Global Suture Needles Industry Set to Surge, Anticipated to Reach US$ 966.9 Million by 2032 at a Striking 5.5% CAGR | FMI

Future Market Insights (FMI), a leading market research firm, has unveiled a comprehensive analysis report, revealing a bright outlook for the Global Suture Needles Industry. The report, based on meticulous research and insightful data, projects significant growth in the market, with a forecasted valuation of US$ 564.7 million by the end of 2022 and an impressive US$ 966.9 million by 2032.

As of 2021, the global market for suture needles was valued at US$ 534.7 million, and FMI’s forward-looking analysis indicates a steady upward trajectory. The industry is expected to witness a Compound Annual Growth Rate (CAGR) of 5.5%, underlining a robust and promising journey in the coming years.

Over the forecasted period spanning from 2022 to 2032, the global Suture Needles Industry is poised to offer an absolute dollar opportunity of US$ 402.2 Mn. This presents a highly promising outlook for investors and stakeholders within the industry.

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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 Market Study

• The Global Suture Needle Market is currently valued at US$ 534.7 Mn and is expected to reach the valuation of US$ 564.7 Mn by 2022 by growing at 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 are expected to dominate the market by growing at a CAGR of 4%.
• The U.S. market dominates the global market for the 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 in 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 of 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 helps 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 analysed 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.

Market 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 areas such as 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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