The soft tissue anchors market is expected to grow from US$ 677.68 million in 2022 to US$ 912.27 million by 2028; it is expected to register a CAGR of 5.1% from 2022 to 2028.
Soft tissue anchors are soft tissue fixation devices generally used in orthopedic surgeries. Orthopedic bone fractures and injuries can be caused due to various reasons such as acute trauma, sports, and heavy physical activities. Sutures, anchors, interference screws are various fixation devices that are used for soft tissue fixation. Dislocation of the shoulder is a common occurrence among athletes, and the Arthroscopic Bankart Repair method using soft tissue anchors is the most preferred method for treating shoulder dislocation. Key factors that are driving growth of the market are increasing in sports injuries and orthopedic surgeries along with significant increase in elderly & obese population. However, the high cost of surgeries and unfavorable reimbursement scenario hamper the market growth.
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Smith & Nephew Plc.; CONMED Corporation; Johnson & Johnson Services, Inc. (DePuy Synthes); Zimmer Biomet; Arthrex, Inc.; Stryker Corporation; Medtronic; Cook Medical LLC; Aju Pharm Co., Ltd.; DJO, LLC (Colfax Corporation) are among the leading companies operating in the soft tissue anchors market.
The increasing prevalence of orthopedic disorders such as osteoporosis, joint disorders, and ligament & tendon injuries among the geriatric and obese population are expected to create demand for soft tissue anchors. Additionally, the surge in sports activities led to an increase in sports injuries and orthopedic surgeries that are fueling the soft tissue anchors market’s growth. However, the high cost of surgeries and unfavorable reimbursement scenarios are hampering the growth of the soft tissue anchors market.
Significant Rise in Elderly and Obese Population
Various economies, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. With this, people’s life expectancy in these countries has increased, expanding the geriatric population. According to the data presented by the WHO, the population aged 60 years and above was 1 billion in 2019, which is expected to reach 1.4 billion by 2030 and 2.1 by 2050.
A report by the US Census Bureau states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to over 98 million by 2060. Their population share is anticipated to surge from ~15% to ~24% during this period. Another report, published by Eurostat, states that Europe had the world’s highest percentage (20.8%) of people aged more than 60 years in 2021. Further, by 2050, all regions, except Africa, would have ~25% or more of their populations aged 60 and above. Underdeveloped and developing countries would account for ~80% of this growth. Thus, the increase in the geriatric population has increased the prevalence of various orthopedic conditions such as osteoarthritis, joint pain, joint replacement, and others that are expected to increase the demand for soft tissue anchors. According to the Osteoarthritis Action Alliance, osteoarthritis is the most common form of arthritis in the US, which has affected 32.5 million people and 43% of the population aged 65 years and above in 2020.
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Based on material, the soft tissue anchors market is segmented into PEEK suture anchor, metallic suture anchor, bio-absorbable suture anchor, bio-composite suture anchor, and others. The PEEK suture anchors segment held the largest market share in 2022. However, the bio-composite suture anchor segment is anticipated to register the highest CAGR during the forecast period.
Based on end user, the soft tissue anchors market is segmented into hospitals, clinics, emergency medical services, and others. In 2022, the hospitals segment held the largest share of the market. However, the emergency medical services segment is expected to register the highest CAGR from 2022 to 2028.
Below is the list of the growth strategies done by the players operating in the soft tissue anchors market:
In May-2022 – Cook Medical’s Winston-Salem manufacturing site stated on May 2, 2022, that it has obtained IS0 14001 accreditation, the global standard for environmental management system standards. This standard will help company to reduce carbon footprint and implement processes that will aim to help reduce wastes.
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 May-2022 – Conmed announced a definitive agreement to acquire privately-held In2Bones Global, Inc. (In2Bones), on a cash-free, debt-free basis, for cash consideration of $145 million at closing and up to an additional $110 million in growth-based earn out payments over a four-year period. The transaction is not subject to a financing condition. The transaction is subject to customary closing conditions, including receipt of U.S. regulatory approval, and is expected to close late in the second quarter or early in the third quarter of 2022.
In Jan-2022 – In January 2022, Smith+Nephew announced the acquisition of Engage Surgical, owner of the only cement-less unicompartmental (partial) knee system commercially available in the US.
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