Suture Anchor Devices Market Trends: Development is Changing Business Needs
The Global Suture Anchor Devices Market is projected to reach a valuation of US$ 1.1 Bn in 2032, with demand growing at an average CAGR of 4.6% from 2022 to 2032. Scaling up from a value of US$ 638.9 Mn in 2021, the suture anchor devices market is expected to reach an estimated US$ 672.1 Mn in 2022. The growing cases of injuries due to car accidents across the globe have resulted in the expansion of the suture anchor devices market.
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Medical devices mainly used for attaching soft tissues like ligaments and tendons to the bone are categorized as suture anchor devices. Owing to their small size, ease of insertion, and strength of fixation, suture anchors are often used in hospitals, emergency medical services, and ambulatory surgical centers where they are utilized to join soft tissue to bone.
These devices have become a crucial part of sports medicine and orthopedic operations. Factors like the growing number of injuries and orthopedic interventions like rotator cuff surgery, torn ligament repairs, and removal of loose bone or cartilage, are promoting an environment of growth for the suture anchor devices market. Furthermore, the elderly population display low bone density and are prone to injuries and diseases. With rising geriatric population, the cases of age-related orthopedic injuries are also increasing. In addition, people with obesity also acquire orthopedic conditions such as osteoarthritis which leads to arthroplasty surgery. All this will have a positive impact on the suture anchor devices market.
Many key players in the orthopedic sector are utilizing strategies like mergers and acquisitions which will further augment the sales of suture anchor devices in the global market over the next few years. Additionally, with the number of sports injuries increasing all over the world, the demand for suture anchor devices will also rise. Sports-related injuries deal with the musculoskeletal system and tissues. The tissue detachment is induced by accidents or major falls. With surgery, these soft tissues are reattached to the bone. Hence, suture anchor devices are highly used during surgeries and this is one of the major factors fueling the market for suture anchor devices.
“Increasing incidences of injuries coupled with high demand in sports medicine and arthroscopic surgery is expected to propel the market growth of the suture anchor devices over the forecast period,” says an FMI analyst.
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- Rising number of orthopedic interventions will foster the growth of suture anchor devices market.
- Frequent product recalls and extended product approval procedure may impede the market growth.
- The United States accounts for 83.4% of the market share in North America.
- Germany holds about 19.1% of the suture anchor devices market share in Europe.
- The target market in China is expected to record a CAGR of 3.7%.
- Absorbable product type will register high demand over the forecast period.
- Bio-composite suture anchor segment will register a CAGR of 4%.
Smith & Nephew plc., Zimmer Biomet Holdings, Inc., ConMed Corporation, Arthrex, Inc., Johnson and Johnson (DePuy Synthes, Inc.), Medtronic plc, Stryker Corporation, Parcus Medical, LLC., Wright Medical Group N.V., Teknimed SA, MedShape, Inc., South America Implants S.A., Anstem Medical, Groupe Lepine S.A., In2Bones SAS, Tulpar Medical Solutions, Neosys Surgical Solutions LTD, Biocomposites Ltd, HNM Medical, and Surgical Frontiers among others are some of the major players in the suture anchor devices market profiled in the full version of the report.
The major players in the target market are increasing their investment activities like collaboration and agreements, particularly with medical management facilities like hospitals, ambulatory surgical centres, and dental care settings, to improve their revenue growth in the suture anchor devices market.
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More Insights into Suture Anchor Devices Market Report
In its latest report, FMI offers an unbiased analysis of the global suture anchor devices market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product (absorbable, non-absorbable), material (metallic suture anchor, bio-absorbable suture anchor, PEEK suture anchor, bio-composite suture anchor, all suture anchor), tying (knotless suture anchor, knotted suture anchor), end user (hospitals, emergency medical services, clinics, ambulatory surgical centers), and region.
According to the latest FMI reports, based on segmentation, the absorbable product type and the bio-composite suture anchor segment are predicted to dominate the global market space through 2032.
Based on region, the suture anchor devices market in the United States are expected to exhibit impressive growth over the forecast period. The market in this country accounts for a share of about 83.4% in North America. This growth can be attributed to a surge in injuries, high demand for minimally invasive medical procedures, rise in investments in orthopedic therapies, and a strong presence of major market players.
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