Pune, June 12, 2023 (GLOBE NEWSWIRE) -- A global Medical Devices research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “Suture Needles Market”. The report is a combination of primary data and secondary data and domain experts have analyzed the Suture Needles Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 8.34 Bn in 2022 to USD 15.97 Bn in 2029 at a CAGR of 9.34 percent.
Suture Needles Market Report Scope and Research Methodology
| Market Size in 2022 | USD 8.34 Bn. |
| Market Size in 2029 | USD 15.97 Bn. |
| CAGR | 9.34 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 273 |
| No. of Tables | 116 |
| No. of Charts and Figures | 113 |
| Segment Covered | Product Type, Material, Application, Suture Needles Type and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The bottom-up approach was used to estimate the Suture Needles Market Size by value and volume. The report provides a detailed analysis of the market through segments and their multiple sub-segments. The report provides a competitive landscape in the Suture Needles Market based on the market size, market share, and gross income of the major Key Players. It also includes the scope of the market in major geographic regions such as North America, South America, Asia Pacific, the Middle East and Africa, and Europe. The Suture Needles Market Data has been collected through primary and secondary research methods. The collected data were later analyzed by SWOT analysis and PORTER’s five force model, which includes growth hubs, opportunities, regional insights, and market restraints.
Suture Needles Market Dynamics
The Suture Needles Market growth is driven by the increasing number of surgical procedures, the rising geriatric population advances in suture needle technology, and governments’ favorable initiatives. The growing prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes and the growing elderly population, which possesses a threat of injuries and accidents. These factors are expected to drive the Suture Needles Market. Also, the major Suture Needles Key Players are investing in research and development to provide the latest products with safety precautions. Governments across the world are stimulating the use of suture needles through favorable initiatives for the development of the health sector. The suture needles reduce the risk of infection. The rising incidences of chronic diseases such as cardiovascular disease, orthopedic disorders, and cancers require long-term medical treatments. Such factors are expected to propel the growth of the Suture Needles Market.
The high cost associated with the suture needles is expected to create a limitation for new Suture Needles Companies in the market. Also, the easy availability of alternative wound closures is expected to impede the growth of the Suture Needles Market.
Suture Needles Market Regional Insights
North America is expected to hold the largest share of the Suture Needles Market throughout the forecast period (2023-2029). The countries in the region such as the United States and Canada spend the highest expenditure on healthcare infrastructure development. These factors are expected to propel the growth of the North America Suture Needles Market. The region’s market growth is also supported by the presence of major Suture Needles Key Players and their mergers and acquisitions to increase their Suture Needles Market Share.
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Asia Pacific is also expected to witness exponential growth in the Suture Needles Market over the forecast period. The large population base in the region demands better and safer healthcare systems and devices. These factors are expected to drive the region’s Suture Needles Market. Also, the increased cases of chronic diseases in the region are driving the growth of the market.
Suture Needles Market Segmentation
By Product Type:
- Automated Suturing Devices
- Disposable Automated Suturing Devices
- Reusable Automated Suturing Devices
- Sutures
- Absorbable Sutures
- Natural Sutures
- Synthetic Sutures
- Vicryl Sutures
- Monocryl Sutures
- Polydioxanone Sutures
- Polyglycolic Sutures
- Others
- Nonabsorbable Sutures
- Nylon Sutures
- Prolene Sutures
- Stainless Steel Sutures
- Others
Suture Needles Markets are surgical threads used to close cuts of a wound to promote the healing process. In terms of product type, the automated suturing devices segment dominated the Suture Needles Market in 2022. This is attributed to the fact that ASDs are used to seal/close a wound and surgical incision.
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By Material:
- Monofilament
- Multifilament
The multifilament segment is projected to grow at the highest CAGR during the forecast period. Multifilament sutures are braided sutures with multiple threads of material and they come with a coating of different materials, such as silicon, and wax. They cause an inflammatory reaction but require less number of ties to maintain the knot.
By Application:
- Cardiovascular Surgeries
- General Surgeries
- Gynecological Surgeries
- Orthopedic Surgeries
- Ophthalmic Surgeries
- Other Surgeries
Based on application, the cardiovascular surgeries segment accounted for the largest revenue share of over 38.23% in 2022. This is due to an increase in the frequency of cardiovascular diseases and technical breakthroughs in diagnosis, surgical equipment, and imaging. The segment includes gastrointestinal surgery, obstetrics surgery, urology, and oral surgery.
By Suture Needles Type:
- Glass Needles
- Plastic Needles
- Stainless Steel Needles
- Polyether Ether Ketone Needles
By End-User:
- Hospitals and Clinics
- Diagnostic Center
- Home Healthcare
- Others
Based on the end-user, the Hospitals, and Clinics segment is expected to hold the largest revenue share of the market. Many medical procedures are performed in hospitals and clinics and it needs suture needles and this factor is expected to propel the growth of the segment in Suture Needles Industry.
Suture Needles’s Key Competitors include:
- B. Braun Melsungen AG
- Boston Scientific Corporation
- ConMed Corporation
- DemeTECH Corporation
- Healthium MedTech
- Johnson & Johnson
- Medtronic Plc.
- Peters Surgical
- Surgical Specialties Corporation
- W. L. Gore & Associates, Inc.
- Sklar Surgical Instruments
- Medline Industries
- Sutures India
- Nordent Manufacturing,
- SOMATEX Medical Technologies GmbH,
- KLS Martin Group
- CareFusion Corporation
- Schweickhardt GmbH & Co. KG
- SERAG-WIESSNER
- Eli Lilly and Company
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Key questions answered in the Suture Needles Market are:
- What are the Suture Needles?
- What was the Suture Needles Market size in 2021?
- What is the expected Suture Needles Market size during the forecast period?
- What are the global trends in the Suture Needles Market?
- What are the major restraints for the Suture Needles Market?
- Which segment dominated the Suture Needles Market growth?
- What is the demand pattern for the Suture Needles Market?
- What growth strategies are the players considering to increase their presence in Suture Needles Market?
- What are the upcoming industry applications and trends for the Suture Needles Market?
- Who are the leading companies and what are their portfolios in Suture Needles Market?
- Which region dominates the largest market share in Suture Needles Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application and Industry Vertical
- Market Segmentation – A detailed analysis by Product Type, Material, Application, Suture Needles Type and End-User
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Medical Devices research firm, has also published the following reports:
Suture Anchors Market - The market is expected to reach USD 670.03 Mn by 2029 at a CAGR of 5.4 percent during the forecast period. The market is expected to be driven by the increasing prevalence of musculoskeletal conditions, rising demand for minimally invasive surgeries and advancements in suture anchor technology.
C-Arms Market - The market size is expected to reach USD 4.56 Bn by 2029 at a CAGR of 5.1 percent during the forecast period. The market is expected to be driven by increasing demand for minimally invasive procedures.
Manual Wheelchair Market - The market size is expected to reach USD 4.48 Bn by 2029 at a CAGR of 6.1 percent during the forecast period. The market is expected to be driven by the increasing number of aging patients that are susceptible to walking disabilities, growing obesity and cardiovascular diseases.
Surgical Equipment Market - The market size is expected to reach USD 21.4 Bn by 2029 at a CAGR of 8.6 percent during the forecast period. The market is expected to be driven by an aging population, which has resulted in a higher incidence of chronic diseases that require surgical interventions.
Home Medical Equipment Market - The market size is expected to reach USD 5.16 Bn by 2029 at a CAGR of 10.5 percent during the forecast period. The market is expected to be driven by the rapid growth in the elderly population and the rising incidence of chronic diseases.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Healthcare, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
