Medical facilities highly depend on soft tissue anchors during orthopedic surgeries. The availability of soft tissue anchors with various types of materials such as bio-materials and metals for surgical application across end-use sectors such as ambulatory surgical centers hospitals, etc., is expected to fuel the growth of the soft tissue anchors market. In addition, increase in investments toward the research & development of soft tissue anchors by key market players is propelling the growth of soft tissue anchors market. Consistent rise in the number of sports and orthopedic injuries, globally, is boosting the demand for bio-composite suture anchors and PEEK suture anchors, which is expected to contribute to the growth of the soft tissue anchors market during the forecast period.
According to Persistence Market Research, the global soft tissue anchors market was valued at US$ 585 Mn in 2019, and will expand at a 5% CAGR over the forecast period (2020–2030).
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Key Takeaways of Soft tissue anchors Market Study
- In terms of product type, the absorbable soft tissue anchors segment is expected to contribute more than 25% of revenue share in the soft tissue anchors market.
- Owing to low product cost and demand, absorbable suture anchors is the most preferred choice among costumers.
- Biocomposite suture anchors dominate the market by material type, as medical professionals mostly prefer biocomposite soft tissue anchors during surgeries.
- In terms of end user, hospitals are expected to collectively hold more than 52% of market share in the soft tissue anchors market during the forecast period.
- North America is dominating the global soft tissue anchors market, while East Asia is expected to offer lucrative opportunities, owing to rapidly increasing healthcare programs and growing medical facilities.
“The global soft tissue anchors market increases in parallel with the fast growing geriatric population. A wider array of applications is being seen with soft tissue anchors due to continuous advancements in technology, which is fueling the growth of the soft tissue anchors market,” says a PMR analyst.
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Anticipated Impact of COVID-19 on Soft Tissue Anchors Market
The global soft tissue anchors market has not been left untouched by the ongoing COVID-19 pandemic. The supply chain of soft tissue anchors has been severely affected due to logistic restrictions placed by various countries. Moreover, surgical procedures are being postponed to accommodate the increasing number of COVID-19 patients in hospitals. Hence, the demand for soft tissue anchors has taken a nosedive during the first half of 2020. However, both, leading players and governments are undertaking counter measures to solve the logistic problems related to soft tissue anchors. Emergency procedures are being prioritized, which will stabilize the demand for soft tissue anchors. Sales are projected to pick pace once the pandemic begins to abate.
Acquisition – Key Strategy by Leading Manufacturers
Leading manufacturers in the soft tissue anchors market are focusing on the regional acquisition strategy to enhance their product portfolios and expand their regional presence. For instance, in May 2016, Zimmer Biomet Holdings, Inc. acquired Cayenne Medical, Inc. – a medical device company engaged in developing and marketing technically-advanced soft tissue repair and reconstruction solutions for the knees, shoulders, and extremities, to enhance the innovation and growth of its business. In 2016, Johnson and Johnson completed 14 acquisitions or significant licensing deals, as well as eight divestitures, for profitable growth in the medical device market.
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Persistence Market Research offers a unique perspective and actionable insights on the soft tissue anchors market in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030, on the basis of product (absorbable suture anchors, non-absorbable suture anchors), material (metallic suture anchors, bio-absorbable suture anchors, PEEK suture and Biocomposite soft tissue anchors), tying type (knotted soft tissue anchors, knotless soft tissue anchors), and end user (hospitals, emergency medical services, clinics, ambulatory surgical centers), across seven key regions.
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