The automated suturing devices market studied was projected to grow with a CAGR of 6.2% over the forecast period.
- The major factor attributing to the growth of the market is the increase in the number of surgeries and an increase in the number of accidents and trauma cases. According to the report published by the Ministry of Road Transport and Highways, India, the country, ranks one in the number of road accident deaths across the 199 countries reported in the World Road Statistics, 2018 followed by China and the United States.
- As per the WHO Global Report on Road Safety 2018, India accounts for almost 11% of the accident-related deaths in the World. A total of 4,67,044 road accidents have been reported by States and Union Territories in the year 2018, claiming 1,51,417 lives and causing injuries to 4,69,418 persons. This type of huge number is bound to increase the automated suturing devices market.
- However, low product availability and high cost of the devices and lack of skilled professionals constraints the market growth.
Key Market Trends
Reusable Segment is Dominating the Automated Suturing Devices Market
The major share of the segment can be attributed to the increasing number of surgeries and many of the surgeries do not need to dispose of the instruments. Furthermore, an increasing number of accidents and trauma that require suturing to close the wounds. maintaining its dominant position in the market. According to Association for Safe International Road Travel, only in the United States, over 37,000 people die in road crashes each year, an additional 2.35 million are injured or disabled, and over 1,600 children under 15 years of age die each year. As per the statistics, the increasing accidents and trauma which need suturing and the doctors preferring automated suturing devices are boosting the segment growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
- North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the presence of key players, established healthcare infrastructure are some of the key factors accountable for its large share in the market.
- Furthermore the rising incidence of surgeries and accidents and trauma, occupational injuries are likely to fuel demand for automated suturing devices. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.
The Automated Suturing Devices market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Medtronic, Smith & Nephew, Inc., Apollo Endosurgery, Inc, Becton, Dickinson and Company, Suture, Boston Scientific Corporation, EndoEvolution, LLC., LSI Solutions, Inc.
- The market estimate (ME) sheet in Excel format
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1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increased Number of Surgical Procedures
4.2.2 Increase in Accidents and Trauma Cases
4.3 Market Restraints
4.3.1 Low Product Availability and High Cost of the Devices
4.3.2 Lack of Skilled Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.2 By Application
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
5.3.5 South America
126.96.36.199 Rest of South America
6.1.2 Smith & Nephew, Inc.
6.1.3 Apollo Endosurgery, Inc
6.1.4 Becton, Dickinson and Company
6.1.5 Suture Limited
6.1.6 Boston Scientific Corporation
6.1.7 EndoEvolution, LLC.
6.1.8 LSI Solutions, Inc.
A selection of companies mentioned in this report includes:
- Smith & Nephew, Inc.
- Apollo Endosurgery, Inc
- Becton, Dickinson and Company
- Suture Limited
- Boston Scientific Corporation
- EndoEvolution, LLC.
- LSI Solutions, Inc.