Top Boosters and Restraints
The COVID-19 outbreak has given way to a lot of apprehension in relation to the lack of supply in terms of essential healthcare devices and medical supplies that can help curb the spread of the pandemic. Since the advent of SARS-CoV-2, the healthcare sector’s prime focus has been on providing effective care to those who are infected. However, the COVID-19 impact as well as the worldwide lockdown has led to manufacturing units close down, resulting in shortage of a broad range of healthcare devices like suture needles, antibody tests and more.
Partnerships and acquisitions are some of the key strategies being undertaken by the renowned firms to expand their global presence and up their profits; a factor that could also contribute to the market growth. Other than this, favorable reimbursement schemes with respect to many types of surgical procedures across countries can also mean bright growth prospects for the suture needle market.
The suture needle market 2020 could possibly record a growth rate of 3.1% between 2016 and 2023 (assessment period), confirms Market Research Future (MRFR). MRFR also claims that the market can touch USD 3,809.4 Million by the end of 2023. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The suture needle industry, in the MRFR report, has been considered for shapes, types, and end users.
Straight shaped needles, compound curve-shaped needles, half curved and j shape needles are the key shape-based market segments listed in the study.
The main types of suture needles in the market are eyed needles as well as eyeless.
Hospital, clinics, ambulatory surgical centers, and more are some of the primary end-users in the worldwide market. Out of these, ambulatory surgical centers have been the leading segment in the market, having seized a valuation of USD 810.2 million in the year 2016.
The suture needle market has been regionally categorized as Europe, the Americas, MEA/Middle East & Africa as well as Asia Pacific/APAC.
The Americas is the biggest market for suture needles, thanks to the rising number of supportive reimbursement policies by the government and the high spending on the healthcare industry. The accelerated number of surgical procedures, intense focus on research & development, and the presence of an extensive healthcare infrastructure adds to the market lucrativeness in the region.
The APAC market can most likely procure the fastest growth rate in the coming years, as a result of the surge in the cases of road accidents, and the untapped growth potential of the region that the players are beginning to realize worldwide. It is estimated that in 2016, South Korea attained the top position with a share of 11.4% in the APAC market. It is believed that with the increasing launches of new and technically advanced products in the market, supplemented by the growing investments by the leading firms, growing number of surgeries, and the escalating disposable income, the market can observe further growth in the near future. Another growth booster is the expanding medical tourism industry in the region, which has boosted the number of surgeries in recent years.
Some of the renowned players listed in the extensive market study include Johnson & Johnson Services Inc., Hill-Rom, B. Braun Melsungen AG, Medtronic plc., to mention a few.