Report : Asia-Pacific Soft Tissue Anchors Market Forecast to 2028 - COVID-19 Impact and Regional 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 Others), and End User (Hospitals, Clinics, Emergency Medical Services, and Others)
At 5.6% CAGR, the APAC Soft Tissue Anchors Market is speculated to be worth US$ 165.21 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC soft tissue anchors market was valued at US$ 119.20 million in 2022 and is expected to reach US$ 165.21 million by 2028, registering an annual growth rate of 5.6% from 2022 to 2028. High adoption of soft tissue anchors in emerging economies and increase in R&D Investments and product launches are the critical factors attributed to the market expansion.
Soft tissue anchors are widely used implants in orthopedic surgeries as they are used to attach soft tissues to bones. Emerging economies have a large patient pool of geriatric and obese populations prone to orthopedic conditions. Additionally, an increase in sports and fitness activities in the region is expected to support the market growth. Moreover, an increase in healthcare expenditure leading to the development of healthcare services and infrastructure and an increase in medical tourism are expected to create significant opportunities for the soft tissue anchors market. In addition, an increase in road accidents and trauma cases in developing economies are likely to create demand for soft tissue anchors and create opportunities for market growth. Thus, above discussed factors are expected to create ample opportunities in the soft tissue anchors market.
On the contrary, high cost of surgeries and unfavorable reimbursement scenarios hurdles the growth of APAC soft tissue anchors market.
Based on type, the APAC soft tissue anchors market is segmented into absorbable and non-absorbable. The absorbable segment held 64.6% market share in 2022, amassing US$ 77.02 million. It is projected to garner US$ 107.70 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on typing type, the APAC soft tissue anchors market is segmented into knotted & knotless. The knotless segment held 58.7% market share in 2022, amassing US$ 69.95 million. It is projected to garner US$ 98.38 million by 2028 to expand at 5.1% CAGR during 2022–2028.
Based on material, the APAC soft tissue anchors market is segmented into metallic suture anchor, bioabsorbable suture anchor, PEEK suture anchor, bio-composite suture anchor, and others. The PEEK suture anchor segment held 34.6% market share in 2022, amassing US$ 41.26 million. It is projected to garner US$ 58.00 million by 2028 to expand at 5.8% CAGR during 2022–2028.
Based on end user, the APAC soft tissue anchors market is segmented into hospitals, clinics, emergency medical services, and others. The emergency medical services segment held 42.5% market share in 2022, amassing US$ 50.64 million. It is projected to garner US$ 72.62 million by 2028 to expand at 6.2 CAGR during 2022–2028
Based on country, the APAC soft tissue anchors market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 24.0% market share in 2022. It was assessed at US$ 28.57 million in 2022 and is likely to hit US$ 41.30 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the APAC soft tissue anchors market are Aju Pharm Co., Ltd.; Arthrex, Inc.; CONMED Corporation; Cook Medical LLC; DJO, LLC (Colfax Corporation); Johnson & Johnson Services, Inc. (DePuy Synthes); Medtronic; Smith & Nephew Plc.; Stryker Corporation; and Zimmer Biomet among others.
- In May 2022, Medtronic announced that it has completed the acquisition of Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader dedicated to transforming patient care.
- In Jan 2021, Smith & Nephew announced acquisition of the Extremity Orthopaedics business of Integra LifeSciences Holdings Corporation for $ 240 million.
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