The global suture anchor devices market is projected to experience significant growth in the coming years, reaching a valuation of US 1,080.9 million by 2033, according to a recent analysis by healthcare industry experts. This represents a Compound Annual Growth Rate (CAGR) of 4.2% from 2023, where the market was valued at US$ 719.6 million.
This anticipated growth presents exciting opportunities for manufacturers, stakeholders, and investors within the suture anchor devices segment. The sustained expansion, as indicated by the estimated CAGR, positions the market to effectively meet the evolving needs of the healthcare industry, both in terms of medical requirements and technological advancements.
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This highlights the promising future of the suture anchor devices market, offering valuable insights for potential investors and industry participants looking to capitalize on this expanding sector.
Key Takeaways from the Suture Anchor Devices Market Report:
- In 2018, the global market size stood at US$ 577.7 million.
- The market size expanded at a 3.6% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 688.0 million.
- In 2022, the absorbable segment gained 77.0% of the suture anchor devices market share.
- In 2022, biocomposite suture anchor remained the leading material, occupying nearly 51.4% of the suture anchor devices market share.
- The suture anchor devices market in India is expected to develop at a 4.2% CAGR through 2033.
- The suture anchor devices market in Japan is projected to record a 6.8% CAGR through 2033.
- The suture anchor devices market in Germany is estimated to flourish at a 6.1% CAGR through 2033.
Note from the Analysts:
- “The market for suture anchor devices is expanding significantly due to factors like an aging population, an increase in sports-related injuries, technological advancements, telemedicine integration, and cooperative research projects. As the fields of orthopedics and sports medicine continue to progress, these factors set the industry for a bright future,” says an FMI analyst.
Recent Developments:
- In December 2022, Stryker unveiled CitrefixTM, a suture anchor system for foot and ankle surgical procedures. The novel approach makes use of CitregenTM, a renowned bioresorbable material designed to mimic the structure and content of genuine bone.
- Smith+Nephew and Movendo Technological (Genoa, Italy) agreed on a marketing collaboration in March 2021 that will hopefully improve the company’s technological offerings by enabling customized robotic rehabilitation. It is envisaged that this alliance would offer a fully digitized patient journey from start to finish.
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Competitive Landscape:
- 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
- Surgical Frontiers
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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Key Market Segments Covered in Suture Anchor Devices Industry Research:
By Product:
- Absorbable
- Non-Absorbable
By Material:
- Metallic Suture Anchor
- Bio-absorbable Suture Anchor
- PEEK Suture Anchor
- Bio-composite Suture Anchor
- All Suture Anchor
By Tying:
- Knotless Suture Anchor
- Knotted Suture Anchor
By End User:
- Hospitals
- Emergency Medical Services
- Clinics
- Ambulatory Surgical Centres
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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