The global suture anchor devices industry is projected to reach a substantial valuation of US$ 1,080.9 million by the year 2033, as analyzed by healthcare industry experts. According to insights provided by our dedicated analysts, manufacturers within the suture anchor device segment can anticipate a Compound Annual Growth Rate (CAGR) of 4.2% until 2033. As of 2023, the market is valued at US$ 719.6 million.
With an estimated CAGR indicating sustained growth, the suture anchor devices market is poised to witness significant expansion, catering to evolving medical needs and technological advancements. This anticipated growth signifies lucrative opportunities for manufacturers, stakeholders, and investors seeking to tap into the burgeoning healthcare market.
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The steady climb in market valuation underscores the rising demand for innovative and reliable suture anchor devices across various medical applications. These devices serve as critical components in orthopedic and soft tissue repair surgeries, enabling improved patient outcomes and recovery rates.
Suture anchor devices are growing in popularity in this niche market among sports medicine professionals and healthcare providers who treat extreme athletes due to their portability and efficiency.
The integration of AI algorithms is revolutionizing the industry. The discipline of surgery, particularly the deployment of suture anchor devices, is being advanced by the incorporation of artificial intelligence (AI) and machine learning. AI-assisted surgical planning and guidance systems use preoperative imaging data to optimize the placement of these instruments during surgery.
By increasing anchor placement’s accuracy and efficacy, this device lowers the chance of problems and improves patient outcomes. The usage of suture anchor devices is made safe and effective by relying on AI algorithms to offer real-time feedback and advice during procedures.
Key Takeaways from the Suture Anchor Devices Market Report:
- In 2018, the global market size stood at US$ 577.7 million.
- The market size expanded at a 3.6% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 688.0 million.
- In 2022, the absorbable segment gained 77.0% of the suture anchor devices market share.
- In 2022, biocomposite suture anchor remained the leading material, occupying nearly 51.4% of the suture anchor devices market share.
- The suture anchor devices market in India is expected to develop at a 4.2% CAGR through 2033.
- The suture anchor devices market in Japan is projected to record a 6.8% CAGR through 2033.
- The suture anchor devices market in Germany is estimated to flourish at a 6.1% CAGR through 2033.
Note from the Analysts:
- “The market for suture anchor devices is expanding significantly due to factors like an aging population, an increase in sports-related injuries, technological advancements, telemedicine integration, and cooperative research projects. As the fields of orthopedics and sports medicine continue to progress, these factors set the industry for a bright future,” says an FMI analyst.
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Recent Developments:
- In December 2022, Stryker unveiled CitrefixTM, a suture anchor system for foot and ankle surgical procedures. The novel approach makes use of CitregenTM, a renowned bioresorbable material designed to mimic the structure and content of genuine bone.
- Smith+Nephew and Movendo Technological (Genoa, Italy) agreed on a marketing collaboration in March 2021 that will hopefully improve the company’s technological offerings by enabling customized robotic rehabilitation. It is envisaged that this alliance would offer a fully digitized patient journey from start to finish.
Competitive Landscape:
- 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
- Surgical Frontiers
The major players in the target market are increasing their investment activities like collaboration and agreements, particularly with medical management facilities like hospitals, ambulatory surgical centres, and dental care settings, to improve their revenue growth in the suture anchor devices market.
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Key Market Segments Covered in Suture Anchor Devices Industry Research:
By Product:
- Absorbable
- Non-Absorbable
By Material:
- Metallic Suture Anchor
- Bio-absorbable Suture Anchor
- PEEK Suture Anchor
- Bio-composite Suture Anchor
- All Suture Anchor
By Tying:
- Knotless Suture Anchor
- Knotted Suture Anchor
By End User:
- Hospitals
- Emergency Medical Services
- Clinics
- Ambulatory Surgical Centres
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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