Suture Needles Market Size, Share to Witness Comprehensive Growth by 2023 | MarketResearchFuture.com
Feb 12, 2019
Market Research Future has released a new report on the Suture Needles Market which reveals a notable CAGR of 3.1% during the forecast period of 2017 to 2023 with an estimated value by the end of 2023.
Pune, Maharashtra - February 12, 2019 /MarketersMedia/ —
Suture Needles are required for the placement of sutures in tissues. Suturing is a technique used to repair tissue and facilitate healing. The main aspects of this technique include closing dead spaces, reducing the risks of bleeding, strengthening wounds until healing, and making skin aesthetically pleasing Suture needles must be rigid enough to avoid bending and flexible enough to bend before breaking. The Global Suture Needles Market is expected to grow at a CAGR of 3.1% during the forecast period 2017-2023.
According to a recent study report published by the Market Research Future analysts, the global suture needles market is growing at a very steady pace. Some of the factors that are contributing in the growth of this market are increasing number of surgical procedures, favorable reimbursement scenario, rising geriatric population, and technological advancements in the surgical technologies. On the other hand, factors such as easy availability of alternatives and increasing incidence of needle stick injuries may hinder the growth of the market to an extent.
Increasing number of surgical procedures across the globe is also fueling the market growth. A study published in the International Journal of Contemporary Pediatrics in 2016, stated that during 2014-2016, 195 children were admitted due to road traffic accident in India and around 6.7% went through surgical procedure for simple injury and 93.3% for complex injury.
However, easy availability of alternatives and increasing incidence of needle stick injuries may hinder the growth of the market over the forecast period. According to a report suggested by the WHO, needle stick and sharp injuries are responsible for 16,000 cases of hepatitis C, 1000 cases of HIV infection, and 66,000 cases of hepatitis B among healthcare workers worldwide.
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Suture Needles Market - Key Players
Some of key the players in the market are
Roboz Surgical Instrument
Hu-Friedy Mfg. Co.LLC
Hill-Rom
Medline Industries, Inc.
Medtronic Plc.
Braun Melsungen AG
Johnson & Johnson Services, Inc.
Suture Needles Market - Competitive Analysis
On August 21, 2017, ETHICON, a subsidiary of J&J, launched PROXISURE™ Suturing Device to improve precision in minimally invasive surgery.
On March 7, 2017, Ethicon acquired NeuWave Medical, Inc.
In August 2016, Ethicon US, LLC had announced the strategic collaboration with Touch Surgery that will help patient with free mobile app that can reach medical help in even remote regions.
In August 2016, Ethicon US, LLC announced the launch of unmatched knotless suture portfolio with launch of stratafix spiral plus devices. With this addition of this new suture technology the company has established the most comprehensive and unmatched knotless suture offering available to surgeons in the U.S.
In June 2016, B. Braun Melsungen AG announced that it has acquired 51% of DIALY SER S.A.S., Colombia
In Jan 2016, Surgical Specialties Corporation announced that it has acquired all the shares of leading German needle and suture manufacturer; FSSB Chirurgische Nadein GMBH (FSSB). This acquisition will create the company one of the leaders in manufacturing surgical suture in the world.
In June 2015, Medtronic plc. acquired Covidien plc. to broaden their product portfolio. It was a USD 42.9 billion merger.
Suture Needles Market - Segmentation
The Global Suture Needles Market is segmented on the basis of shape, type, and end-users.
On the basis of the shape, the market is classified into straight shaped needles, j shape needles, compound curve shaped needles, half curved, and others. On the basis of the type, the market is segmented into eyed, and eyeless needles. On the basis of the end -users, the market is segmented into ambulatory surgical centers, hospital, and clinics, and others.
Suture Needles Market - Regional Analysis
The Americas dominate the suture needles market owing to the well-developed technology, high healthcare expenditure, improvement in reimbursement scenario, and the presence of the leading players. According to the American Medical Association, Medicare has made various significant amendments in Ambulatory Surgery Center payment system (ASC). It is observed that for incision and drainage postoperative wound infection Medicare was providing reimbursement of USD 790.85, which is now exceeded to USD 1,030.52 in ASC. Whereas hospital outpatient payment has been exceeded to USD 2,148.00 from USD 1,414.28 this year.
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Europe holds the second position in the suture needles market. It is expected that the support provided by the government bodies for research & development and increasing number of surgeries drives the market in the European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa hold the least share of the market owing to the presence of poor and slow developing countries, especially, in the African region.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Source: MarketersMedia
Release ID: 481727
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