Future Market Insights (FMI), a leading market research firm, forecasts a bright future for the Global Suture Needles Industry. A recently released report predicts a significant increase in market valuation, reaching an estimated US$966.9 million by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 5.5% over the next decade.
Building on a solid foundation of US$534.7 million in 2021, the suture needles market is projected to experience consistent growth. The forecast period from 2022 to 2032 presents an enticing absolute dollar opportunity of US$402.2 million, highlighting the industry’s potential for investors and stakeholders seeking lucrative ventures.
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The market expansion is likely to be driven by Straight Shaped Needles. During the forecast period, it will remain a dominant segment by growing at a CAGR of 5.4% during 2022 – 2032. The straight-body needle is used in stitching tissues that are easily accessible by hand.
Key Takeaways from the Global Suture Needles Industry Study
- The Global Suture Needle Market is currently valued at US$ 534.7 Mn and is expected to reach a valuation of US$ 564.7 Mn by 2022 by growing at an 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 is expected to dominate the market by growing at a CAGR of 4%.
- The U.S. market dominates the global market for 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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Global Suture Needles Industry 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 to 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 Global Suture Needles Industry are:
- In March 2022, Medtronic announced a partnership with Vizient for an AI-powered video management system. This will provide Surgical Teams with easy access to procedural videos.
- In November 2020, Smith and Nephew declared that their newly developed Novostitch Meniscal repair system has achieved an 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 based on 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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Future Market Insights’ Domain Knowledge in Healthcare Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare domain team at Future Market Insights help clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Segments Covered in Global Suture Needles Industry 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
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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