Increasing investment by companies in the development of new types of suture anchors with newer types of material provides an effective treatment option for orthopaedic injuries
In 2020, the overall sales for suture anchor devices market witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including Smith & Nephew plc, Zimmer Biomet Holdings, Inc., ConMed Corporation, Arthrex, Inc., Johnson and Johnson (DePuySynthes, Inc.), Medtronic plc., are taking initiatives to increase awareness regarding the benefits of suture anchor devices among healthcare professionals and are also focussing on the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for the suture anchor devices with largest market share.
For instance, on March 25 2021, one of the leading companies in the suture anchor devices market, 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.
North America is predicted to rule the global market for suture anchor devices through 2030 owing to increasing spending on healthcare infrastructure and orthopedic treatments along with technological advancements. The Asia pacific region is leading to market expansion as the awareness of medical devices is rising. Moreover, the emerging companies in India and China are leading to the creation of new growth opportunities and augmenting the progress exponentially.
Companies focus on new product launches through investing in research and development in order to gain maximum market share. Acquisitions, mergers, strategic collaborations, and technology innovations play a vital role in the growth of the global suture anchor devices market. Certain manufacturers are focussed on developing new suture anchors for minimally invasive surgery, thus expecting to increase their respective market shares.
Other companies are focussing on targeting technologically advanced emerging economies such as the Asia Pacific region with availability of sufficient capital base and skilled labour. Companies are entering into mergers and acquisitions to expand their product portfolio and market presence in the global market.
Global Suture Anchor Devices Market: Overview
According to our analysis, the global suture anchor devices market grew from more than US$ 435 Mn in 2012 to more than US$ 500 Mn in 2016. This represents a CAGR of 3.5% over the historical period 2012-2016. The global suture anchor devices market is estimated to grow from just above US$ 520 Mn in 2017 to more than US$ 870 Mn by 2027 end.
This reflects a CAGR of 5.2% over the forecast period 2017–2027. The global suture anchor devices market is likely to represent absolute $ opportunity of more than US$ 25 Mn in 2018 over 2017 and incremental $ opportunity of nearly US$ 350 Mn between 2017 and 2027.
Focus on improving the quality of life is a prominent factor boosting the use of suture anchor devices
Companies are focussing on the development of new suture anchor devices to provide advanced tissue bone reattachment systems. Suture anchors are widely used for the treatment of orthopaedic injuries. Many research organisations are focussing on the development of new compositions of suture anchors with better advantages. For instance, Stryker’s Sonic Anchor that operates through ultrasonic energy to liquefy and flow into cancellous bone, was launched in 2016.
A growing number of strategic mergers and acquisitions among the key players in the global orthopaedic industry is another trend that is making a positive impact on the global suture anchor devices market. Top companies are focussing on expanding their market share through various strategic business models. For example, the Johnson & Johnson subsidiary DePuv acquired Synthes in 2012. Increase in medical tourism across the globe is another trend that is boosting the overall growth of the global suture anchor devices market.
Latin America in particular has been witnessing growing activity of medical tourism. Countries such as Costa Rica, Brazil, and Mexico are highly sought after medical tourism destinations. According to the Council for International Promotion of Costa Rica Medicine, Costa Rica attracted nearly 50,000 medical tourists (mostly from the U.S. and Canada) in 2012. Around half of these medical tourists travelled for dental procedures, followed by orthopaedics, weight loss surgeries, and gynaecology and plastic surgery.
Various predictable and unpredictable injuries are resulting in an increase in the number of musculoskeletal injuries. Increasing rate of sports injuries especially among women soccer players is creating robust growth in the global market for suture anchor devices.
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Bio-composite suture anchor is the most preferred material type for manufacturing suture anchor devices
The bio-composite suture anchor segment is expected to dominate the global suture anchor devices market in terms of revenue in 2017, and the trend is projected to continue throughout the forecast period. The segment is expected to be the most lucrative among all material types, with an attractiveness index of 2.3, while the PEEK suture anchor segment is expected to be the second largest market with a market share index of 1.2.
- Metallic Suture Anchor
- Bio-absorbable Suture Anchor
- PEEK Suture Anchor
- Bio-composite Suture Anchor
- All Suture Anchor
- Knotless Suture Anchor
- Knotted Suture Anchor
- Emergency Medical Services
- Ambulatory Surgical Centres
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan