Soft Tissue Anchors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Absorbable and Non-Absorbable), Tying Type (Knotted and Knotless), Material (Metallic Suture Anchor, Bio-Absorbable Suture Anchor, PEEK Suture Anchor, Bio-Composite

Soft Tissue Anchors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Absorbable and Non-Absorbable), Tying Type (Knotted and Knotless), Material (Metallic Suture Anchor, Bio-Absorbable Suture Anchor, PEEK Suture Anchor, Bio-Composite Suture Anchor, and Other), and End User (Hospital, Clinic, Emergency Medical Service, and Other)

The soft tissue anchors market is expected to grow from US$ 677.68 million in 2022 to US$ 912.27 million by 2028; it is expected to grow with a CAGR of 5.1% from 2022 to 2028.

The increase in sports injuries, orthopedic surgeries, and a significant increase in the geriatric and obese population are likely to fuel the soft tissue anchors market growth.

Various economies, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. With this, people's life expectancy in these countries has increased, expanding the geriatric population. According to the data presented by the WHO, the population aged 60 years and above was 1 billion in 2019, which is expected to reach 1.4 billion by 2030 and 2.1 by 2050.

A report by the US Census Bureau states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to over 98 million by 2060. Their population share is anticipated to surge from ~15% to ~24% during this period. Another report, published by Eurostat, states that Europe had the world's highest percentage (20.8%) of people aged more than 60 years in 2021. Further, by 2050, all regions, except Africa, would have ~25% or more of their populations aged 60 and above. Underdeveloped and developing countries would account for ~80% of this growth. Thus, the increase in the geriatric population has increased the prevalence of various orthopedic conditions such as osteoarthritis, joint pain, joint replacement, and others that are expected to increase the demand for soft tissue anchors. According to the Osteoarthritis Action Alliance, osteoarthritis is the most common form of arthritis in the US, which has affected 32.5 million people and 43% of the population aged 65 years and above in 2020.

Obesity is a major cause of orthopedic injuries, which are likely to increase the growth of the soft tissue anchors market as obese people are more prone to orthopedic conditions such as soft tissue damage, osteoarthritis, and others. According to the Trust for Americas Health report 2020, the US obesity rate is estimated to be 42.4%, increased by 26% since 2008. As per the National Library of Medicine, the obese population is more prone to tendinopathies, rotator cuff tendonitis, shoulder impingement, plantar fasciitis, Achilles tendonitis, and posterior tibial tendon dysfunction.

Thus, the increase in the elderly and obese population globally has increased the orthopedic injuries and disorders, which creates the demand for soft tissue anchors and supports the growth of the soft tissue anchors market.

Many health authorities focused on the COVID-19-pandemic-related care. They avoided human contact due to growing transmission and strain on healthcare resources by postponing elective surgeries, suspending outpatient clinics, and triaging employees involved in urgent care. Furthermore, many countries imposed restrictions on nonclinical staff's access to the facility and guests. Orthopedic surgeons have experienced major effects on their ability to offer timely and high-quality surgical care, training, and research due to these changes. Recent COVID-19 guidelines for pediatric orthopedic surgeons suggested focusing on urgent care and triaging cases to postpone elective surgeries and clinic appointments, transitioning to virtual-based care when appropriate.

Even when hospitals resumed elective surgeries, cases were prioritized based on clinical urgency, causing severe delays in both regular and time-sensitive elective care for orthopedic patients. This has disrupted and limited the company’s ability to distribute types due to the temporary closures of the company’s facilities. Moreover, hospitals have postponed or canceled appointments to free up limited space for people being treated for COVID-19. For instance, as per the British Journal of Surgery published in May 2020 stated that orthopedic procedures would be the most affected, accounting for 6.3 million operations cancellations worldwide. Thus, the pandemic hampered the soft tissue anchors market.

Based on type, the soft tissue anchors market is bifurcated into absorbable and non-absorbable. In 2022, the absorbable segment accounted for a larger share of the market; it is expected to continue its dominance over the forecast period. The absorbable soft tissue anchors are widely used as they get absorbed in the body and reduce medical complications. Moreover, the absorbable segment is expected to register the highest CAGR in the soft tissue anchors market from 2022 to 2028.

Based on typing type, the soft tissue anchors market is bifurcated into knotted and knotless. The knotless segment held a larger market share in 2021, and it is anticipated to register the highest CAGR during the forecast period.

Based on material, the soft tissue anchors market is segmented into metallic suture anchor, bio-absorbable suture anchor, PEEK suture anchor, bio-composite suture anchor, and others. The PEEK suture anchor segment held the largest share of the market in 2022; however, the bio-composite suture anchor segment is anticipated to register the highest CAGR of 5.7% in the market during the forecast period.

Based on application, the soft tissue anchors market is segmented into health management, financial health management, home health management, and others. The health management segment held the largest market share in 2022, and it is anticipated to register the highest CAGR in the market during the forecast period.

Based on end user, the soft tissue anchors market is segmented into hospitals, clinics, emergency medical services, and others. The hospitals segment held the largest market share in 2022; however, the emergency medical services segment is estimated to register the highest CAGR of 5.7% in the market during the forecast period.

International Osteoporosis Foundation (IOF), Australian Orthopedic Association National Joint Replacement Registry (AOANJRR), Canadian Institute of Health Information, World Health Organization, Centers for Disease Control and Prevention (CDC), National Statistics Institute (INE), and Organization for Economic Co-operation and Development (OECD) are among the primary and secondary sources referred to while preparing the report on the soft tissue anchors market.

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