Suture anchor device is a medical instrument used for surgical operations. Several companies are investing heavily in research and development field to improve its efficiency and deliver high performance leaving scars to negligible on a patient. Increasing minimal invasive surgeries, especially in arthroscopy, is highly likely to surge demand for newly developed suture anchor devices across the globe.
According to FMI report, the global suture anchor device market is estimated to reach US$ 520 Mn by the end of 2017 and expected to reach US$ 875.6 Mn by the end of 2027. The market is expected to register a CAGR of 5.2% during the forecast period. Suture anchor devices market players are expected to gain absolute $ opportunity of nearly US$ 350 Mn during the forecast period.
What are the dynamic factors to strengthen suture anchor device market growth?
- Provision of improved health care services
- Strong emphasis by the government to move outpatient orthopaedic surgeries to ambulatory surgery center from hospitals globally
- Strong focus of market players on expansion of product portfolio
- Increasing incidences of orthopaedic injuries and diseases
- Increase in sports participation among youth population to increase orthopaedic patients pool
- Increasing medical tourism worldwide
Why is the absorbable suture demand in increasing over non-absorbable suture products?
The demand for absorbable sutures is expected to witness remarkable growth compared to non-absorbable sutures. This is attributed to its dissolving ability that leaves no scar after patient’s injury is recovered. The absorbable suture anchors is expected to remain prevalent during the forecast period.
What is the future scenario for suture anchor device market?
Increasing demand for absorbable suture made for bio- composite materials is anticipated to represent potential opportunities for market players during the forecast period. Increasing acceptance of knotless suture anchor device for its flexibility to manage tension and controlling approximation during surgery closure has led to boost its demand during the forecast period. On the account of increasing incidences of orthopaedic surgeries coupled with provision of emergency service centers, ambulatory service centers are expected to offer fastest growth. The application of suture anchor devices in ambulatory service centers is expected to account for high profit margins for manufacturers in the near future.
Where can suture anchor device producers find potential opportunities for market expansion?
Developed countries like the US, Germany and the Netherlands are expected to witness increasing adoption of advanced suture anchor devices in the near future. With the growing geriatric population in the APEJ and Japan, demand for minimal invasive surgeries is expected to witness rise in the near future. Moreover, increasing medical tourism in the Middle East & Africa (MEA) and Latin America is expected to fuel demand for suture anchor devices in this region. Several manufacturers are focusing to integrate innovative technologies to develop suture anchor device. Also, rising trend of strategic mergers and acquisitions among renowned market players is expected to boost overall suture anchor device market globally.
Major companies like Parcus Medical, LLC., Groupe Lepine S.A., Teknimed SA, ConMed Corporation, Smith & Nephew plc., Stryker Corporation, Anstem Medical, Neosys Surgical Solutions LTD, Tulpar Medical Solutions and Medtronic plc are some of key stajke holders operating in suture anchor device market
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