Rising Costs, Cosmetic Surgery Driving Sutures Market
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 of 4.3 percent and 4.7 percent, reaching market values of $115.5 million and $274.8 million by 2018. The Brazilian surgical sutures market is also predicted to grow at a slightly lower CAGR of 3.8 percent, to reach $220.1 million.
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 years to come.
While the number of people opting for plastic surgery is increasing on a global scale, the highest concentration of surgeries still take place in the U.S. According to statistics released by the American Society for Aesthetic Plastic Surgery (ASAPS) in April 2011, the demand for plastic surgery procedures increased by nine percent between 2009 and 2010 alone, and has grown by a total of 155 percent since 1997. Around 9.5 million plastic surgery procedures were performed in the U.S. in 2010, during which year $6.6 billion was spent by U.S. citizens on cosmetic surgery procedures, meaning it will be some years yet before emerging economies reach the kind of levels demonstrated by the U.S.