Suture Anchors Market Expected to Reach $899.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Suture Anchors Market," The suture anchors market size was valued at $572.50 million in 2021, and is estimated to reach $899.4 million by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Suture Anchors are useful fixation device for securing ligaments and tendons to bone. They consist of sutures, eyelets, and anchors. They resemble tiny bullets and have wings or ridges to help anchor them in the bone and an eyelet for the suture to flow through. They can tunnel through bone due to the bullet form. The sutures emerge out of the bone when an anchor is buried in bone, allowing them to be transmitted into tendon tissue. Moreover, in fractures and soft tissue injuries around the knee, where the bony fragments are too small to fix with screws, the ligamentous and bony fragments can be reduced and fixed in order to obtain a stable knee joint. This can be done with the use of suture anchors. This procedure may be aided arthroscopically or openly. 

The suture anchors market trends that drive the growth of the market include increase in use of suture anchors in reattaching bones to tissues in hands, elbows, knees, and ankles. Moreover, tissue detachment in the patient may occur in some accidents. In such situations, surgery is required to restore the soft tissue to the corresponding bone. Such procedures are aided by suture anchors, which further boost the growth of global suture anchors market. However, strict regulatory rules and high cost are likely to hamper the growth of the Suture anchors market during the forecast period. Conversely, increase in growth potential of emerging economies are expected to provide numerous opportunities for market growth during the suture anchors market analysis.

By product type, the absorbable segment dominated the suture anchors market share in 2021 and is expected to remain dominant during the forecast period, owing to rise in surgical procedures. In addition, absorbable sutures are widely used in multiple surgeries as they are biodegradable and do not require manual removal, which further propels the market growth. 

By tying type, the knotless segment dominated the suture anchors market size in 2021 and is expected to remain dominant during the forecast period, as they are simpler to use and require less time to insert than knotted anchors. In addition, knotless anchors offer the benefit of avoiding the issues and perhaps even cutting down on overall surgical time which further propel the market growth.

By material, the bio-composite suture anchor segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to its use in open or arthroscopic surgical procedures. On the other side, other segment grow at highest CAGR owing to increase in development in  bio-absorbable suture anchor, and all soft suture anchors by key players.

By end user, the ambulatory surgery centers segment dominated the market in 2021 and is expected to remain dominant during suture anchors market forecast period, owing to surge in number orthopedic surgeries and increase in availability of technically skilled nurses for private practices. However, hospitals and clinics register the highest CAGR during the forecast period owing to an increase in surgical procedures in hospitals and clinics.

Region wise, North America has the highest suture anchors market share and is expected to remain dominant during the forecast period. This is attributed to presence of large patient population, strong presence of key players, ease of product availability, and well developed healthcare infrastructure. In addition, favorable reimbursement policies in healthcare system and higher number of R&D further boost the market growth.

On the other hand, Asia-Pacific is projected to register the highest CAGR of 5.8% during the forecast period, owing to evolving healthcare regulatory landscape and the government's emphasis on enhancing R&D capabilities for innovative product development. In addition, in countries such as South Korea, China, and Japan, there is increase in high geriatric population, rising levels of obesity in the individuals and developing healthcare facilities, hence likely to drive the market.

Key findings of the study

• On the basis of product type, the absorbable segment dominated the suture anchors industry in 2021, and is expected to continue this trend during the forecast period.
• By tying type, the knotless segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of material, the bio-composite suture anchors segment dominated the suture anchors industry in 2021 and is expected to continue this trend during the forecast period.
• Depending on end user, ambulatory surgery centers segment is projected to grow at a CAGR of 4.5% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 5.8% during the forecast period.