Global Knotless Suture Anchors Market: Market Outlook
Treatment of joint damage using the minimally invasive procedure is called arthroscopy. This procedure has one of the major challenges to tie good quality and consistent arthroscopic knots and the procedure takes time to master. Hence, to make the arthroscopic bankart repair simpler knotless suture anchors are introduced, in this tail end consists of the short loop of suture. The knotless suture anchors have contributed towards decreasing the time consumed to perform the procedure and provided versatility. Therefore, with the shift of demand towards high-quality joint procedures knotless suture anchors market is expected to evidence a rise in demand for the coming decade.
What are the Key Trends Impacting Growth of the Global Knotless Suture Anchors Market?
The increasing number of arthroscopic procedures due to their minimally invasive characteristic as compared to open procedure is expected to increase demand for knotless suture anchors market during the forecast period. Improved quality of life leading to the rise of the geriatric population requiring shoulder repair procedures will propel knotless suture anchors market growth. There has been a significant rise of institutes catering to arthroscopic procedures requiring knotless suture anchors resulting in knotless suture anchors market expansion.
There has been an increasing rate of approval and commercialization of medical devices like anchor sutures with large manufacturing capacities creating a competitive edge for the rest of the market players in the region. Developing supply chain activities will make import and export of raw materials as well as end products easier to the untapped market having a positive impact on the knotless suture anchors market.
Increasing Number of Arthroscopic or Bankart Procedures: How Increasing Procedures Became a Key Contributors in Knotless Suture Anchors Market Growth
The arthroscopic or bankart procedures include suture and re-anchor on the damaged part of the cartilage to sustain the stability of the limb. There has been a significant rise in the number of procedures performed with increasing sports injuries and road accidents. Knotless suture anchors help the procedure to be minimally invasive involving less recovery time. The procedure performed is considered to be an outpatient procedure, hence boosts the demand for knotless suture anchors. Increasing per capita healthcare expenditure in developing countries has increased the diagnosis and treatment adoption rate for joint treatments having a positive impact on knotless suture anchors market growth.
Know More Details About the Report
How is the Increase in Geriatric Population Reshaping the Global Knotless Suture Anchors Market?
According to the United Nations, the geriatric population is expected to contribute 16% of the world’s population in the next 30 years as compared to 9% currently in 2019. This increasing geriatric population will observe an exponential growth rate and can contribute up to 25% of Europe or North America’s population. The geriatric population are more susceptible to shoulder or joint damage requiring arthroscopic procedures and knotless suture anchors. Also, there has been increasing healthcare spending among the ageing population leading to increasing demand for knotless suture anchors market. On the other hand, favourable reimbursement conditions lead to knotless suture anchors market growth.
What are the Key Challenges that may Restrain Growth of the Global Knotless Suture Anchors Market?
Tissue reactions as a result of arthroscopic procedures can restrain the growth of the knotless suture anchors market. Suture anchors can react with some patient’s tissue leading to complications and resistance towards product adoption hampering knotless suture anchors market growth. Preference for non-invasive therapeutics among the general population can harm knotless suture anchors market growth. On the other hand, less awareness of knotless suture anchors among the healthcare professional can lead to delay of knotless suture anchors market growth. The unavailability of advanced technology and poor healthcare infrastructure tends to challenge the growth of the knotless suture anchors market. Less number of medical device manufacturers in regions like the Middle East & Africa is expected to hinder the knotless suture anchors market growth.
Key players such as
- DePuy Synthes (Johnson & Johnson)
- Smith & Nephew Plc.
- Wright Medical Group N.V.
- Medtronic Plc.
- Stryker Corporation
- ConMed Corporation
- Parcus Medical LLC
- Zimmer Biomet Holdings Inc.
- In2Bones Global Inc.
others are actively involved in offering knotless suture anchors for different applications.
Avail customized purchase options for your needs
What strategies are the Key Players adopting for Increasing their Market Share in the Global Knotless Suture Anchors Market?
The manufacturers are focused on product innovation and development to expand their product portfolio and adapt strategies for market expansion. Key players are also involved in collaborations with initial stage medical device manufacturers to increase their market share in the knotless suture anchors market. Several companies also adopt merger and acquisition strategies for their brand positioning into the knotless suture anchors market. The launch and commercialization of the latest knotless suture anchors are owing to market growth.
