Suarez will serve the second game of his 10-match ban when the local rivals meet at Anfield.
"We're glad we don't have to face Luis Suarez because he's a top player and he has done so much for Liverpool this season," said Baines.
"If they had been missing him this season, they probably wouldn't be where they are in the league at the moment. He will be a big loss for them.
"But they have got very good players throughout the team and it will be up to them to come to the fore and keep them going. We understand the importance of it, it is a big game."
Suarez has scored three goals in four appearances against the Toffees.