The Uruguayan forward was a revelation at Anfield last season scoring 31 league goals in 33 appearances and winning both the PFA and Football Writers' Player of the Year awards.
Barcelona paid Liverpool a reported fee £75m to secure the striker's services and Brendan Rodgers has taken advantage of the influx of cash by bringing in nine new players, with Italian forward Mario Balotelli becoming the latest player to sign for the club on Monday.
Gerrard acknowledges the team will miss Suarez but is confident the overall depth which has been added to the squad will make the club stronger as a whole.
"There is no doubt it we are going to miss a player like Luis Suarez," he said. "He is a world-class player.
"But what the manager is done is he has strengthened in other areas and we have also recently signed Mario Balotelli.
"Hopefully the new signings along with everyone who has been here for a long time can help soften the blow of losing Luis and we can show everyone that there is life after him and we can be successful without him."
Liverpool were beaten 3-1 by reigning Premier League champions Manchester City on Monday and will be looking to bounce back when they travel to White Hart Lane on Sunday to face Tottenham Hotspur.
Spurs are off to a fast start this season with two wins from two in the league and Gerrard is wary of the challenge presented by Mauricio Pochettino's men.
"It's going to be very tough," he admitted. "Tottenham away is a difficult match. They have started the season really well. They have a new manager.
"They have got confidence and belief back so we will have to perform at our maximum to get the result we want but we are going to go there for three points and we are confident we can get them."
Liverpool's game with Spurs will be shown live on Sky Sports 1HD, with coverage starting at 12.30pm.