Veterinary Surgical Sutures Market By Type Of Suture (Absorbable Surgical Suture, Non-absorbable Surgical Suture), By End-Users (Hospitals, Clinics) – Growth, Future Prospects, And Competitive Landscape, 2018-2026,” the global veterinary surgical sutures market was valued at USD 232.0 Mn in 2017, and is expected to reach USD 418.6 Mn by 2026, expanding at a CAGR of 6.7% from 2018 to 2026.
Browse the full report Veterinary Surgical Sutures Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/veterinary-surgical-sutures-market
Market Insights
Veterinary sutures are one of the most preferred surgical devices in veterinary surgeries or wound closures. The companion animals account for almost 50% of the market compared to farm animals. The reason for this dominance is increasing trend of petting animals in the young generation, and high awareness related to the health of companion animals in pet owners. Growing technological developments in animal husbandry industry have increased the profit margins of business owners due to which requirement of farm animals is increasing which is further assisting the animal healthcare market. Enhancement in the field of suture manufacturing process coupled with availability of wide range of surgical sutures for veterinary applications identified as the key factors responsible for overall growth of veterinary surgical sutures market.
Veterinary surgical sutures can be segmented as absorbable and non-absorbable. Absorbable surgical sutures are further segmented as monofilament, natural, and braided. Non-absorbable surgical sutures are sub-segmented as monofilament and braided. Absorbable surgical sutures accounted for the largest market share in 2017, due to key market drivers such as highly safe & minimum post-surgery complications are reported, cost-efficient, and causes minimum wear & tear of targeted area. Monofilament is currently the most preferred surgical suture as it causes less damage to skin tissues and reduces the chances of post-surgery infection.
North America was observed as the largest veterinary surgical sutures market due to high public awareness related to safe & efficient surgical sutures, minimal invasive veterinary surgeries promote minimum application of sutures assisting the quick recovery of animals, and high availability & accessibility of modern healthcare infrastructure. One of the major reasons indirectly assisting the market growth is rising number of individuals preferring a pet animal at home and imbibing this culture & idea in young population. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA) suggested that, 60% of the U.S. households, or about 85 million families, own a pet. Thus, supportive health insurance policies for pets also trigger the veterinary surgical sutures market in the near future.
Market Competition Assessment:
The growth of veterinary surgical sutures is gradual and major companies present in this market are investing on development of cost-efficient & safe veterinary surgical sutures. The key market players in this market are Medtronic plc, B.Braun, DemeTech, KRUUSE UK Ltd., Ethicon US, LLC, Teleflex Incorporated, Q-Close (Clinisupplies Ltd.), and AmerisourceBergen Corporation among others.
Key Market Movements:
- Rising awareness related to animal care is assisting the overall veterinary diagnostic & treatment market
- Technological enhancement in veterinary surgical sutures in terms of the design, physical properties and efforts to minimize post-surgery side-effects
- Absorbable surgical sutures accounted for the largest market share in overall veterinary surgical sutures market due to several advantages over non-absorbable surgical sutures
- North America dominated the overall veterinary surgical sutures market globally due to recorded highest number of pet and cattle surgeries.
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Chris Smith
Credence Research
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