Market Trends of Global Suture Anchor Devices Industry
This section covers the major market trends shaping the Suture Anchor Devices Market according to our research experts:
Knotless Segment is Expected to Hold a Major Market Share in the Suture Anchor Devices Market
The knotless suture anchor has a short loop of suture secured to the tail end of the anchor. These knotless anchors provide versatility, speed, and security in knotless rotator cuff and instability repair. Thus, owing to these advantages over other tying types, the segment is anticipated to grow over the forecast period.
Due to the low-profile suture materials and lack of knots, knotless suture anchors have the advantages of being simpler to use with modern devices and less likely to damage cartilage while still providing adequate knot security and tension, as mentioned in the research article "Knot-Tying versus Knotless Suture Anchors for Arthroscopic Bankart Repair: A Comparative Study" published in July 2021. Additionally, the knotless suture anchors have decreased the time consumed to perform the procedure and provided versatility. Therefore, with the shift of demand towards high-quality joint procedures, the knotless suture anchor segment is expected to increase in demand in the coming years.
Key players are concentrating on launching innovative products to expand their product portfolios for market enlargement. For instance, in February 2021, Acuitive Technologies received clearance from the United States Food and Drug Administration (FDA) to market the CITREFIX Knotless Suture Anchor System with CITREGEN material technology, a new generation bioresorbable synthetic polymer. Furthermore, in February 2021, In2Bones Global Inc. launched the "Hercules Suture Anchor System" with a unique knotless suture anchor and radiolucent PEEK material. In addition, in March 2021, Smith+Nephew entered into a marketing collaboration with Movendo Technology (Genoa, Italy) that is believed to add personalized robotic rehabilitation capability to the company's technological solutions. This collaboration is projected to create a fully digitized pathway for the patients from the very first to the last stage. The technology is expected to work on 130 different parameters and offer a personalized patient recovery program to strengthen the joint's articulation. Such advances in the segment are expected to drive the segment's growth.
Thus, the segment is expected to witness significant growth over the forecast period due to the above-mentioned developments.
North America is Expected to Dominate the Market Over the Forecast Period
North America is one of the major contributors to the studied market, owing to the rise in musculoskeletal disorders and growing cases of sports-related injuries, bariatric surgeries, and chronic diseases in the region. Furthermore, an article published by the Ohio State University in 2021, titled "Arm Injury Statistics," reported that 6 million people in the United States break a bone each year. In those adults over age 75, hip fractures become the most common broken bone. Fractures account for 16% of all musculoskeletal injuries in the United States annually. More than 40% of fractures occur at home. Musculoskeletal issues among the senior population are another factor contributing to the growth of the suture anchor device market, which increases the demand for suture anchor devices, and this is expected to drive the growth of the market in the region.
In addition, according to Centre of Disease Control and Prevention (CDC) data updated in March 2022, the number of emergency department visits was 130 million, and the number of injury-related visits was 35 million in the United States in 2021. This number of emergency visits, coupled with an increased number of injuries, is expected to lead to increased adoption of suture anchor devices used for treatment in the United States, thereby expected to drive the growth of the studied market.
Along with this, the leading players in the United States are constantly innovating with technologically advanced devices. For instance, in July 2022, Smith+Nephew, one of the medical technology companies, showcased a robust product portfolio of products featuring several of its advanced joint repair solutions, including suture anchor devices, during the 2022 American Orthopaedic Society for Sports Medicine (AOSSM) Annual Meeting, which was held in Colorado Springs during July 13-17, 2022. These advances, in turn, are increasing the adoption of these devices in healthcare settings and growing the market significantly in this region.
Therefore, owing to the abovementioned factors, the market studied is anticipated to drive market growth over the forecast period.
