The orthopaedic and sports medicine procedures rely heavily on the Suture Anchor Devices Market, a segment of the medical device business that is continually evolving. These cutting-edge tools are made to firmly anchor sutures to bone, giving medical professionals the ability to more precisely and effectively repair ligaments, tendons, and other soft tissues. The Suture Anchor Devices Market is expanding rapidly due to factors such as the rising number of sports-related injuries, an ageing population, and rising desire for minimally invasive surgical procedures.
To meet the varying demands of surgeons and patients, these tools are available in a variety of forms, including metallic, bioabsorbable, and hybrid anchors. Improved biomechanical performance and fewer problems as a result of developments in materials and design have improved patient outcomes. The market also gains from continuing research and development initiatives intended to produce more dependable and affordable solutions.
The market for suture anchor devices is propelled not only by the rise in the frequency of musculoskeletal injuries but also by the expanding use of these tools in a variety of medical disciplines. We may anticipate more developments in suture anchor devices as technology develops, which will improve patient care and results. The demand for these devices is projected to stay strong due to an ageing population and a rise in sports and physical activity involvement, making it a promising area of the larger medical device market.
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The market for suture anchor devices was valued at US$ 638.9 million in 2021, and by the end of 2022, it is anticipated to reach US$ 672.1 million. Additionally, because to an increase in injury rates worldwide, the market for suture anchor devices is expected to reach a value of US$ 1.1 billion by 2032, growing at a CAGR of 4.6% between 2022 and 2032.
“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.
Key Takeaways:
- 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%.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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