Technavio's global suture needles market research report projects the market to grow at a CAGR of over 4% during the forecast period.
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Technavio has released a new market research report on the global suture needles market for the period 2019-2023. (Graphic: Business Wire)
The increasing healthcare expenditure will be one of the major trends in the global suture needles marketduring 2019-2023. There has been a substantial increase in the healthcare expenditure of various countries over the past few years. This is expected to contribute to the growth of the global suture needles market. The healthcare expenditure is expected to rise with the increase in disposable incomes. The increasing healthcare expenditure will improve healthcare systems, which will increase the use of suture needles in healthcare centers.
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According to Technavio analysts, one of the key drivers for the global suture needles market is the increasing number of surgeries:
Global suture needles market: Increasing number of surgeries
The increase in the number of surgeries and the rise in chronic disease conditions contribute to the growth of the global suture needles market. Surgery is important to manage various health conditions such as obstructed labor, injuries, malignancy, chronic diseases, and infections. Suture needles have become important surgical tools as they help in sealing wounds after injuries and incisions during surgical procedures.
According to a senior analyst at Technavio for research on health care equipment and services, "Suture needles are used in several surgical procedures such as general, neurological, orthopedic, urological, cesarean, and cardiothoracic surgeries. The rising prevalence of cardiovascular diseases and orthopedic diseases is expected to increase the demand for surgery and subsequently suture needles."
Global suture needles market: Segmentation analysis
This global suture needles market analysis report provides market segmentation by application (cardiovascular procedures, general surgery and GI procedures, orthopedic procedures, gynecological procedures, and others) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major applications, the cardiovascular procedures segment held the largest suture needles market share in 2018, contributing to approximately 33% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for close to 44% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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