The global suture anchor devices market size was estimated at around USD 0.82 billion in 2022 and it is projected to hit around USD 1.16 billion by 2032, growing at a CAGR of 3.53% from 2023 to 2032.
Key Pointers
- North America led the market with the largest market share in 2022.
- Asia Pacific is expected to advance with the fastest growth rate during the forecast period
- By Product, the non-absorbable products accounted for a largest revenue share of 56% in 2022.
- By Material Type, the metallic suture anchors accounted for the largest revenue share in 2022
- By Material Type, the bio-absorbable suture anchor segment is estimated to register the fastest CAGR over the forecast period.
- By Tying Type, the knotless segment dominated the market in 2022 and is anticipated to further expand at the fastest CAGR during the forecast period
- By End-use, the hospitals segment accounted for the largest market revenue share in 2022.
- By End-use, the ambulatory surgical centers segment is estimated to register the fastest CAGR over the forecast period.
The suture anchor devices market stands at the forefront of innovation and growth within the healthcare sector. These devices, integral to orthopedic and sports medicine practices, play a crucial role in advancing patient care and treatment outcomes.
Market Growth
The growth of the suture anchor devices market is propelled by several key factors. Firstly, the increasing prevalence of orthopedic injuries, coupled with a growing awareness of minimally invasive surgical techniques, contributes significantly to the rising demand for these devices. Moreover, the aging global population, susceptible to musculoskeletal issues, acts as a demographic driver, further augmenting market expansion. The market’s dynamic segmentation based on product type, application, and end-user allows for a tailored understanding of evolving trends, catering to diverse stakeholder needs. Additionally, the competitive landscape, characterized by strategic initiatives of key players, mergers, acquisitions, and collaborations, plays a crucial role in shaping market dynamics.
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Report Scope of the Suture Anchor Devices Market
| Report Coverage | Details |
| Market Size in 2022 | USD 0.82 billion |
| Revenue Forecast by 2032 | USD 1.16 billion |
| Growth rate from 2023 to 2032 | CAGR of 3.53% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Market Dynamics
Drivers
- Increasing Incidence of Orthopedic Injuries: The suture anchor devices market is driven by a rising prevalence of orthopedic injuries globally. As sports-related activities and musculoskeletal disorders become more commonplace, the demand for effective solutions, such as suture anchor devices, continues to grow.
- Rising Awareness of Minimally Invasive Surgical Techniques: The market is positively influenced by an increasing awareness and preference for minimally invasive surgical procedures. Suture anchor devices play a pivotal role in these techniques, offering patients faster recovery times, reduced scarring, and overall improved outcomes.
Restraints
- Risk of Complications: Like any medical intervention, the use of suture anchor devices carries inherent risks of complications. Concerns regarding potential adverse events, infections, or other postoperative issues may influence both patient and physician acceptance, impacting market growth.
- Alternative Treatment Modalities: The availability of alternative treatment modalities, such as traditional sutures or competing orthopedic devices, provides choices for healthcare practitioners and patients. Market growth may be restrained as a result of the ongoing competition with established and alternative solutions.
Opportunities
- Patient-Centric Approaches: A shift towards patient-centric healthcare models provides an opportunity for market growth. Patient preferences for less invasive procedures and faster recovery times align with the benefits offered by suture anchor devices, making them a preferred choice in orthopedic care.
- Focus on Sports Medicine: The burgeoning field of sports medicine offers a specialized niche for suture anchor devices. With a rising number of sports-related injuries, there is a growing demand for advanced orthopedic solutions, positioning suture anchors as essential tools in sports medicine procedures.
Product Insights
Non-absorbable products accounted for a largest revenue share of 56% in 2022. The dominance is aided by their use in orthopedic procedures to secure sutures in bone and maintain their structural integrity. They are designed to provide long-term fixation for ligament and tendon repairs. Their widespread use across various orthopedic surgeries has contributed significantly to their market dominance, compared to absorbable suture anchors. Their durability offers strong and lasting support for tissue repair in orthopedic procedures, which has led to their higher adoption and market share.
The absorbable segment, on the other hand, is expected to show lucrative growth, as these products are designed to degrade over time within the body, eliminating the need for surgical removal. They offer convenience by negating the requirement for a second surgery for anchor removal, thus helping reduce patient discomfort and healthcare costs.
