Soft Tissue Anchors Market Analysis and Forecast to 2031: By Product (Absorbable Soft Tissue Anchors, Non-absorbable Soft Tissue Anchors), Material (Metallic Suture Anchors, Bio-absorbable Suture Anchor, PEEK Suture Anchors, Bio-composite Suture Anchors, Others), Tying Type (Knotless Suture Anchors, Knotted Suture Anchors), End User (Hospitals, Emergency Medical Services, Clinics, Ambulatory Surgical Centers), and Region
The global soft tissue anchors market was valued at USD 677.7 million in 2021 and it is anticipated to grow further till USD 1,228.1 million by 2031, at a CAGR of 6.1% during the forecast period.
Orthopedic surgery frequently makes use of soft tissue anchors. An orthopaedic injury may develop as a result of sudden trauma or constant mobility. The main causes of fractures and injuries to the bones are sports and strenuous physical activity.
Global Soft Tissue Anchors Market Scope and Report Structure
Market Trends and Drivers
The market for soft tissue anchors is expected to rise as more sports injuries require orthopedic treatment, such as rotator cuff surgery, torn ligament repairs, removal of loose bones or cartilages, etc. A common injury among sportsmen is shoulder dislocation, which, if not properly treated, can lead to irreversible damage. The most popular and least invasive method for treating shoulder dislocation is called arthroscopic bank art repair, which uses soft tissue anchors.
Market Restraints and Challenges
The high cost of surgeries coupled with unfavorable reimbursement scenario are hindering the growth of the market.
Global Soft Tissue Anchors Market Segmental Overview
The report analyses the global soft tissue anchors market based on the product, typing type, material, end user, and region.
Global Soft Tissue Anchors Market by Product
Based on product, it is segmented into absorbable soft tissue anchors and non-absorbable soft tissue anchors. The absorbable soft tissue anchors segment is anticipated to dominate the market during the forecast period. Soft tissue anchors are widely used in orthopedic surgeries. An orthopedic injury may occur owing to acurate trauma or repetitive motion of the body.
Global Soft Tissue Anchors Market by Typing Type
Based on typing type, it is segmented into knotless suture anchors and knotted suture anchors. The knotless suture anchors segment is anticipated to dominate the market during the forecast period. The increasing number of sports injuries and orthopedic surgeries is boosting the growth of the market.
Global Soft Tissue Anchors Market by Material
Based on the material, it is segmented into metallic suture anchor, bio-absorbable suture anchor, PEEK suture anchor, bio-composite suture anchor, and others. The metallic suture anchor segment is anticipated to dominate the market during the forecast period. The increasing geriatric population is highly prone to various orthopedic conditions such as joint disorders, anterior cruciate ligament injuries, joint fusion, osteoarthritis, and others.
Global Soft Tissue Anchors Market by End User
Based on the end user, it is segmented into hospitals, clinics, emergency medical services, and other. The hospital segment is anticipated to dominate the market during the forecast period. Obesity and osteoporosis are two prevalent disorders whose incidence is rising. Obese patients are more prone to have specific orthopedic issues, which heighten the need for surgery.
Geographical Analysis of the Global Soft Tissue Anchors Market
Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Suture anchor demand is expected to increase due to the rising prevalence and incidence of orthopaedic injuries in the world's population. The worldwide suture anchor market is primarily driven by ongoing developments, technological improvements, declining healthcare costs, and the development of new suture anchor components. Additionally, growing investments in the creation of novel kinds of suture anchors offer an efficient choice for treating orthopedic injuries, which is fueling market expansion.
Major Players in the Global Soft Tissue Anchors Market
The key players studied in the global soft tissue anchors 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., Anstem Medical, Groupe Lepine S.A., Neosys Surgical Solutions LTD and Biocomposites Ltd among others.
COVID-19 Impact
Numerous COVID-19 patients, many of whom are in severe condition, have overrun most hospitals in Europe and the United States. The treatment of these individuals has forced medical professionals to put off less urgent surgeries. Furthermore, the supply chains for soft tissue anchors are being disrupted by governments' strict lockdowns. The pandemic has presented hurdles for manufacturers, and their financial situation has been badly impacted. However, the market will resume steady expansion by the third quarter of 2020 thanks to partnerships with other sector titans and governmental bodies.
Recent Developments
August 2022, MedTech innovator and OurCrowd portfolio company Ossio launched its proprietary Suture Anchors for orthopedic surgery in the US.
June 2022, Anika Therapeutics Inc. has announced FDA 510(k) clearance of the X-Twist knotless fixation system for soft tissue repairs in the shoulder, foot and ankle and other extremities.
May 2022, Paragon 28 Expands soft tissue portfolio with Grappler suture anchor system launch. The Grappler Suture Anchor System provides surgeons with an alternative fixation option designed to limit implant migration and loss of tension for intraoperative tissue reattachment and fixation in the foot and ankle.
March 2022, Ossio announced today that it received the third FDA clearance for its OssioFiber product family.
Frequently Asked Questions
Q1. How big is the Soft Tissue Anchors market?
Ans. The global Soft Tissue Anchors market size was USD 677.7 million in 2021 and it is anticipated to grow further till USD 1,228.1 million by 2031, at a CAGR of 6.1% from 2022 to 2031.
Q2. What is the Soft Tissue Anchors market growth rate?
Ans. The growth rate of the Soft Tissue Anchors market is 6.1%.
Q3. Which region holds a major market share for the Soft Tissue Anchors market?
Ans. North America holds a major market share of the Soft Tissue Anchors market in 2021.
Q4. Which segment accounted for the largest Soft Tissue Anchors market share?
Ans. By end user, the hospitals segment accounted for the largest Soft Tissue Anchors market share.
Q5. Who are the key players in the Soft Tissue Anchors market?
Ans. The global Soft Tissue Anchors market report includes players such as 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., Anstem Medical, Groupe Lepine S.A., Neosys Surgical Solutions LTD and Biocomposites Ltd among others.
Q6. What are the factors driving the Soft Tissue Anchors market growth?
Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.
Q7. What are the key growth strategies of Soft Tissue Anchors market players?
Ans. The key growth strategies of Soft Tissue Anchors market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the Soft Tissue Anchors market during the forecast period?
Ans. The Asia-Pacific region will provide more business opportunities for the Soft Tissue Anchors market during the forecast period.
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