Industry Outlook
Veterinary surgical sutures market accounted for a market value of US$ 264.13 million in 2019 and projected to grow at a CAGR of 6.7% during the forecast period from 2021 to 2029. Increasing pet ownership in developed and developing countries is one of the major drivers assisting the growth of veterinary surgical sutures market as pet owners are more concern about pet injuries and diseases. According to a survey conducted by American Pet Products Association’s cat owners pay about $196 in routine care and about $400 on surgical visits and dog owners spend about $235 annually and $551 on surgical visits. Less than 15% of the pet owners are insured. Spread of covid 19 across 215 countries has had a large impact on the pet care market. Total visits to veterinarian clinics indicated a sharp dip.
"Absorbable surgical sutures have huge market demand due to high efficiency, safety, and considered as accost efficient option over non-absorbable surgical suture"
Absorbable surgical sutures further sub-segmented as monofilament, natural, and braided; thus, a wide range of product options assists doctor’s convenience. The absorbable monofilaments are made of polydioxanone, natural sutures created with animal gut, and braided sutures are made of polyglycolic acid, & polyglactic acid. The key market drivers responsible for growth of veterinary surgical sutures market are rising prevalence of veterinary diseases due to developed diagnostic techniques, and high public awareness related to animal diseases & injuries.
"Asia Pacific identified as the fastest growing veterinary surgical sutures market during the forecast period due to increasing trend of petting animals"
Asia Pacific is growing significantly throughout the forecast period due to key market drivers such as developing veterinary diagnostic technologies & its increasing adoption, rising public awareness related to veterinary diseases and treatment options, and mounting number of specialty veterinary hospitals & clinics. China & Japan are the major veterinary surgical sutures market due to improved healthcare facilities, high awareness related to pet healthcare, and humanization of pets is growing significantly. One of the major factor assisting the veterinary surgeries to grow significantly is the rising trend of pet insurance in some major Asian countries such as Japan & China.
The key manufacturers involved in the market studied based on financial data, product portfolio, current press releases, and major market strategies. This report also covers attractive investment proposition studied based on extensive geographical PESTEL analysis. Major players included in the report are Medtronic plc, B.Braun, DemeTech, KRUUSE UK Ltd., Ethicon US, LLC, Teleflex Incorporated, Q-Close (Clinisupplies Ltd.), and AmerisourceBergen Corporation among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Veterinary Surgical Sutures market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
Suture
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End-users
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report