As per the latest report published by Future Market Insight, a leading Market Research firm, the Suture Needles Market is valued at US$ 534.7 Mn and is anticipated to reach the valuation of US$ 966.9 Mn by the end of 2032 by growing at a CAGR of 5.5%. Furthermore, the market is expected to offer an absolute dollar opportunity of over US$ 400 Mn in the upcoming 10 years.
The growing number of cardiovascular illnesses and chronic diseases is expected to drive the market, increasing demand for surgeries and Suture Needles. According to the WHO, cardiovascular diseases were responsible for more than 33% of all fatalities in 2019. Furthermore, technological advances are expected to benefit the global industry.
Straight Shaped Needles are expected to drive market growth. It will remain a dominant segment during the forecast period, growing at a CAGR of 5.4% between 2022 and 2032. Straight-body needles are used to sew tissues that are easily accessible by hand.
Key Takeaways from the Market Study
● The Global Suture Needle Market is currently valued at US$ 534.7 Mn and is expected to reach the valuation of US$ 564.7 Mn by 2022 by growing at annual growth rate of 5.6% during 2021.
● The market for Suture Needle will garner an absolute dollar opportunity of US$ 402.2 Mn in the period between 2022 and 2032.
● The market for Straight Shaped Needles are expected to dominate the market by growing at a CAGR of 5.4%.
● The U.S. market dominates the global market for the Suture Needles with a majority share of over 29% and is expected to increase at a CAGR of 5%
The availability of quick substitutes, suture related side effects, lack of waste management and an increase in the prevalence of needlestick injuries is likely to hamper the market growth, comments a Future Market Insight analyst.
Competitive Landscape
The market is being driven by market players who are expanding their product portfolios by heavily investing in R&D and product development. Technological advancements, product upgrades, distribution network expansion, and increased M&A activity have all contributed to the environment remaining competitive.
Some of the prominent companies in the global Suture Needle market are Medtronic, Futura Surgicare Pvt. Ltd., Johnson & Johnson Medical N.V., Aurolab, Natsume Seisakusho Co., Ltd., Alfresa Pharma Corporation, Bear Medic Corporation, SUTUREX & RENODEX, Teleflex Incorporated, Smith & Nephew, Hu-Friedy Mfg. Co., LLC, FSSB Chirurgische Nadeln GmbH, Burtons Medical Equipment Ltd., Advin Health Care, etc.
The key developments in the Suture Needle Market are:
· Medtronic announced a partnership with Vizient for an AI-powered video management system in March 2022. This will allow Surgical Teams to easily access procedural videos.
· Smith and Nephew announced in November 2020 that their newly developed Novostitch Meniscal repair system had an 82.6% success rate in treating Horizontal Cleavage tears.
Market Segments Covered in Suture Needle Market Analysis
By Component:
- Solution
- Agent Based Solution
- Agent Less Solution
- Services
- Support and Maintenance Services
- Training and Consulting Services
By Deployment Type:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Organisation Size:
- Large Enterprises
- SMEs
By Vertical:
- BFSI
- Healthcare
- IT and Telecom
- Government and Defense
- Construction
- Education
- Others
By Region Type:
- North America
- Latin America
- Europe
- APAC
- MEA
Read More@ https://www.futuremarketinsights.com/reports/suture-needles-market
Types of suture needles comprise triangle, coronary tip, taper cutting, spataula, taper point, and others.
The global suture needles market report by Market Research Future (MRFR) contains primary and secondary research outlining the drivers and challenges of the industry for the period of 2018 to 2023 (forecast period).
The outbreak of the COVID-19 pandemic and its impact on the industry are explored in high detail.Market ScopeThe global suture needles market is anticipated to reach USD 3,809.4 million by 2023.
It is expected to register 3.1% CAGR over the forecast period due to the need to stem the cases of hospital-acquired infections (HAIs).Rise in the number of surgeries owing to increasing cases of chronic disorders and diseases among the masses are expected to drive the market growth.
This was facilitated with the introduction of reimbursement policies for covering a majority of surgeries.
