In the latest analysis released by Future Market Insight, a renowned market research company, the global Suture Needles Market is currently valued at an impressive US$ 534.7 million. Projections indicate a robust growth trajectory, with an anticipated Compound Annual Growth Rate (CAGR) of 5.5% through 2032, set to propel the market to an estimated US$ 966.9 million by the end of that year. Furthermore, the market is poised to offer an exceptional absolute dollar opportunity exceeding $400 million over the course of the next decade.
The driving forces behind this anticipated growth include the increasing prevalence of chronic diseases and cardiovascular disorders, which will spur a heightened demand for surgical procedures and, consequently, suture needles. According to the World Health Organization (WHO), cardiovascular diseases alone accounted for more than 33% of global deaths in 2019. Moreover, the industry is expected to benefit from ongoing technical advancements on the international stage.
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The market expansion is likely to be driven by Straight Shaped Needles. During the forecast period, it will remain a dominant segment by growing at a CAGR of 5.4% during 2022 – 2032. The straight-body needle is used in stitching tissues that are easily accessible by hand.
Key Takeaways from the Market Study
- The Global Suture Needle Market is currently valued at US$ 534.7 Mn and is expected to reach the valuation of US$ 564.7 Mn by 2022 by growing at annual growth rate of 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 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.
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Competitive Landscape
The Suture Needle Market is driven by the market players who are expanding their product portfolio by highly investing in the R&D and product development areas. Technological advancements, product upgradation, upliftment of distribution network and expanding M&A activity have all contributed in maintaining the environment 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:
- In March 2022, Medtronic announced partnership with Vizient for AI powered video management system. This will provide Surgical Teams with easy access of procedural videos.
- In November 2020, Smith and Nephew declared that their newly developed Novostitch Meniscal repair system has achieved 82.6% success rate in treating Horizontal Cleavage tears.
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the Suture Needle market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Shape (Half Curved, Compound-cure Shaped Needles, Straight Shaped Needles, J Shaped Needles), Type (Blunt Point Needle, Tapercut Needle, Reverse Cutting Needle, Round Bodied Needle, Conventional Cutting Needle, Spatula Needle), Application (Cardiovascular, General Surgery, Orthopedic Procedures, Gynecological Procedures, Veterinary Procedures, Other Applications) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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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
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By Organisation Size:
- Large Enterprises
- SMEs
By Vertical:
- BFSI
- Healthcare
- IT and Telecom
- Government and Defense
- Construction
- Education
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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