Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Suture anchors are implants that are used to repair broken soft tissues to its anatomical footprint and they promote soft tissue to bone healing. Suture anchors are designed to allow soft tissue to bone healing in cases where inadequate soft tissue stock on bone makes it impossible to perform a direct soft tissue-to-soft tissue repair. Suture anchor fixation is one of the most important innovations in arthroscopic glenohumeral shoulder surgery, optimizing the link between bone and soft tissue at the rotator cuff footprint. Recent developments and techniques have expanded the use of suture anchors to most other musculoskeletal tissues including the hip, elbow, hand, knee foot and ankle. The increasing use of suture anchors for reattaching tissue to bone is driving demand for the global suture anchors market during the forecast period.
The suture anchor devices market is majorly driven by innovations and advanced techniques that have extended the use of suture anchors to a variety of musculoskeletal tissues, including hip, elbow, hand, knee foot, and ankle. The increasing number of sports injuries around the world has become a major concern for athletes as the sports injuries involve the musculoskeletal system, which includes the muscle, tendons, ligaments, nerves, fascia, tissues, and bones. In such cases surgery is required to re-attach the soft tissue to its associated bone due to which there is a growing demand for suture anchor. As a result of technological developments in healthcare sector and incorporation of emerging technologies is expected to boost the growth of the global suture anchors market in the forecast period.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global suture anchor devices market. In addition, complete analysis of changes on the global suture anchor devices market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Due to the COVID-19 crisis the suture anchor devices market faced immense losses and has a negative impact due to decline in the sales of suture anchor devices as all the factorial units were closed due to strict imposed lockdown which led the manufacturing companies to face immense losses.
The suture anchor devices market comprises of different market segment like product type, material type, tying type, end user and geography.
The suture anchor devices are available in market according different product type such as absorbable, non-absorbable. Suture material is a foreign body to human tissue and will more or less trigger a foreign body reaction. The absorbable suture anchor segment dominated the global suture anchor devices market. Two major mechanisms of absorbable suture anchor will result in the degradation of absorbable sutures. Biologically obtained sutures, such as the surgical gut, are gradually digested by tissue enzymes. Synthetic polymer sutures decompose primarily through hydrolysis in tissue fluids and are preferred. Due to technological improvements in the absorbable sutures they are widely used and are most preferred by the surgeons. Non-absorbable sutures, made from a variety of non-biodegradable materials, will eventually become encapsulated by fibroblasts. Non absorbable sutures ordinarily remain where they are buried within the tissues. When the non-absorbable suture are used for skin closure, non-absorbable must be removed or they will lead to chronic sepsis.
The suture anchor devices are available in the market according to different material type like metallic suture, bio-absorbable suture, peek suture, bio-composite suture. The for bio-composites suture anchors is expected to lead the segment owing to the ability to support bone formation is the major factor fueling demand in the global market. Due to enhanced visibility of sutures during the surgery, swift insertion and removal of the sutures, and excellent strength of the anchors, the bio-composites sutures anchors are in high demand. Owing to this rising demand for the bio-composites sutures anchors, the suture anchor devices market is expected to witness growth in the forecast period.
The suture anchor devices have different typing type available in the market such as knotless suture anchor, knotted suture anchor. The knotted suture anchor dominates the market gaining major market share in the suture anchor devices market. The knotted suture anchor segment leads owning to gain traction due to low incidences of side effects and potential to reduce surgical time. Knotted suture anchors provide the highest attachment strength possible for a wide variety of applications making technically demanding shoulder procedures simpler, safer, and more reproducible. Also the knotless suture anchor segment is expected to grow as it assists the procedure to be less invasive involving a shorter recovery time as this device allows for soft tissue repair to bone using a suture anchor without the need for knot tying.
The suture anchor devices market finds its major end user in hospitals, emergency medical services, clinics, ambulatory surgical centers. The ambulatory surgical centers lead the market owning to rise in the adoption of minimal invasive surgeries and increasing awareness regarding suture anchor is expected to propel the market growth in the forecast period. Also improving healthcare infrastructure and rising awareness about advanced medical devices among people is promoting the market growth. Due to increasing spending on healthcare infrastructure and orthopedic treatments along with technological advancements the suture anchor devices market is expected to grow in the forecast period.
The global suture anchor devices market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to lead in the suture anchor devices market during the estimated time period. The factors boosting the demand for market are technology advancement, increasing research and development activities in industrial sector have boosted the demand for the market. Suture anchors are growing in demand for their different types and procedures for different tissues. With the increasing prevalence and incidence of orthopedic injuries in the world population, the global market for suture anchors expects increasing demand. Continuous innovation, technological advances, declining healthcare costs, and the development of new suture anchor components are some of the main drivers.
The key players in suture anchor devices market are Smith & Nephew plc., Zimmer Biomet Holdings, Inc., ConMed Corporation, Arthrex, Inc., Johnson and Johnson (DePuy Synthes, Inc.), Medtronic plc, Stryker Corporation, Parcus Medical, LLC., Wright Medical Group N.V., Teknimed SA, MedShape, Inc., South America Implants S.A., Anstem Medical, Groupe Lepine S.A., In2Bones SAS, Tulpar Medical Solutions, Neosys Surgical Solutions LTD, Biocomposites Ltd, HNM Medical and Surgical Frontiers among others.
March 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 personalized robotic rehabilitation capability to the company’s technological solutions. This collaboration is projected to create a fully digitized pathway for the patients from the very first to last stage.
November 2018: Stryker Corporation acquired K2M Group Holdings, Inc. The acquisition allowed the company to gain access to K2M’s flagship technologies for various orthopedic surgeries including ligament and tendons surgeries, As a result of this acquisition, Stryker Corporation now has technological advantage over its rivals in global suture anchors market.
October 2018: Zimmer Biomet collaborated with technology giant Apple, Inc. to launch a major clinical study on patients undergone two of the most common surgeries prevalent in U.S. today –hip and knee replacement. As result of this collaboration, Zimmer Biomet shall monitor the progress of the patients through Apple Watch and iPhone, and an app specifically designed interface the data for the two organizations. With the results of this study, Zimmer Biomet can understand how patients are responding to the surgeries that use sutures and anchors developed by the company.
The report analyses the suture anchor devices market based on by product type, material type, tying type, end user and geography. The suture anchor devices are available in market according different product type such as absorbable, non-absorbable. Suture material is a foreign body to human tissue and will more or less trigger a foreign body reaction. Non-absorbable sutures, made from a variety of non-biodegradable materials, will eventually become encapsulated by fibroblasts. The suture anchor devices are available in the market according to different material type like metallic suture, bio-absorbable suture, peek suture, bio-composite suture. The for bio-composites suture anchors is expected to lead the segment owing to the ability to support bone formation is the major factor fueling demand in the global market. The suture anchor devices have different typing type available in the market such as knotless suture anchor, knotted suture anchor. The knotted suture anchor dominates the market gaining major market share in the suture anchor devices market. The knotted suture anchor segment leads owning to gain traction due to low incidences of side effects and potential to reduce surgical time. The suture anchor devices market finds its major end user in hospitals, emergency medical services, clinics, ambulatory surgical centers. The ambulatory surgical centers lead the market owning to rise in the adoption of minimal invasive surgeries and increasing awareness regarding suture anchor is expected to propel the market growth in the forecast period. The global suture anchor devices market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW).
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