- In February 2021, In2Bones Global Inc. announced the launch of “Hercules Suture Anchor System into the U.S. market. This product has led to portfolio expansion into lower extremity products. Hercules Suture Anchor System is composed of radiolucent PEEK material and has a unique knotless suture anchor.
- In September 2020, Smith & Nephew announced the launch of “Healicoil Knotless Suture Anchor” into its product portfolio of Advanced Healing Solutions applicable for rotator cuff repair. This product is made of regenesorb bio-composite material that leads to the absorption of the implant within 24 hours and replacement by bone.
What are the Key Opportunities for Knotless Suture Anchors Manufacturers?
The increasing number of medical technology manufacturers in regions like South Asia and East Asia is expected to boost the growth of the knotless suture anchors market. On the other hand, increasing investments into research and development activities by private players to develop the latest technology products will drive the growth of the knotless suture anchors market. The rising number of trauma injuries on joints and shoulder will cause the knotless suture anchors market to grow.
There has been a significant rise in the number of healthcare professionals performing arthroscopic procedures benefitting the growth of the knotless suture anchors market. Rising GDP contributions towards healthcare leading to the advancement of healthcare infrastructure will propel knotless suture anchors market growth. The emergence of e-commerce platform has led to an increase in market coverage and targeting the untapped market for knotless suture anchors.
Why is the U.S. a Big Market for Knotless Suture Anchors?
The U.S. has the benefit of catering to leading medical device market players over other countries and hence dominating the knotless suture anchors market. The cost of the medical device is high in the U.S. leading to a higher profit margin for the knotless suture anchors market. The country has the highest rate of diagnosis and treatment adoption among all the other countries resulting in a key region for the knotless suture anchors market. The U.S. is observed to contribute more than 4 times of revenue share of Canada in the North America knotless suture anchors market. The country has a high rate of approval and commercialization of medical products leading to exponential knotless suture anchors market growth. Favourable reimbursement conditions in the U.S. are a key contributing factor for knotless suture anchors market growth.
An Adaptive Approach to Modern-day Research Needs
Will China’s Path for Knotless Suture Anchors Differ from that of South Africa?
China is currently the leading country in terms of populations providing a large customer base for the knotless suture anchors market. Improving economic conditions for China has led to increasing healthcare expenditure benefitting knotless suture anchors market growth. Whereas, China has been an attractive destination for manufacturing and trading of raw materials as well as medical devices leading to knotless suture anchors market expansion. The country is estimated to have a high share of the geriatric population worldwide resulting in an exponential rise in market growth for knotless suture anchors.
On the other hand, South Africa will observe less growth rate as compared to countries in other regions due to a lack of healthcare facilities. The country has a drawback of less awareness among the general population regarding orthopaedic treatments restraining the growth of the knotless suture anchors market. Poor economic conditions in South Africa is expected to challenge the growth of the knotless suture anchors market in the coming decade. The country is currently considered to be an untapped market for knotless suture anchors due to a shortage of skilled labour and advanced healthcare infrastructure.
What is the Repercussion of the Pandemic on the Growth of the Global Knotless Suture Anchors Market?
Knotless suture anchors dealing with optional arthroscopic procedures is expected to decline the growth of the knotless suture anchors market due to delay as well as cancellation of non-emergent procedures. Lockdown implemented in various parts of the world led to shutting down of manufacturing units leading to delay of knotless suture anchors market growth rate. Disruption is supply chain activities for trading raw material and the product has challenged the knotless suture anchors market growth. COVID 19 has also led to an economic slowdown is less developed countries hindering the growth of the knotless suture anchors market.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Have a report related query? Speak to us directly
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, ASEAN)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Key Segments of Global Knotless Suture Anchors Market Covered in the Report
Based on physical form, the Global Knotless Suture Anchors Market has been segmented as
Based on the Suture Anchor type, the Global Knotless Suture Anchors Market has been segmented as
- Bio-absorbable Suture Anchor
- Metallic Suture Anchor
- Bio-composite Suture Anchor
- PEEK Suture Anchor
Based on the end-user, the Global Knotless Suture Anchors Market has been segmented as
- Ambulatory Surgical Centers
- Orthopaedic centres
- Speciality Clinics.
Based on the region, the Global Knotless Suture Anchors Market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
The Rise of Intelligent Packaging
Personalized, Connected and Sustainable
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.