Valuation of Suture Anchors Market to Reach US$ 1.17 Bn by 2031; Advancements in Designs and Materials of Biodegradable Suture Anchors to Open New Frontiers in Sports Medicine and Arthroscopic Procedures, Says TMR
- Advent of knotless anchors that promote long-term clinical and functional outcomes benefitting target population in the suture anchors market, especially in shoulder arthroscopy
- Constant demand for products with advanced designs and better composite biodegradable materials in suture anchors drives innovation; Asia Pacific to offer sizable revenue streams
ALBANY, N.Y., Dec. 6, 2021 /PRNewswire/ -- The application of suture anchors in a range of orthopedic surgeries has gained pace notably for sports medicine and during arthroscopy. Enormous advancements in their design, especially in eyelets, and constant innovation in the anchor suture interface have helped orthopedic surgeons achieve simple and effective mechanical fixation of soft tissues to the bone.
Surgeons are becoming conversant about biomechanical and design characteristics of the various currently available products in the suture anchors market to choose the most apt product for the target population. Both open and arthroscopic surgeries have benefitted with improvements in insertion techniques, with manufacturers trying new compositions of materials. A range of alloys and biomaterials are used in mechanical and biodegradable anchors, respectively.
The advent of knotless anchors is offering a game-changing potential for industry players, finds the TMR study on the suture anchors market. The global suture anchors market is estimated to advance at CAGR of 5.48% during 2021–2031 (forecast period), and reach valuation of US$ 1.17 Bn by 2031 from US$ 656.5 Mn in 2020. Biodegradable suture anchors are witnessing tremendous commercialization potential due to the need for advancements in shoulder arthroscopy.
Key Findings of Suture Anchors Market Study
Biodegradable Anchors Attract Considerable Attention in Sports Medicine: Biodegradable anchors have opened a new frontier in orthopedic surgeries, particularly in rotator cuff repairs. In contrast to metallic suture anchors, biodegradable anchors are compatible with modern diagnostic imaging modalities such as in computed tomography scans and magnetic resonance imaging (MRI). In sports injuries, new product designs and bio-composite materials are gaining adoption in sports medicine, as they boost physiologic healing, maintain adequate mechanical strength, and reduce post-operative complications in the patient population. In particular, the growing demand for suture anchors that reduce inflammatory reactions, prevalence of peri-anchor cystic formation, and prevent unexpected and difficult revision surgeries has enriched the growth prospects of the suture anchors market.
Need for Improving Surgical Outcomes of Arthroscopic Repairs in Orthopedics: The need among surgeons for attaining favorable long-term results in arthroscopic surgeries has catalyzed continuous developments in the suture materials. Both anchors and sutures have undergone enormous developments over decades. Extensive R&D in new materials that promote osteoconductivity in open surgeries is also boosting the suture anchors market. Recently emerging products that create new revenue streams are knotless barbed sutures, antimicrobial sutures, and bio-active sutures.
Medical device manufacturers in the suture anchors market are keen on addressing the limitations of bioasborbable anchors to help orthopedic surgeons avoid common failures. In this regard, the advent of suture anchors made up of polyetheretherketone (PEEK) polymer has been a pivotal market development. Furthermore, the incorporation of new composites has resulted in better biocompatibility of the implant notably in rotator cuff repairs including in revision surgeries.
The marked prevalence of injuries across sports, especially particularly knee and ankle injuries, is a key driver, find the analysts of the TMR study. Furthermore, the need for surgical interventions that increases time-to-recovery and reduces unexpected revision surgeries in sports injuries is propelling product developments in the suture anchors market.
A growing number of clinical studies in arthroscopy on biomechanical and design characteristics of next-gen anchors has set the tone for product innovations, expanding the avenue in the suture anchors market. Knotless and all-suture anchors are key cases in points.
North America accounted for a major share of the global suture anchors market in 2020. Strides made in sports medicine in developed nations have enriched the landscape of the regional market.
The Asia Pacific suture anchors market is projected to rise at a promising growth rate during the forecast period. Emerging product developments in India and China and an expanding target population base are likely to spur revenue generation in the regional market.
Suture Anchors Market: Key Players
Some of the key players in the suture anchors market are Smith & Nephew plc, Tulpar Medical Solutions, MedShape, Inc., Groupe Lépine, Aju Pharm Co., Ltd., Cook Group Incorporate, Stryker, Medtronic, Arthrex, Inc., Zimmer Biomet Holdings, Inc., and CONMED Corporation.
Global Suture Anchors Market: Segmentation
Suture Anchors Market, by Product Type
Suture Anchors Market,by Tying Type
Suture Anchors Market,by Anchoring System
Screw Fit Anchor
Suture Anchors Market, by Material
Metallic Suture Anchor
Bio-absorbable Suture Anchor
PEEK Suture Anchor
Bio-composite Suture Anchor
Suture Anchors Market, by End User
Ambulatory Surgery Clinics
Suture Anchors Market, by Region
Rest of the Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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