Suture Anchor Devices Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

The Suture Anchor Devices market is projected to register a CAGR of 5.5% during the forecast period (2022 - 2027).

Since the beginning of the pandemic 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 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 led to decreased demand for suture anchor Devices as well.

However, the rise in the hospital admission of chronic disease patients, as well as 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. As per the study published by Journal of Surgical Research in May 2020, there were an estimated 7,214,915 hospital encounters for the treatment of orthopedic injuries, with 5,657,995 (78.4%) managed in emergency department settings without hospital admission. 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. Sport injuries involve the musculoskeletal system, which includes muscles, tendons, ligaments, fascia, nerves, bones, and tissues. Sports injuries are primarily caused due to falls, overexertion, and fracture. The most common sites of injury during sports and recreation activities are lower extremity, upper extremity, and head & neck. For an instance, as per the Johns Hopkins University in 2021, in the United States, about 30 million children and teens participate in some form of organized sports, and over 3.5 million injuries are reported each year. More than 3.5 million children ages 14 and younger get hurt annually playing sports or participating in recreational activities. Hence, rise in prevalence of sports injuries is expected to drive the global suture anchor market.

Key Market Trends

The 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. As per the study published by the Springer Link in 2020, The arthroscopic treatment of Bankart lesions with a knotless all-suture technique leads to promising clinical short-term results with good function and low rates of re-dislocation and revision.

The knotless suture anchors have contributed towards decreasing the time consumed to perform the procedure and provided versatility. Therefore, with the shift of demand towards high-quality joint procedures knotless suture anchors market is expected to evidence a rise in demand for the coming years.

Key players are concentrating on launching innovative products to expand their product portfolio 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. Moreover in September 2020, Smith+Nephew, launched the HEALICOIL KNOTLESS Suture Anchor, expanding its revolutionary line of Advanced Healing Solutions for rotator cuff repair. This portfolio included the innovative REGENETEN Bioinductive Implant and novel REGENESORB Material.

Furthermore, In February 2021, In2Bones Global Inc. launched “Hercules Suture Anchor System". Hercules Suture Anchor System has a unique knotless suture anchor and is comprised of radiolucent PEEK material. In addition to this, on March 25 2021, Smith+Nephew, announced a marketing collaboration with Movendo Technology (Genoa, Italy) that is believed to add personalised robotic rehabilitation capability to the company’s technological solutions. This collaboration is projected to create a fully digitised pathway for the patients from the very first to last stage. The technology is expected to work on 130 different parameters and would offer a personalized patient recovery programme to strengthen the joint’s articulation.

Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

North America is one of the major contributors in the studied market, owing to the rise in musculoskeletal disorders and growing cases of sports-related injuries, increasing bariatric surgeries, and increasing chronic diseases in the region.

Furthermore, in the United States, the number of people above 65 years of age is projected to reach 84,813 thousand by 2030, from 53,340 thousand in 2019, and the 65-and-older age group’s share in the total population may rise from 16.2% in 2019 to 22.4%, by 2050, as per the World Population Aging Report 2019. This growing geriatric population is another factor attributing to the growth of the suture anchor devices market as they contribute to a greater number of chronic diseases which leads to surgeries and hence increase the demand for suture anchor devices. And this is expected to drive the growth of the studied market in the region.

In the United States, high hospital admission rates, technological advancements in healthcare facilities, more healthcare expenditure from the government as well as better distribution channels by companies as well as reimbursement policies drive the suture anchor devices market. Therefore, owing to these factors, the United States is believed to have a significant share in the market studied over the forecast period among all the other countries in the region.

Moreover, according to an estimation by the Centers for Disease Control and Prevention (CDC) in 2021, approximately 63 million people were diagnosed with arthritis in 2020 and will reach 78 million people by the end of 2040. Along with this the leading players of the United States, including Ethocon US LLC., are constantly innovating technologically advanced devices. This in turn is increasing the adoptoion of these devices among healthcare settings and growing the market in a significant manner in this region.

Competitive Landscape

The Suture Anchor Devices market is fragmented competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Smith & Nephew plc, Zimmer Biomet Holdings, ConMed Corporation, Arthrex, Inc., Johnson and Johnson (DePuy Synthes, Inc.), Medtronic plc., Stryker Corporation, Parcus Medical, LLC., Wright Medical, Orthomed, Teknimed, Enovis and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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