VALLEY COTTAGE, N.Y., Dec. 17, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI), in its latest report titled, “Automated Suturing Devices Market: Global Industry Analysis and Opportunity Assessment 2015–2025”, forecasts the global automated suturing devices market revenue to expand at a CAGR of 5.3% during the forecast period (2015–2025). Global automated suturing devices market is estimated to account for US$ 471.0 Mn by the end of 2015, mainly driven by rising number of minimally invasive surgical procedures.
Use of automated suturing devices in minimal invasive surgeries, open surgical procedures and major trauma cases that require surgery is expected to drive the market during the forecast period. Preference for automated suturing devices over conventional suturing devices during laparoscopic surgeries is a key reason for growth. Further, the device is also preferred by procurement teams at hospitals as it labelled under “green products”, resulting in considerably less impact on the environment as compared to plastic single-use disposable suturing devices.Rise in geriatric population is a macro factor that’s driving demand for automated suturing devices.
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High cost along with negative perception about certain automated suturing devices due tosome FDA-approved devices facing criticism regarding performance can impede the growth of the market.
The report analyses the global automated suturing devices market in terms of market value (US$ Mn) and market volume (units) by product type, region, end-user and application. The report also offers information regarding market dynamics, regulatory compliances, competitive landscape, current trends, market estimations and forecast.
Region-wise, North America is expected to account for maximum volume share in the global market by 2015and this is expected to double over the forecast period. Western Europe is the second-most lucrative market for automated suturing devices companies. The market revenue in this region is projected to witness a healthy CAGR of 5.6% during the forecast period.
Among product types, disposable automated suturing devices segment is expected to dominate the global automated suturing devices market,followed by the reusable automated suturing devices segment. Increasing prevalence of obesity is expected to boost overall demand for disposable automated suturing devices at a comparatively higher pace.
On the basis of application, automated suturing devices market is segmented into minimally invasive surgeries, open surgeries and trauma cases. Minimally invasive surgeries segment is expected to dominate the overall automated suturing devices market by the end of forecast period. The segment revenue is projected to register fastest growth rate over the forecast period. Open surgeries is projected to be the second fastest growing segment in terms of revenue. Increasing adoption of automated suturing devices among surgeons is fuelling growth of the minimally invasive surgeries segment.
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On the basis of end user, global automated suturing devices market has been segmented into hospitals, clinics and ambulatory surgical centers. Hospitals segment is expected to register fastest CAGR in terms of revenue over the forecast period.
Key players profiled in FMI’s market study include Medtronic Plc., Inc., Apollo Endosurgery, LSI Solutions, Inc., Boston Scientific, C. R. Bard, SuturTek Inc. and EndoEvolution, LLC.
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Source: Future Market Insights