Market Size of Global Suture Anchor Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Suture Anchor Devices Market Analysis
The suture anchor devices market is projected to register a CAGR of 5.5% during the forecast period, 2022-2027.
Since the pandemic's beginning, the healthcare system has been affected drastically due to the cancellation of surgeries, delayed appointments, and long wait times, among others. The surgical procedures have been delayed, and the number of surgical procedures has decreased. A study published by the National Library of Medicine in December 2021 showed that the overall rate of surgical procedures decreased by 48.0% during the initial shutdown of elective procedures compared with the same period in 2019 in the United States. This decline in surgical procedures also led to a decreased demand for suture anchor devices.
However, the rise in the hospital admission of chronic disease patients and increased trauma cases has increased the demand for surgeries globally. And this is anticipated to increase the demand for usage and adoption of surgical sutures as many orthopedic, alimentary, ophthalmic cases and several other parts of the body require surgical suturing in case of surgeries. The data updated by the Australian government in June 2022 shows that injuries are a significant healthcare concern in Australia. Injury-related hospitalizations recently accounted for about 527,000 admissions and 7.6% (USD 8.9 billion) of Australia's total health spending. Thus, such a burden of injury is expected to increase the need for suture anchor devices used to treat soft tissues and related injuries. Thereby expected to drive the growth of the market studied. Therefore, an increase in the number of surgeries influenced the demand for suture anchor devices, positively affecting the growth of the studied market.
Moreover, sports injuries are a major concern during sports or exercise. Sports injuries involve the musculoskeletal system, which includes muscles, tendons, ligaments, fascia, nerves, bones, and tissues. Sports injuries are primarily caused by falls, overexertion, and fractures. The most common sites of injury during sports and recreational activities are the lower extremities, upper extremity, and head and neck. For instance, as per Johns Hopkins University, in 2021, in the United States, about 30 million children and teens will participate in some form of organized sports, and over 3.5 million injuries are reported yearly. More than 3.5 million children ages 14 and younger get hurt annually while playing sports or participating in recreational activities. Hence, the rise in the prevalence of sports injuries is expected to drive the global suture anchor market.
Therefore, owing to the above factors, the suture anchor device market is anticipated to witness growth over the analysis period.
