Market Synopsis:
The growing demand for healthcare services has led to a development in the demand for suture needles all over the world. According to the assessment offered by Market Research Future (MRFR), the Suture Needle market share 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. With the developments in the healthcare sector, the product portfolio of the manufacturers of suture needles has revolutionized a lot. It has always been a crucial part of every surgery. The developments in the healthcare sector have led to the introduction of different types of needles such as J shaped needle, straight shaped needle, etc. Growing demand for different types of surgeries has fueled demand for all these needles. Thus, the suture needle market is anticipated to exhibit a steep rise in the growth curve owing to the expansion of the healthcare sector.
The introduction and adoption of minimally invasive surgeries have unleashed tremendous growth potential to the suture needle market. It has led to an upswing in demand for the round-bodied needle. This type of pf needle facilitates the performance of minimally invasive surgeries as it spreads tissues with minimal cutting. It is expected to boost the expansion of the suture needle market over the next couple of years.
The demand for surgeries is likely to increase over the next couple of years, which is poised to favor the expansion of the suture needle market in the forthcoming years. Factors that are projected to impact the growth pattern of the market positively are increasing patient population, rising healthcare expenditure, expansion of healthcare centers, advancements in the healthcare industry, availability of favorable reimbursement policies, rising burden of chronic diseases, etc. In addition, the growing cases of injuries and deaths in road accidents are also poised to propel the proliferation of suture needle market over the next few years. However, on the contrary, the increasing cases of needlestick injury, in conjunction with the availability of alternatives, is poised to remain an impediment to market growth.
Market Segmentation:
On the basis of shape, the global suture needle market outlook has been segmented into j shape needles, half curved, straight shaped needles, compound curve shaped needles, and others.
On the basis of type, the suture needle market has been bifurcated into eyed needle, and eyeless needle.
On the basis of end-users, the global suture needle market has been segmented into hospital and clinics, ambulatory surgical centers, and others.
Regional Analysis:
The global suture needle market, on the basis of region, has been segmented into four regions Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA). Americas is anticipated to lead the expansion of the global market in the years to come. Rising demand for surgeries owing to advancements in the healthcare sector is expected to provide impetus to the growth of the regional suture needle market over the next couple of years. It has been estimated in the report that the valuation of the regional segment is anticipated to reach USD 1,291.6 Mn by 2023. Europe is anticipated to maintain its standing at the second spot and benefit from the support extended by governments. Asia Pacific is projected to expand at a comparatively higher CAGR of 3.4% across the projection period. The rapidly increasing patient pool in the region, coupled with the adoption of advanced technologies in the healthcare sector, is expected to expand the market.
Competitive Dashboard:
The key players participating in the share analysis of the global suture needle market in this MRFR report are Hu-Friedy Mfg. Co., LLC, Roboz Surgical Instrument, Hill-Rom, Medtronic Plc, B. Braun Melsungen AG, Medline Industries, Inc., and Johnson & Johnson Services, Inc.
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