The Global Suture Needles Market is expected to grow at a CAGR of 5.5% from 2022 to 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 is expected to drive the market, increasing demand for surgeries and Suture Needles. According to the WHO, cardiovascular diseases were responsible for more than 33% of all fatalities in 2019. Furthermore, technological advances are expected to benefit the global industry.

Straight Shaped Needles are expected to drive market growth. It will remain a dominant segment during the forecast period, growing at a CAGR of 5.4% between 2022 and 2032. Straight-body needles are used to sew 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.

Competitive Landscape

The market is being driven by market players who are expanding their product portfolios by heavily investing in R&D and product development. Technological advancements, product upgrades, distribution network expansion, and increased M&A activity have all contributed to the environment remaining 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:

·         Medtronic announced a partnership with Vizient for an AI-powered video management system in March 2022. This will allow Surgical Teams to easily access procedural videos.

 

·         Smith and Nephew announced in November 2020 that their newly developed Novostitch Meniscal repair system had an 82.6% success rate in treating Horizontal Cleavage tears.

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

By Organisation Size:

  • Large Enterprises
  • SMEs

By Vertical:

  • BFSI
  • Healthcare
  • IT and Telecom
  • Government and Defense
  • Construction
  • Education
  • Others

By Region Type:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

Read More@ https://www.futuremarketinsights.com/reports/suture-needles-market

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