Delray Beach, FL, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Needle holder market is projected to reach USD 530.3 million by 2029 from USD 367.3 million in 2024, at a CAGR of 7.6% during the forecast period. The growth in this market is attributed to the growing initiatives like investments in healthcare for development and expansion of hospitals, higher volume of surgeries being conducted, uptake of microsurgery trend, and adoption of cosmetic and plastic or reconstructive surgeries. However, premium costs of surgeries could restrain the growth of this market.
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The needle holder market, by type, is segmented into Castroviejo Needle Holder, Olsen-Hegar Needle Holder, Mayo-Hegar Needle Holder, Derf Needle Holder, Crile-Wood Needle Holder, and Other Types. In 2023, the Mayo-Hegar Needle Holder segment accounted for the largest market share in 2023. The large share of this type of needle holder is due to its use in most of the surgeries like general, cardiovascular, orthopaedic, among others. The Castroviejo needle holder accounted for the highest CAGR as the demand for microsurgery is on the rise.
Based on application, the needle holder market is segmented into surgery, microsurgery, and dental procedures. The surgery segment accounted for the largest market share in 2023. The growing number of patients with chronic diseases coupled with number of surgeries and the age of individuals more than 60 years which are prone to these chronic diseases. Microsurgery segment is also on the rise as there is a shift from traditional to microsurgeries.
Based on end user, the needle holder market is segmented into hospitals & ASCs and other end users. The hospitals & ASCs segment accounted for the largest market share in 2023. This is because in ASCs large volume of outpatient surgeries takes place that provides a great convenience to patients and offer a much faster recovery and less discharge time along with less cost incurred by the patients for the surgeries being conducted at ASCs. Also, the expansion in hospitals and ASCs will aid in more number surgeries, thereby, driving the needle holder m
Based on the region segmentation, the Needle holder market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC. In 2023, North America accounted for the largest share of the global Needle holder market. The rising investments by government in healthcare, new hospitals being built, favorable healthcare reforms, and favorable regulatory scenarios. The Asia Pacific market is expected to account for the highest CAGR due to large number of patient pool with more than 60 years of age who are more likely to acquire chronic diseases.
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The Needle holder market is consolidated and is dominated by few players. The major players operating in this market are B. Braun Melsungen Ag (Germany), Olympus Corporation (Japan), Karl Storz (Germany), Teleflex Incorporated (US), Integra LifeSciences Holdings Corporation (US), and Stille AB (Sweden).
B. Braun Melsungen AG (Germany)
In 2023, B. Braun held the leading position in the needle holder market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. B. Braun Melsungen AG is one of the largest manufacturers of surgical and microsurgical instruments that include forceps, sutures, scissors, tissue grasping forceps, and needle holders. The needle holder product range is widely used in various surgery types such as cardiac, plastic, orthopaedic, among others which account to the large market share application in the needle holder’s segment.
Olympus Corporation (Japan)
In 2023, the second position is secured by Olympus Corporation in the needle holder market. Olympus is a trusted brand name in the medical device industry, due to which medical professionals are confident with the brand. Olympus Corporation is maintaining its position by investing a considerable amount in the companies in R&D, which will enable Olympus to maintain its position compared to its competitors and effectively improve its products range over the time. For example, Olympus increased their R&D spending in 2023 to USD 447 million from USD 442 million in 2022.
Teleflex Incorporated (US)
In 2023, Teleflex Incorporated secured the third position in the needle holder market. Teleflex is offering various types of needle holders which are commonly used during the surgeries. The strategic focus of the company is on the expansions which will strengthen its reach and product portfolio. Teleflex Incorporated is operating globally in more than 150 countries which is enabling the company to tap into diverse markets, due to which there is reduction in the dependency on any single market.
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