But the incidence of needle stick injuries and availability of various alternatives can restrain market growth.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/552 SegmentationThe global suture needle market has been segmented into shapes, types, and end users.Based on shapes, the global market is segmented into straight shaped needles, j shape needles, compound curve-shaped needles, and half curved.Based on types, the global market has been divided into eyed needles and eyeless.Based on end users, the global market is segmented into ambulatory surgical centers, hospital, clinics, and others.
Suture Needle: Improvement in Reimbursement Policies is Likely to Boost the Market Growth at a CAGR of 3.1% During the Forecast Period 2017-2023The global suture needles market is expected to grow at a CAGR of 3.1% during the forecast period 2017-2023.Suturing is a technique used to repair tissue and facilitate healing.
Needles having a hole at the suture side are eyed needles, whereas those which have suture crimped within the needle are considered as eyeless or swaged.
There are more benefits associated with eyeless needles over the eyed needle such as an eyeless needle is for single use which avoids the loss of sharpness.Key Players in the Suture Needles MarketRoboz Surgical Instrument,Hu-Friedy Mfg.
Co.,LLC,Hill-Rom,Medline Industries,,Medtronic Plc,Braun Melsungen AG,Johnson & Johnson Services,, and others.Request a free sample @ https://www.marketresearchfuture.com/sample_request/552The main aspects of this technique include closing dead spaces, reducing the risks of bleeding, strengthening wounds until healing, and making skin aesthetically pleasing.
Suture needles are required for the placement of sutures in tissues.
Suture needles must be rigid enough to avoid bending and flexible enough to bend before breaking.Key factors driving the suture needles market areIncreasing number of surgical proceduresfavorable reimbursement scenariorising geriatric populationtechnological improvementsMarket SegmentationThe global suture needles market is segmented on the basis of shape, type, and end-users.On the basis of the shape, the market is classified into straight shaped needles, j shape needles, compound curve shaped needles, half curved, and others.On the basis of the type, the market is segmented into eyed, and eyeless needles.On the basis of the end -users, the market is segmented into ambulatory surgical centers, hospital, and clinics, and others.Access Complete Report @ https://www.marketresearchfuture.com/reports/suture-needles-market-552Regional analysisThe Americas dominate the suture needles market owing to the well-developed technology, high healthcare expenditure, improvement in reimbursement scenario, and the presence of the leading players.
The global suture needles market report by Market Research Future (MRFR) contains primary and secondary research outlining the drivers and challenges of the industry for the period of 2018 to 2023 (forecast period).
The outbreak of the COVID-19 pandemic and its impact on the industry are explored in high detail.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/552Market ScopeThe global suture needles market is anticipated to reach USD 3,809.4 million by 2023.
It is expected to register 3.1% CAGR over the forecast period due to the need to stem the cases of hospital-acquired infections (HAIs).Rise in the number of surgeries owing to increasing cases of chronic disorders and diseases among the masses are expected to drive the market growth.
This was facilitated with the introduction of reimbursement policies for covering a majority of surgeries.
Technological advanced products, the large elderly populace, and government policies for surgeries can bode well for the market.SegmentationThe global suture needle market has been segmented into shapes, types, and end users.Based on shapes, the global market is segmented into straight shaped needles, j shape needles, compound curve-shaped needles, and half curved.Based on end users, the global market is segmented into ambulatory surgical centers, hospital, clinics, and others.
The ambulatory surgical centers segment accounted for a market value of USD 810.2 million in 2016.
The Suture Needle Market is expected to grow at a CAGR of 3.1% approximately in the forecast period.
The current landscape of pharmaceutical and healthcare operates under the scaffolds of medical devices and instruments, which make the treatment precise and potent.
Based on the shape, the suture needles market is segmented into j shape needles, straight shaped needles, compound curve half curved, shaped needles, and others.
On the basis of regions, the suture needle market is segmented into the Americas, Africa, The Middle East, Europe, and the Asia Pacific.
The Suture Needles Market is currently dominated by various major players.
For instance, in June 2015, Medtronic plc acquired Covidien plc to broaden their product portfolio.
