Suture Needles Market – Overview
Market Research Future (MRFR)’s study reveals that the Suture Needles Market is set to expand at a CAGR of 3.1% during the forecast period. The developments in the healthcare sector have motivated the medical device manufacturers to develop their product portfolios. Suture needles market has witnessed the widening of the range of product offerings such as a blunt needle, round-bodied needle, etc. for keeping up with the medical advancements. This, in turn, has propelled the growth of the market and is likely to continue impacting the suture needles market expansion positively.
The market looks attractive at present and is likely to flourish over the next couple of years. Some of the factors responsible for catapulting the market on an upward trajectory include rising healthcare expenditure, increasing innovations in the healthcare sector, the large-scale prevalence of chronic diseases, and increasing count of health care service centers, among others. However, the shift towards surgical staplers for suturing, especially in the super specialty healthcare centers, is a major factor expected to hold the growth of the suture needles market during the assessment period.
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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.
• B. 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.
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.
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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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