Refractive Surgery Devices Market Predicted to Reach a Valuation of US$ 332.6 Billion by The End of 2032
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 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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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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