The Suture Needle market size is predicted to register a 5.40% CAGR by the end of the year 2030 and it is projected to reach USD 5595.55 Million by 2030.
Suture Needle Market Overview
According to the latest research report, the Suture Needle market size is predicted to register a 5.40% CAGR by the end of the year 2030 and it is projected to reach USD 5595.55 Million by 2030. Suture needles are a surgical needle made of stainless steel and it is used for gently piercing the tissues of a human body. It can be blunt or sharp. The suture needles are basically designed to penetrate into fascia and muscle.
Suturing is a tactic that is used to close hypodermal wounds. The chief purpose of this technique is to involve closing dead spaces, provides nourishment to wounds till its heals, decreases the risk of bleeding, and makes aesthetically pleasing skin. There are several types of suture needles are obtainable in the market such as coronary tip needle, taper point needle, taper cutting, spatula needle, triangle needle, and others. The different types of tissues require different suture needles.
This report contains all the information on the Suture Needle market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the Suture Needle market analysis and forecast to 2023 is also included in the report.
Covid 19 Analysis
The rising infection covid 19 globally has raised the supply of the essential supplies of medicine in order to avert the spread of the virus and provides maximum care to the infected individuals. Moreover, till there is no pharmaceutical treatment is been developed, the use of vantilizers in the process of treating coronavirus-affected patients who are in critical condition is highly in demand. Additionally, there is an urgent requirement for the suture needle for a wide range of medical kits which ultimately boosts the suture needle market growth.
The rise in the advancement of technology has improved the safety and efficiency of several surgeries which is predicted to boost the demand for the suture needle market globally. The flexible regulations of government for the procedures of surgeries, the introduction of advanced products with the help of advanced technology, and aging baby boomers are predicted to raise the number of surgical suture needles around the world and hence create opportunities for the global market.
The rise in awareness about the uses of suture needle size charts in surgeries in developing countries and the development of diagnosis and imaging techniques are some other major factors for the growth of the global market.
The easy availability of suture needles in the market is the major restraint of the suture needle market. The rise in the number of incidents of injuries due to the needle may also be considered as the major restring of the global market.
The lack of sterilization systems, disapproving policies of taxation, and low expenditure on healthcare are the major challenges for the suture needle market. Moreover, the rise in the use of surgical staplers for suturing by the professionals of healthcare in tertiary care centers and super-specialty hospitals may pose a major restraint in the market and eventually decreases the demand for suture needles market trends.
Cumulative Growth Analysis
According to the reports, in the United States, the number of surgeries performed every year is about 64 Million ranging from minor surgeries like extraction of tooth to the big complicated surgeries like open-heart procedure. Based on the data which was published in American Society of Plastic surgeons, in the year 2016, there were around 1,780,987 cosmetic surgeries were performed around the globe were suture needle plays a very important part. The reimbursement scenarios are favoring various surgical procedures and adding fuel to the demand for suture needles and threads around the globe.
In the Asia Pacific region, South Korea accounts for the maximum share of 11.4% in the year 2016, which is boosting the demand for the suture needle in this region. Moreover, the suture needle market manufacturers in the Middle East and Africa are predicted to witness a slow growth rate due to the presence of slow and poor developing countries here.
Value Chain AnalysisAccording to the reports, the suture needle market has been segmented into types, shapes, end-users, and regions. On the basis of shapes, the suture needle market has been segmented into straight-shaped needles, compound cure-shaped needles, j shape needles, and half curved. On the basis of types, the global market has been segmented into eyeless and eyed needles. On the basis of end-users, the global market is segmented into hospitals, ambulatory surgical centers, clinics, and others. The ambulatory center’s segment accounts for the maximum suture needle market value of USD 810.2 Million in the year 2016. The Asia Pacific market is predicted to grow at a CAGR of approximately 7.5% during the forecast period 2017-2023.
The market is segmented on the basis of the types, shapes, end-users, and region. The suture needle market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into straight shaped needles, compound cure-shaped needles, j shape needle, and half curved.
Based on the propulsion types, the market is segmented into five sections such as hospital, ambulatory surgical centers, clinic, and others.
Regional AnalysisAccording to the reports, the suture needle on the basis of region is segmented into Americas, Europe, Asia pacific, and the Middle East, and Africa. The Americas region is predicted to account for the largest suture needle industry share during the forecast period due to the advancement in reimbursement policies and expenditure of high healthcare.
The European region is estimated to account for the second-largest suture needle market share during the forecast period due to the rise in the numbers of cases of surgical procedures, rising support of the government in development and research, and the well-organized infrastructures. The Asia Pacific region is expected to be the high-speed growing market due to the increased number of road accidents in this region and the savior opportunities present in this market for the development.
Competitive landscapeThe major initiatives of the key players in the suture needle market such as acquisitions and partnerships are nagged by the key companies for better distribution activities and developments of the product are predicted to boost the demand for the suture needle industry further during the forecast period. The manufacturing companies are analyzing the demand for the different types of suture needles and accordingly, they are planning to manufacture their quantity which will be supplied to reduce the risk of wastage of resources, money, and time.
Major Key Players
The following report comprises of –
Global Market, by Shapes
Global Market, by Types
Global Market, by End User
Global Market, by Region
|Market Size||USD 5595.55 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Shapes, Types, End Users and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hu-Friedy Mfg. Co., Roboz Surgical Instrument, Hill-Rom, Medline Industries, Inc., B. Braun Melsungen AG, Medtronic Plc, Johnson & Johnson Services, Inc|
|Key Market Opportunities||The rise in the advancement of technology has improved the safety and efficiency of several surgeries|
|Key Market Drivers||The increased occurrences of chronic diseases have lead to the requirements of different types of needles|
The market valuation would be USD 3809.4 million.
The projected CAGR for the duration would be 5.40%.
The largest end user segment is USD 810.2 million.
The Americas have the promise of growing with the largest market share.
The Asia Pacific region would be the fastest one in terms of growth.
The global suture needle market valuation would be USD 3809.4 Million by the end of the year 2030.