Soft Tissue Anchors Market Surpass $912.27 million Globally, by 2028 at 5.1% CAGR - Exclusive Study by The Insight Partners
Soft Tissue Anchors Market is expected to grow from US$ 677.68 million in 2022 to US$ 912.27 million by 2028; it is estimated to grow at a CAGR of 5.1% from 2022 to 2028.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Soft Tissue Anchors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Tying Type, Material, End User, and Geography," the increasing prevalence of sports injuries, increase in orthopedic surgeries, and the surge in obese and geriatric populations are likely to fuel the market's growth.
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*Soft Tissue Anchors Market Report Scope & Strategic Insights:*
Report Coverage Details
Market Size Value in US$ 677.68 million in 2022
Market Size Value by US$ 912.27 million by 2028
Growth rate CAGR of 5.1% from 2022 to 2028.
Forecast Period 2022-2028
Base Year 2022
No. of Pages 204
No. Tables 112
No. of Charts & Figures 43
Historical data available Yes
Segments covered Type, Tying Type, Material, and End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
*Soft Tissue Anchors Market: Competitive Landscape and Key Developments*
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. These players are focusing on expanding, diversifying their market presence, and acquiring a new customer base, thereby tapping prevailing business opportunities.
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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 US$ 145 million at closing and up to an additional US $110 million in growth-based earn-out payments over four years. The transaction is not subject to a financing condition. The transaction is subject to customary closing conditions, including receipt of the US regulatory approval, and is expected to close late in the second quarter or early in the third quarter of 2022.
In February 2022, Johnson & Johnson Medical Devices companies announced that DePuy Synthes acquired CrossRoads Extremity Systems to strengthen its elective foot & ankle portfolio.
In April 2021, Zimmer Biomet, a global leader in musculoskeletal healthcare, announced the US Food and Drug Administration 510(k) clearance of the ROSA Partial Knee System for robotically-assisted partial knee replacement surgeries. Knee replacement surgeries will elevate the application of various tissue anchors products.
Arthrex announced the launch of the SwiveLock ACL Repair Kit on December 16, 2020, following clearance by the FDA of the SwiveLock anchor for ACL repair. It is the first and only FDA-cleared kit for the primary repair of anterior cruciate ligament (ACL) tears. This product will increase the application of soft tissue anchors in various surgical procedures.
In 2022, North America dominated the soft tissue anchors market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increasing aging population in the US, the growing prevalence of arthritis, and the increasing number of sports injuries. The increasing aging population in the US is likely to favor the growth of the soft tissue anchors market. As per the WHO Fact Sheet, the US population aged 65 and above is estimated to double from 52 million in 2018 to ~95 million by 2060, and the 65 and above age group’s share of the total population will increase from 16% to 23%.
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Sports injury leads to cartilage damage, resulting in joint pain, stiffness, and swelling. According to the National Safety Council (NSC), biking caused 426,000 injuries in 2020, the most of any sport or recreational activity. With ~378,000 injuries, exercise (with or without equipment) registered second highest injuries, followed by off-highway vehicles (OHVs), moped and minibike (230,000 injuries), skateboard, scooter, and hoverboard (218,000 injuries). Hence, sports injuries are expected to boost the growth of the soft tissue anchors market during the forecast period.
*High Adoption of Soft Tissue Anchors in Emerging Economies*
Soft tissue anchors are widely used implants in orthopedic surgeries as they are used to attach soft tissues to bones. Emerging economies have a large patient pool of geriatric and obese populations prone to orthopedic conditions. According to the Technical Group on Population Projections for India report, there were ~138 million people in India aged 60 years and above in 2021, which is expected to increase to ~56 million people by 2031. As per SAGE Journals, the obesity rate in India was 40.3% in 2021. Moreover, an increase in sports and fitness activities in developing economies is expected to support the skin tissue anchors market growth. Moreover, an increase in healthcare expenditure leading to the development of healthcare services and infrastructure and an increase in medical tourism are expected to create significant opportunities for the soft tissue anchors market. As per the Ministry of Road Transport & Highways report, 3,66,138 road accidents were reported in India in 2020, and 1,31,714 people died due to road accidents. In addition, an increase in road accidents and trauma cases in developing economies will likely create demand for soft tissue anchors and opportunities for market growth. Rising investments in Asia Pacific from various manufacturers and geographical expansion are expected to increase the penetration rate of soft tissue anchors. Thus, the above-discussed factors are expected to create ample opportunities in the market for soft tissue anchors.
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*Soft Tissue Anchors Market: Segmental Overview*Based on type, the soft tissue anchors market is bifurcated into absorbable and non-absorbable. The absorbable segment held a larger market share in 2022, and it is anticipated to register the highest CAGR during the forecast period.
Based on tying type, the soft tissue anchors market is bifurcated into knotted and knotless. The knotless segment held a larger market share in 2022, and it is anticipated to register the highest CAGR during the forecast period.
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.
*Impact of COVID-19 Pandemic on Soft Tissue Anchors Market:*
The COVID-19 pandemic has significantly affected the global healthcare system and has disrupted the global economies. To combat the spread of SAR-CoV-2, governments have imposed stringent policies to prevent and reduce the mortality rate. To reduce the risk of virus transmission to patients or healthcare workers within their practice, healthcare providers postponed elective surgeries and preventive visits, such as annual physicals, and converted in-person visits to telemedicine visits. Due to the pandemic, manufacturers have closed their production units as per government regulation which has increased the supply-demand gap and disruption in the supply chain. Moreover, the reduction in elective orthopedic surgeries among the geriatric and obese population prone to various orthopedic disorders such as osteoporosis, joint disorders, and ligament & tendon injuries has further affected the demand for soft tissue anchors. Moreover, postponement or cancellation of various sports events led to the reduction in sports activities which has further reduced sports injuries. Furthermore, the government-imposed lockdown compelled people to stay indoors and home quarantine as a preventive measure, which has reduced the accidents & trauma cases, further affecting the growth of the soft tissue anchors market. The launch of the COVID-19 vaccine is expected to create opportunities for the soft tissue market and a surge in strategic collaborations among market players. Thus, the COVID-19 pandemic has adversely affected the soft tissue anchors market.
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