Suture Anchor Devices Market Size, Share & Trends Analysis Report By Product (Absorbable, Non-absorbable), By Material Type, By Tying Type, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Suture Anchor Devices Market Size & Trends

The global suture anchor devices market size was valued at USD 796.40 million in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of 3.51% from 2024 to 2030. This expansion is projected to be aided by a rising prevalence of sports injuries that has led to an increase in the demand for suture anchor devices. Moreover, advancements in surgical techniques and materials incorporated into these devices have significantly contributed to their widespread adoption. Additionally, the rising aging population worldwide, along with prevalent orthopedic conditions, are factors driving market expansion.

The rising incidence of sports-related injuries has had a considerable impact on market expansion. With a global rise in sports participation, injuries associated with these activities have escalated. This surge in injuries has notably increased the demand for advanced orthopedic solutions, such as suture anchor devices. These devices play a pivotal role in orthopedic procedures, extensively aiding in the repair of ligaments and tendons affected by sports-related injuries.

For instance , in the U.S., over 775,000 children of and below 14 years of age are treated in hospital emergency rooms due to sports-related injuries annually. These injuries are often a result of falls, collisions, being struck by objects, or overexertion during informal sports activities. In the country, over 30 million children and adolescents participate in organized sports, with more than 3.5 million experiencing injuries each year, causing a temporary disruption in their participation. Statistics reveal that annually, over 3.5 million children aged 14 and younger sustain injuries while engaging in sports or recreational activities.

The market is significantly influenced by the rising aging population worldwide. As per the World Health Organization (WHO), the population aged 60 years and above is projected to increase from 1 billion in  2020 to 1.4 billion by 2030, and more than double to 2.1 billion by 2050. This demographic shift has led to a surge in conduction of orthopedic procedures among the elderly population, addressing conditions such as rotator cuff injuries and joint degeneration, thus directly influencing the growing adoption and utilization of suture anchor devices to enhance the quality of life for the aging population.

Rising sports injuries, increasing number of orthopedic surgeries, and development of advanced suture anchor devices & surgical techniques further driving robust market growth. The market is witnessing a rise in the adoption of minimally invasive surgeries, technological advancements, and research in suture anchor devices, further propelling its expansion. Additionally, the presence of a wide product range in the pipeline and a high market potential in untapped emerging economies are anticipated to serve as attractive opportunities in the market for suture anchor devices during the forecast period.

Market Concentration & Characteristics

Growth momentum is a qualitative concept that describes the current rate or speed of growth at a particular point in time, often reflecting recent trends in growth. It is more focused on assessing the pace of growth in the near term.

Integrating biocompatible materials and improved designs in suture anchor devices has enhanced biomechanical performance and biodegradability, fostering better tissue healing.

Several market players such as Smith & Nephew plc, Zimmer Biomet Holdings, Inc., CONMED Corporation, Arthrex, Inc., Johnson & Johnson (DePuy Synthes, Inc.), Medtronic plc, Stryker Corporation, Parcus Medical, LLC., Wright Medical Group N.V., and others, are indicating a concerted effort towards strategic collaborations and geographical expansion to address the growing demand and capitalize on market opportunities.

Regulatory standards, such as FDA (Food and Drug Administration) approvals in the U.S. or CE marking in the European Union, is essential, demanding comprehensive preclinical and clinical assessments, stringent manufacturing practices, and documentation to gain market approval.

Bioabsorbable suture anchors, made from dissolvable materials, eliminate the need for a second surgery for removal. Improved suture anchor devices, designed for better biocompatibility and functionality, reduce the risk of inflammation and other adverse reactions while enhancing strength, durability, and ease of use.

Product Insights

Non-absorbable products accounted for a larger revenue share of 55.16% in 2023. The dominance is aided by their use in orthopedic procedures to secure sutures in bone and maintain their structural integrity. They are designed to provide long-term fixation for ligament and tendon repairs. Their widespread use across various orthopedic surgeries has contributed significantly to their market dominance, compared to absorbable suture anchors. Their durability offers strong and lasting support for tissue repair in orthopedic procedures, which has led to their higher adoption and market share.

