Suture Needle Market Size Worth $966.9 Million by 2032: Future Market Insights, Inc.
With a majority share of over 29%, the U.S Suture Needle Market is expected to increase at an annual growth rate close 5%. This will lead global demand for Suture Needles with ease lucrative opportunities in fronting up $402.2 million by 2032
NEWARK, Del: As per the latest report published by Future Market Insight, a leading Market Research firm, the Suture Needles Market is valued at US$ 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 are likely to drive the market leading to an increase in demand for surgeries and Suture Needles. According to the WHO, cardiovascular disorders caused more than 33% of fatalities in 2019. In addition, technological advancements are projected to benefit the global industry.
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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 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.
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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.
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Market Segments Covered in Suture Needle Market Analysis
- Agent Based Solution
- Agent Less Solution
- Support and Maintenance Services
- Training and Consulting Services
By Deployment Type:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Organisation Size:
- Large Enterprises
- IT and Telecom
- Government and Defense
By Region Type:
- North America
- Latin America
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
- Global Suture Needles Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis…. Full TOC click Here
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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