Market Size of Global Suture Anchor Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Suture Anchor Devices Market Analysis
The suture anchor devices market is projected to register a CAGR of 5.5% during the forecast period, 2022-2027.
Since the pandemic's beginning, the healthcare system has been affected drastically due to the cancellation of surgeries, delayed appointments, and long wait times, among others. The surgical procedures have been delayed, and the number of surgical procedures has decreased. A study published by the National Library of Medicine in December 2021 showed that the overall rate of surgical procedures decreased by 48.0% during the initial shutdown of elective procedures compared with the same period in 2019 in the United States. This decline in surgical procedures also led to a decreased demand for suture anchor devices.
However, the rise in the hospital admission of chronic disease patients and increased trauma cases has increased the demand for surgeries globally. And this is anticipated to increase the demand for usage and adoption of surgical sutures as many orthopedic, alimentary, ophthalmic cases and several other parts of the body require surgical suturing in case of surgeries. The data updated by the Australian government in June 2022 shows that injuries are a significant healthcare concern in Australia. Injury-related hospitalizations recently accounted for about 527,000 admissions and 7.6% (USD 8.9 billion) of Australia's total health spending. Thus, such a burden of injury is expected to increase the need for suture anchor devices used to treat soft tissues and related injuries. Thereby expected to drive the growth of the market studied. Therefore, an increase in the number of surgeries influenced the demand for suture anchor devices, positively affecting the growth of the studied market.
Moreover, sports injuries are a major concern during sports or exercise. Sports injuries involve the musculoskeletal system, which includes muscles, tendons, ligaments, fascia, nerves, bones, and tissues. Sports injuries are primarily caused by falls, overexertion, and fractures. The most common sites of injury during sports and recreational activities are the lower extremities, upper extremity, and head and neck. For instance, as per Johns Hopkins University, in 2021, in the United States, about 30 million children and teens will participate in some form of organized sports, and over 3.5 million injuries are reported yearly. More than 3.5 million children ages 14 and younger get hurt annually while playing sports or participating in recreational activities. Hence, the rise in the prevalence of sports injuries is expected to drive the global suture anchor market.
Therefore, owing to the above factors, the suture anchor device market is anticipated to witness growth over the analysis period.
Suture Anchor Devices Industry Segmentation
As per the scope of this report, suture anchors are broadly used for attaching soft tissue (e.g., tendons, ligaments, and meniscus) to the bone and have become essential devices in sports medicine and during arthroscopic surgery. The suture anchor devices market is segmented by Product Types (Absorbable and Non-Absorbable), By Material Type (Metallic Suture Anchor, Bio-absorbable Suture Anchor, and Others), By Tying Type (Knotted, Knotless, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product Type | |
| Absorbable | |
| Non-Absorbable |
| By Material Type | |
| Metallic Suture Anchor | |
| Bio-absorbable Suture Anchor | |
| Others |
| By Tying Type | |
| Knotted | |
| Knotless | |
| Others |
| Geography | ||||||||
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Global Suture Anchor Devices Market Size Summary
The suture anchor devices market is poised for growth, driven by an increase in surgical procedures and the rising prevalence of sports injuries. The demand for these devices is expected to rise as more surgeries are performed globally, particularly in orthopedic, alimentary, and ophthalmic cases. The market is also benefiting from the growing need to address soft tissue injuries, which are prevalent in sports and recreational activities. The shift towards knotless suture anchors, which offer advantages such as reduced procedure time and less cartilage damage, is anticipated to further propel market expansion. Key industry players are focusing on innovation and product development to enhance their offerings, contributing to the competitive landscape of the market.
North America stands out as a significant contributor to the suture anchor devices market, fueled by the increasing incidence of musculoskeletal disorders and sports-related injuries. The region's market growth is supported by a high number of emergency department visits and a strong focus on technological advancements in medical devices. Leading companies in the United States are actively introducing advanced joint repair solutions, which are gaining traction in healthcare settings. The competitive market is dominated by major players such as Smith & Nephew, Zimmer Biomet Holdings, and Arthrex, Inc., who are continuously expanding their product portfolios to meet the growing demand for suture anchor devices.
Global Suture Anchor Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Orthopedic injuries in geriatric population
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1.2.2 Demand for minimally-invasive surgeries
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1.2.3 Rising Number of Sports Accidents
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1.3 Market Restraints
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1.3.1 Varying degree of tissue reaction
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Absorbable
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2.1.2 Non-Absorbable
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2.2 By Material Type
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2.2.1 Metallic Suture Anchor
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2.2.2 Bio-absorbable Suture Anchor
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2.2.3 Others
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2.3 By Tying Type
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2.3.1 Knotted
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2.3.2 Knotless
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2.3.3 Others
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle-East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Suture Anchor Devices Market Size FAQs
What is the current Global Suture Anchor Devices Market size?
The Global Suture Anchor Devices Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Global Suture Anchor Devices Market?
Smith & Nephew plc, Zimmer Biomet Holdings, ConMed Corporation, Arthrex, Inc. and Johnson and Johnson (DePuy Synthes, Inc.) are the major companies operating in the Global Suture Anchor Devices Market.
