Global Suture Needles Market Demand Driven by Notable Increase in Surgeries
Suture needles are used during surgery to close open wounds. Types of suture needles comprise triangle, coronary tip, taper cutting, spataula, taper point, and others. The global suture needles market report by Market Research Future (MRFR) contains primary and secondary research outlining the drivers and challenges of the industry for the period of 2018 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry are explored in high detail.
Market Scope
The global suture needles market is anticipated to reach USD 3,809.4 million by 2023. It is expected to register 3.1% CAGR over the forecast period due to the need to stem the cases of hospital-acquired infections (HAIs).
Rise in the number of surgeries owing to increasing cases of chronic disorders and diseases among the masses are expected to drive the market growth. According to the American Society of Plastic Surgeons, the number of cosmetic procedures amounted to 1,780,987 in 2016. This was facilitated with the introduction of reimbursement policies for covering a majority of surgeries. Technological advanced products, the large elderly populace, and government policies for surgeries can bode well for the market.
But the incidence of needle stick injuries and availability of various alternatives can restrain market growth.
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Segmentation
The global suture needle market has been segmented into shapes, types, and end users.
Based on shapes, the global market is segmented into straight shaped needles, j shape needles, compound curve-shaped needles, and half curved.
Based on types, the global market has been divided into eyed needles and eyeless.
Based on end users, the global market is segmented into ambulatory surgical centers, hospital, clinics, and others. The ambulatory surgical centers segment accounted for a market value of USD 810.2 million in 2016. This can be attributed to patients requiring minimal stay duration and saving on healthcare expenses.
Regional Analysis
The global suture needle market, based on region, is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is estimated to be the largest and lucrative region for the global suture needle market during the forecast period. This can be attributed to the improvement in reimbursement policies and high healthcare expenditure. Acceptance of absorbable and biomaterial-derived sutures by the masses and its subsequent adoption by healthcare facilities can drive the regional market growth.
The European market for suture needles is expected to be the second-largest during the forecast period, owing to the increasing cases of surgical procedures, increasing government support for research & development, and well-developed healthcare infrastructure.
APAC is estimated to be the fastest-growing market due to the rising cases of road accidents, prevalence of medical tourism, and presence of growth opportunities. South Korea accounted for a market share of 11.4% in 2016. In addition, the move by key surgical suture manufacturers to expand their footprint in the region can bolster market demand.
Lastly, the market in the MEA region is expected to witness a laggard growth due to the presence of slow developing countries.
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Competitive Outlook
Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Medtronic plc., and Hill-Rom are prime players of the global suture needles market. Other prominent names are Teleflex, Peters Surgical, Smith & Nephew, Integra LifeSciences, and Hu-Friedy.
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