Material Type Insights
Metallic suture anchors accounted for the largest revenue share in 2022. Their high demand can be attributed to their exceptional durability and strength, providing robust fixation in orthopedic surgeries. These anchors, commonly made from materials such as titanium or stainless steel, ensure long-term stability for tendon and ligament repairs. For example, in rotator cuff repairs, metallic anchors offer reliable stability for the reattachment of tendons to the bone, ensuring better healing outcomes due to their high tensile strength and resistance to degradation over time. The inherent strength and reliability of metallic suture anchors drive their preference for long-term fixation in orthopedic procedures, leading to their dominance.
The bio-absorbable suture anchor segment is estimated to register the fastest CAGR over the forecast period. This is due to their ability to support bone formation and the rising preference for biodegradable materials in orthopedic procedures
Tying Type Insights
The knotless segment dominated the market in 2022 and is anticipated to further expand at the fastest CAGR during the forecast period. These anchors simplify the surgical process by eliminating the need for manual knot tying, reducing procedure time and potential complications associated with knot tying. They offer enhanced tissue preservation and distribute tension more evenly across the repaired tissue, improving outcomes and potentially resulting in faster patient rehabilitation.
The knotless segment held a significant market share in 2022 owing to the launch of innovative products by key players. A notable example is the introduction of Smith+Nephew’s HEALICOIL KNOTLESS Suture Anchor, in September 2020 , which helped expand the company’s Advanced Healing Solutions line for rotator cuff repair.
End-use Insights
The hospitals segment accounted for the largest market revenue share in 2022. Hospitals conduct more orthopedic procedures, including those involving suture anchors for ligament and tendon repairs. The specialized orthopedic departments and resources required for complex orthopedic surgeries contribute to a significant usage of suture anchor devices in these facilities.
The ambulatory surgical centers segment is estimated to register the fastest CAGR over the forecast period. Ambulatory surgical centers have gained substantial popularity due to their cost-effectiveness, efficiency in performing minor surgeries, and advancements in medical technologies, allowing more procedures to be performed outside traditional hospital settings. Additionally, the shift toward outpatient procedures for orthopedic surgeries has increased the demand for suture anchor devices in these centers.
Regional Insights
North America dominated the market with the largest market share in 2022. This is because the region has a well-established healthcare infrastructure and a high adoption rate of suture anchor products. It also has a large patient population, favorable reimbursement policies in the healthcare system, and witnesses a higher number of research and development activities, which have driven market growth.
Furthermore, the increasing number of surgeries being performed in hospitals, the establishment of multi-specialty hospitals, and the rapid adoption of more advanced biosurgery treatment procedures have all contributed to North America’s dominance in the market for suture anchor devices. Key players such as Smith & Nephew, Stryker Corporation, and Johnson & Johnson are headquartered in North America, contributing to the region’s market dominance.
The U.S. accounted for North America’s largest share in suture anchor devices in 2022. The high purchasing power and a rise in the adoption rate of suture anchor products have driven market growth in the country. Additionally, the high prevalence of sports-related injuries has prompted a substantial demand for orthopedic interventions, stimulating the usage of suture anchors in repairing ligament and tendon injuries.
For instance, an article published by Ohio State University in 2021, titled “Arm Injury Statistics,” reported that 6 million people in the U.S. break a bone each year. In adults aged above 75 years, hip fractures become the most common injury area. Fractures account for 16% of all musculoskeletal injuries in the U.S. annually. Over 40% of fractures take place at home. These factors collectively set the U.S. as the leading country in the suture anchor device market, with the highest revenue share and a strong outlook for continued dominance.
Asia Pacific is expected to advance with the fastest growth rate during the forecast period. The rising geriatric population increases the incidence of orthopedic conditions, necessitating more interventions involving suture anchors. Moreover, continuous technological advancements, increased awareness about advanced medical treatments, and expanding investments in healthcare contribute to the anticipated rapid growth rate of the market for suture anchor devices in the Asia Pacific region.
Key Companies
- Smith & Nephew plc
- Zimmer Biomet Holdings
- CONMED Corporation
- Arthrex, Inc
- Johnson and Johnson (DePuy Synthes, Inc.)
- Stryker Corporation
- Parcus Medical
- Wright Medical
- Orthomed
- Enovis
Suture Anchor Devices Market Report Segmentations:
By Product
- Absorbable
- Non-absorbable
By Material Type
- Metallic Suture Anchor
- Bio-absorbable Suture Anchor
- Others
By Tying Type
- Knotted Suture Anchors
- Knotless
By End-use
- Hospitals
- Ambulatory Surgical Centers
- Clinics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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