The global knotless tissue control devices market is estimated to garner a revenue of ~USD 670 million by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 460 million in the year 2021. The primary growth factor for the knotless tissue control devices market to expand is the high number of surgeries performed worldwide. As per recent estimates done in 2020, it was revealed that around 300 million major surgeries are performed each year globally; out of which 50 million are done in the United States and 20 million in Europe.
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Knotless tissue control devices are generally absorbable and antibacterial that are developed to facilitate soft tissue approximation. These devises provide enhanced performance characteristics and wound holding security with added features that offer increased efficiency and control. The great advantages of knotless tissue control devices such as distribution of tension along the wound, simplified knot tying, and reduced knot-related complications, are expected to boost the demand of knotless tissue control devices in the healthcare industry. Thus, the high number of surgeons in the healthcare sector is projected to increase the adoption rate of knotless tissue control devices. As of 2022, in the United States there are about 54,800 surgical physicians.
Growth in Healthcare Segment – As per recent estimates, the revenue generated in the health care sector is augmented to reach USD 60 billion by 2022.
High Expenditure in Healthcare Industry – The recent data showed that the global spending on the healthcare industry was approximately USD 9 trillion in the year of 2020, an increase from just USD 7 trillion in 2015.
Rise in Cosmetic Surgeries – The recent statistics reveals that in the United States approximately USD 10 billion amount of revenue were garnered through surgical cosmetic procedures. Further, the total amount of revenue generated from surgical and nonsurgical cosmetic procedure stood up at around USD 16 billion.
Escalation in the Number of Hospitals - As per the Organization for Economic Co-operation and Development, the number of hospitals in the United States rose from 5,564 in 2015 to 6,090 in 2019.
Increased Research and Development Expenditure – As per the World Bank, the expenditure made in research and development accounted to be 2.63% of the total GDP, a considerable rise from 2.14% in 2016.
The knotless tissue control devices market is segmented and analyzed for demand and supply by application into hospitals, ambulatory surgical centers, trauma centers, medical device manufacturers, pharmaceutical companies, research centers and laboratory, and others. Out of these, the hospital segment is expected to garner the highest revenue by 2031, owing to high number of hospitals across the world. The recent study revealed that in 2020, the hospitals in Colombia region had the highest number with 10,900 hospitals. Further, Japan had 8,240 hospitals and United States had 6,090 hospitals in the same period. Additionally, the growing hospital industry is an another growth factor expanding the market size. India’s hospital industry is expected to reach approximately USD 135 billion by 2035 from USD 60 billion in 2017, with a robust CAGR of 17%.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global knotless tissue control devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, owing to rising cases and deaths of chronic cases in the region. Rising chronic diseases has resulted in increased surgical sutures which in turn is projected to rise the demand of knotless tissue control devices. As per a recent study by the Centers for Disease Control and Prevention in 2022, it is revealed that 6 out 10 adults in the U.S. have been diagnosed with one chronic disease and respectively 4 out of 10 have been diagnosed with two or more than chronic diseases. Further, North America is anticipated to dominate the knotless tissue control devices market in the forecast period due to growth in GDP, health expenditure and changing lifestyle. The Centers for Medicare & Medicaid Services also stated that in 2020, the national health expenditure in the region accounted USD 4.1 trillion, or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Additionally, the growth in the healthcare industry is expected to increase adoption rate of knotless tissue control devices in the hospitals of the region. As of 2021, the healthcare industry stood up at USD 810 billion in the United States.
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The global knotless tissue control devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global knotless tissue control devices market includes the following segments:
By Product Type
FREQUENTLY ASKED QUESTIONS
The rising cases of chronic diseases across the world has increased the demand for surgical sutures which in turn is anticipated to be the primary growth factor for the expansion of knotless tissue control devices market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
The availability of other would healing products coupled with high risk of on-site surgical infection and high costs of antibacterial equipment are some of the factors that are projected to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Medtronic, Johnson & Johnson Services, Inc., Medical Device Business Services, Inc., Medline Industries, LP, Dalent LLC, Acera Surgical, Kerecis, Guard Medical Inc., Axio Biosolutions Pvt Ltd, Grapheal, Smith & Nephew, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, and by region.
The hospital segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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