Report : North America 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 5.3% CAGR, the North America Soft Tissue Anchors Market is speculated to be worth US$ 402.86 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America soft tissue anchors market was valued at US$ 295.54 million in 2022 and is expected to reach US$ 402.86 million by 2028, registering an annual growth rate of 5.3% from 2022 to 2028. Increasing sports injuries and orthopedic surgeries and significant rise in elderly and obese population growth are the critical factors attributed to the market expansion.
Over time sports have experienced tremendous growth, and a large population is opting for an active lifestyle which has increased physical activities such as gymming and sports. This has led to a surge in sports-related injuries such as rotator cuff injuries, ligament tears, tendon rupture, etc. Rotator cuff conditions develop over time, and it is very common among athletes and the geriatric population and can cause trauma. Thus, an increase in sports and physical activities such as gymming and others is expected to create demand for soft tissue anchors and contribute to the market's growth. On the other hand, the increasing geriatric population is highly prone to various orthopedic conditions such as joint disorders, anterior cruciate ligament (ACL) injuries, joint fusion, osteoarthritis, and others. As per The Center Orthopedic & Neurosurgical Care & Research, by 2030, total knee replacement surgeries are projected to grow to 673% to 3.5 million procedures per year. This has increased orthopedic surgeries, which creates the demand in the soft tissue anchors market. Additionally, the rising demand for minimally invasive procedures has led to an increase in arthroscopic surgeries owing to various advantages such as faster recovery, short hospital stay, and others. According to Harvard Medical School, knee arthroscopy is one of the most common surgeries performed on a large scale, and every year ~750,000 arthroscopic knee operations are performed in the US with a total cost of US$ 4 billion. Moreover, an increase in road accidents and trauma cases are expected to contribute to a major share of orthopedic surgeries. Thus, the high adoption rate of an active lifestyle, increase in sports activities and sports injuries, along with the surge in orthopedic surgeries owing to the large geriatric population and increase in trauma cases, are driving the growth of the soft tissue anchors market.
On the contrary, high cost of surgeries and unfavorable reimbursement scenarios hurdles the growth of North America soft tissue anchors market.
Based on type, the North America soft tissue anchors market is segmented into absorbable and non-absorbable. The absorbable segment held 70.1% market share in 2022, amassing US$ 207.25 million. It is projected to garner US$ 284.68 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on typing type, the North America soft tissue anchors market is segmented into knotted & knotless. The knotless segment held 60.9% market share in 2022, amassing US$ 180.03 million. It is projected to garner US$ 249.18 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on material, the North America 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 37.3% market share in 2022, amassing US$ 110.31 million. It is projected to garner US$ 152.84 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on end user, the North America soft tissue anchors market is segmented into hospitals, clinics, emergency medical services, and others. The emergency medical services segment held 44.9% market share in 2022, amassing US$ 132.79 million. It is projected to garner US$ 190.41 million by 2028 to expand at 6.2% CAGR during 2022–2028
Based on country, the North America soft tissue anchors market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.0% market share in 2022. It was assessed at US$ 218.64 million in 2022 and is likely to hit US$ 303.55 million by 2028, exhibiting a CAGR of 5.6% during the forecast period.
Key players dominating the North America 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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