The absorbable segment, on the other hand, is expected to show lucrative growth, as these products are designed to degrade over time within the body, eliminating the need for surgical removal. They offer convenience by negating the requirement for a second surgery for anchor removal, thus helping reduce patient discomfort and healthcare costs. Additionally, their capability to degrade gradually as tissues heal provides adequate support during the critical early stages of tissue repair.

Material Type Insights

Metallic suture anchors accounted for the largest revenue share in 2023. Their high demand can be attributed to their exceptional durability and strength, providing robust fixation in orthopedic surgeries. These anchors, commonly made from materials such as titanium or stainless steel, ensure long-term stability for tendon and ligament repairs. For example, in rotator cuff repairs, metallic anchors offer reliable stability for the reattachment of tendons to the bone, ensuring better healing outcomes due to their high tensile strength and resistance to degradation over time. The inherent strength and reliability of metallic suture anchors drive their preference for long-term fixation in orthopedic procedures, leading to their dominance.

The bio-absorbable suture anchor segment is estimated to register the fastest CAGR over the forecast period. This is due to their ability to support bone formation and the rising preference for biodegradable materials in orthopedic procedures. These anchors gradually degrade within the body over time, eliminating the need for a second surgery to remove the anchors post-healing, unlike metallic anchors.

Moreover, they minimize the risk of long-term complications related to permanent implants and are preferred for certain patient demographics. In addition, an increasing preference for bio-absorbable materials aligns with ongoing advancements in orthopedic surgery techniques, emphasizing minimally invasive procedures and patient-centric approaches, thereby fueling the rapid growth of the bio-absorbable suture anchor segment in the market.

Tying Type Insights

The knotless segment dominated the market in 2023 and is anticipated to further expand at the fastest CAGR during the forecast period. These anchors simplify the surgical process by eliminating the need for manual knot tying, reducing procedure time and potential complications associated with knot tying. They offer enhanced tissue preservation and distribute tension more evenly across the repaired tissue, improving outcomes and potentially resulting in faster patient rehabilitation.

The knotless segment held a significant market share in 2023 owing to the launch of innovative products by key players. A notable example is the introduction of Smith+Nephew's HEALICOIL KNOTLESS Suture Anchor, in September 2020 , which helped expand the company’s Advanced Healing Solutions line for rotator cuff repair. Such advantages have significantly contributed to the increased preference and adoption of knotless suture anchors in orthopedic procedures, thereby expanding segment growth.

End-use Insights

The hospitals segment accounted for the largest market revenue share in 2023. Hospitals conduct more orthopedic procedures, including those involving suture anchors for ligament and tendon repairs. The specialized orthopedic departments and resources required for complex orthopedic surgeries contribute to a significant usage of suture anchor devices in these facilities.

Factors such as the increasing number of surgeries being performed in hospitals, the establishment of multi-specialty hospitals worldwide, and the rapid adoption of more advanced biosurgery treatment procedures have further fostered segment expansion. Additionally, rising geriatric population, increasing incidences of knee injuries, and rapid adoption of advanced orthopedic surgical equipment have also contributed to hospitals being the leading end-use segment.

The ambulatory surgical centers segment is estimated to register the fastest CAGR over the forecast period. Ambulatory surgical centers have gained substantial popularity due to their cost-effectiveness, efficiency in performing minor surgeries, and advancements in medical technologies, allowing more procedures to be performed outside traditional hospital settings. Additionally, the shift toward outpatient procedures for orthopedic surgeries has increased the demand for suture anchor devices in these centers.

Regional Insights

North America led the overall suture anchor devices market in 2023. This is because the region has a well-established healthcare infrastructure and a high adoption rate of suture anchor products. It also has a large patient population, favorable reimbursement policies in the healthcare system, and witnesses a higher number of research and development activities, which have driven market growth.

Furthermore, the increasing number of surgeries being performed in hospitals, the establishment of multi-specialty hospitals, and the rapid adoption of more advanced biosurgery treatment procedures have all contributed to North America's dominance in the market for suture anchor devices. Key players such as Smith & Nephew, Stryker Corporation, and Johnson & Johnson are headquartered in North America, contributing to the region's market dominance.

