Suture Needle: Improvement in Reimbursement Policies is Likely to Boost the Market Growth at a CAGR of 3.1% During the Forecast Period 2017-2023
The global suture needles market is expected to grow at a CAGR of 3.1% during the forecast period 2017-2023.
Suturing is a technique used to repair tissue and facilitate healing. Suture needles are made up of stainless steel that come in different sizes and must have blunt or sharp points. There are basically two needle end types i.e. eyed or eyeless. Needles having a hole at the suture side are eyed needles, whereas those which have suture crimped within the needle are considered as eyeless or swaged. There are more benefits associated with eyeless needles over the eyed needle such as an eyeless needle is for single use which avoids the loss of sharpness.
Key Players in the Suture Needles Market
· Roboz Surgical Instrument,
· Hu-Friedy Mfg. Co.,
· LLC,
· Hill-Rom,
· Medline Industries,
· Inc.,
· Medtronic Plc,
· B. Braun Melsungen AG,
· Johnson & Johnson Services,
· Inc., and others.
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The main aspects of this technique include closing dead spaces, reducing the risks of bleeding, strengthening wounds until healing, and making skin aesthetically pleasing. Suture needles are required for the placement of sutures in tissues. Suture needles must be rigid enough to avoid bending and flexible enough to bend before breaking.
Key factors driving the suture needles market are
· Increasing number of surgical procedures
· favorable reimbursement scenario
· rising geriatric population
· technological improvements
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.
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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.
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