Revenue Growth of the Global Suture Anchor Devices Market to Witness a Surge in the Coming Decade Owing to Rising Cases of Accidents Across the Globe
Valley Cottage, NY -- (SBWIRE) -- 04/19/2019 -- The global suture anchor devices market is expected to witness robust growth during the forecast period. This growth is expected to be primarily driven by rising cases of sports injuries, increasing number of orthopaedic surgeries and development of advanced suture anchor devices and surgical techniques. According to the new report drafted by Future Market Insights titled "Suture Anchor Devices Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)," revenue from the global suture anchor devices market is expected to expand at a CAGR of 5.2% over the forecast period to reach a value of US$ 875.6 Mn by 2027 end. Initially, suture anchor devices were made of metal and other non-absorbable materials, but the current trend pertains to absorbable suture anchors owing to their better biocompatibility, less interference with postoperative imaging, and absence of the need for subsequent removal.
In terms of revenue, the knotted suture anchor segment is projected to remain dominant and is expected to gain traction due to low incidences of side effects and potential to reduce surgical time. Increased demand for bio-composite suture anchors owing to their ability to support bone formation is the key factor fuelling demand in the global market.
Global Suture Anchor Devices Market: Drivers
Strong push to move outpatient orthopaedic surgeries from hospitals to ambulatory surgery centres across the globe
Focus on providing improved healthcare services
Increase in incidences of orthopaedic diseases and injuries
Increasing focus of market companies on product portfolio expansion
Increase in medical tourism and a growing patient pool of orthopaedic patients
Increasing sports participation among the population across the globe
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Global Suture Anchor Devices Market: Forecast by Product Type
Absorbable and non-absorbable suture anchors are the two segments included in the product type segment. The absorbable suture anchor segment dominated the global suture anchor devices market in revenue terms in 2017, and the trend is projected to continue throughout the forecast period. The segment is expected to be the most lucrative product type, with an attractiveness index of 1.8.
Global Suture Anchor Devices Market: Forecast by Material Type
On the basis of material type, the global suture anchor devices market is segmented into metallic suture anchor, bio-absorbable suture anchor, PEEK suture anchor, bio-composite suture anchor, and all suture anchor. The bio-composite suture anchor material type represents the most lucrative market segment, with an attractiveness index of 2.3.
Global Suture Anchor Devices Market: Forecast by Tying Type
Knotless suture anchors and knotted suture anchors are the two segments by tying type. The knotted suture anchor segment shows significant growth and represents an attractiveness index of 0.8. The knotless suture anchors segment dominated the global suture anchor devices market in revenue terms in 2017, and the trend is projected to continue throughout the forecast period. The segment is expected to be the most lucrative, with an attractiveness index of 1.2.
Global Suture Anchor Devices Market: Forecast by End User
The end user segmentation comprises hospitals, emergency medical services, clinics, and ambulatory surgical centres. With a 7.1% CAGR, the ambulatory surgical centres segment is the fastest growing end user segment throughout the period of study.
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Global Suture Anchor Devices Market: Forecast by Region
The seven regions included in this report are North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan and MEA. The U.S., the UK, the Netherlands and Germany are few key markets that are estimated to witness a rising adoption of suture anchor devices in the coming years. North America and APEJ dominated the global suture anchor devices market in revenue terms in 2016, and the trend is projected to continue in the next decade. North America and Western Europe are expected to be the most lucrative among all regional markets, with an attractiveness index of 3.2 and 1.4 respectively.
Global Suture Anchor Devices Market: Key Players
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 and Surgical Frontiers are some of the top companies in the global suture anchor devices market that have been profiled in this report.