The U.S. accounted for North America's largest share in suture anchor devices in 2023. The high purchasing power and a rise in the adoption rate of suture anchor products have driven market growth in the country. Additionally, the high prevalence of sports-related injuries has prompted a substantial demand for orthopedic interventions, stimulating the usage of suture anchors in repairing ligament and tendon injuries.

For instance, an article published by Ohio State University in 2021, titled "Arm Injury Statistics," reported that 6 million people in the U.S. break a bone each year. In adults aged above 75 years, hip fractures become the most common injury area. Fractures account for 16% of all musculoskeletal injuries in the U.S. annually. Over 40% of fractures take place at home. These factors collectively set the U.S. as the leading country in the suture anchor device market, with the highest revenue share and a strong outlook for continued dominance.

Asia Pacific is expected to advance with the fastest growth rate during the forecast period. The rising geriatric population increases the incidence of orthopedic conditions, necessitating more interventions involving suture anchors. Moreover, continuous technological advancements, increased awareness about advanced medical treatments, and expanding investments in healthcare contribute to the anticipated rapid growth rate of the market for suture anchor devices in the Asia Pacific region.

Japan accounted for the largest regional share in the market for suture anchor devices in 2023. The economy has witnessed a surge in technological advancements and research in the field of suture anchor devices. Additionally, Japan's efficient and transparent regulatory framework for medical devices encourages the development and approval of new suture anchor products. The country is home to several leading orthopedic companies, such as DePuy Synthes and Arthrex, which have a strong presence in the market. These factors collectively contribute to Japan's leading position in the Asia Pacific market for suture anchor devices, reflecting the region's robust growth and potential for further expansion.

Key Companies & Market Share Insights

Smith & Nephew plc; Zimmer Biomet Holdings; CONMED Corporation; Arthrex, Inc.; Johnson and Johnson (DePuy Synthes, Inc.); Stryker Corporation; Wright Medical; and Orthomed are some of the dominant players operating in the market for suture anchor devices.

• Smith & Nephew plc is a global medical technology company specializing in orthopedic reconstruction, sports medicine, and wound management.

• Zimmer Biomet Holdings offers innovative musculoskeletal healthcare solutions, offering a broad spectrum of products and services in orthopedics, spine, dental implants, and more.

• CONMED Corporation operates in over 80 countries worldwide. The company focuses on minimally invasive surgical devices and equipment for arthroscopy, providing solutions for orthopedic surgeries and sports medicine.

Meanwhile, Parcus Medical and Enovis are some of the emerging players operating in the suture anchor device market.

• Parcus Medical is a medical device company that offers over 400 innovative products in more than 60 countries worldwide, with a direct selling presence in countries outside the U.S.

• Enovis is a medical device company that specializes in the development of orthopedic implants and instruments for spine surgery.

Recent Developments

• In September 2023, at the 2023 Orthopaedic Summit (OSET) Annual Meeting, Anika Therapeutics, Inc. announced the launch of their RevoMotion Reverse Shoulder Arthroplasty System (RSA). The company also showcased the Integrity Implant System and the X-Twist Fixation System at the event. Anika's advanced shoulder portfolio, which includes the recently introduced X-Twist suture anchors, aligns with the increasing demand for suture anchor devices in the orthopedic market

• In December 2022 , Stryker launched Citrefix, a suture anchor system for ankle and foot surgical procedures, leveraging Citregen biomaterial that is designed to support bone regeneration and the natural healing process. Citregen, a bioresorbable substance, has been designed to emulate native bone structure and chemistry

• In August 2022 , OSSIO launched and commercially released its OSSIOfiber suture anchors in the U.S. for the first time. These anchors received FDA clearance for soft tissue to bone fixation in various areas of the body

Suture Anchor Devices Market Report Scope

Global Suture Anchor Devices Market Report Segmentation

This report forecasts revenue growth at the global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global suture anchor devices market report on the basis of product, material type, tying type, end-use, and region:

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers

  • Clinics

• Tying Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Knotted Suture Anchors

  • Knotless

• Material Type Outlook (Revenue, USD Million, 2018- 2030)

  • Metallic Suture Anchor

  • Bio-absorbable Suture Anchor

  • Others

• Product Outlook (Revenue, USD Million, 2018- 2030)

  • Absorbable

  • Non-absorbable

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait