Suture Anchors Market: Introduction
- Suture Anchor is a fixation device used in arthroscopic repairs. Suture anchors are used where inadequate soft tissues are present that are unable to repair injuries in those areas.
- Recent developments in suture anchor design and techniques have resulted in its increased usage for fixing musculoskeletal tissues of hips, elbow, hand, knee, foot, and ankle. Suture anchors are made of anchor, eyelet, and suture.
- Anchors are inserted into the bone. These anchors are made of metal or biodegradable materials, while eyelet is a loop in the anchor from which suture passes. Suture can be made using absorbable or non-absorbable material.
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Key Drivers and Restrain of Global Suture Anchors Market
- Orthopedic injuries in geriatric population is expected to drive the suture anchor market during the forecast period. According to the United Nations University (UNU) estimates, the percentage of the world population above the age of 65 years is anticipated to increase from 9% in 2010 to 16% by 2050.
- Surge in the adoption of minimal invasive surgeries and rise in awareness about suture anchor are factors that are projected to propel the global suture anchors market during the forecast period. Suture anchors are widely used in minimal invasive surgeries in orthopedics.
- Demand for minimally invasive surgeries is increasing due to its benefits over open surgeries, such as minimal bleeding, lesser postoperative infection chances, fewer complications, shorter hospital stay, and early recovery
- Varying degree of tissue reaction due to suture anchors could hamper market growth during the forecast period
Development of Advanced Suture Anchors to Offer Attractive Opportunities
- Advancement in suture anchor design and technology will provide advanced and effective tissue reattachment. Various organizations are carrying out research and development for advanced suture anchors with better material offering higher advantage.
- In 2016, Stryker launched the sonic anchor that operates through ultrasonic energy, which liquefy and flow into the cancellous bone
Hospitals End-user and Bio-composite Suture Anchor Material Segments to Witness Significant Growth
- Bio-composite suture anchors are the most preferred material type. The demand for bio-composite suture anchors is expected to propel during the forecast period, as they provide excellent visibility of implants during surgeries. Moreover, these have fast insertion and improved fixation strength throughout the healing period.
- Demand for suture anchor is increasing rapidly due to the rise in the number of hospitals and government support to offer improved health care services, especially in Asia Pacific, Latin America, Africa, and the Middle East
- According to the Central Bureau of Health Intelligence, the number of government hospitals in India increased from 4,571 in 2000 to 11,993 in 2011. Additionally, significant rise in the number of hospitals in Asia Pacific, Africa, the Middle East, and Latin America is likely to boost the suture anchors market.
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North America to Hold Major Share of Global Suture Anchors Market
- In terms of region, the global suture anchor market can be segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America was the leading market for suture anchors in 2018 due to technological advancements, new product launches, and high disposable income of people. Europe was the second largest market for suture anchors in 2018 due to better reimbursement policies and a well-established health care sector in the region.
- The suture anchors market in Asia Pacific is expected to be driven by the increase in health care infrastructure. Furthermore, orthopedic injuries in sports and accidents are anticipated to drive the suture anchors market during the forecast period.
Key Players Operating in Global Market
The global suture anchors market is highly fragmented. Some of the few key players operating in the global suture anchors market are:
- Smith & Nephew
- Zimmer Biomet
- CONMED Corporation
- Arthrex, Inc.
- Johnson and Johnson (DePuy Synthes)
- Wright Medical Group N.V.
Global Suture Anchors Market: Research Scope
Global Suture Anchors Market, by Type
Global Suture Anchors Market, by Material
- Metallic Suture Anchor
- Bio-absorbable Suture Anchor
- PEEK Suture Anchor
- Bio-composite Suture Anchor
- All Sutures
Global Suture Anchors Market, by Typing Type
Global Suture Anchors Market, by End-user
- Ambulatory Surgical Centers
- Specialty Clinics
Global Suture Anchors Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.