Mass technological transformation of the global healthcare industry has left key market participants struggling to traverse the complexities of medical and life sciences. Given the shifting dynamics of the global healthcare sector, pharma and biotech companies are taking measured efforts to improve patient outcomes in an effective manner, while keeping a careful watch on the bottom line.
Creating outcome-oriented financial models to maximize reimbursements in value-based healthcare will be a strategic shift from the traditional fees-for-services model. This implies that pharmaceutical companies will need to devise appropriate measures to optimize costs and improve the quality of patient care.
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What are the Key Trends Impacting Growth of the Global Knotless Suture Anchors Market?
The increasing number of arthroscopic procedures due to their minimally invasive characteristic as compared to open procedure is expected to increase demand for knotless suture anchors market during the forecast period. Improved quality of life leading to the rise of the geriatric population requiring shoulder repair procedures will propel knotless suture anchors market growth. There has been a significant rise of institutes catering to arthroscopic procedures requiring knotless suture anchors resulting in knotless suture anchors market expansion.
There has been an increasing rate of approval and commercialization of medical devices like anchor sutures with large manufacturing capacities creating a competitive edge for the rest of the market players in the region. Developing supply chain activities will make import and export of raw materials as well as end products easier to the untapped market having a positive impact on the knotless suture anchors market.
Increasing Number of Arthroscopic or Bankart Procedures: How Increasing Procedures Became a Key Contributors in Knotless Suture Anchors Market Growth
The arthroscopic or bankart procedures include suture and re-anchor on the damaged part of the cartilage to sustain the stability of the limb. There has been a significant rise in the number of procedures performed with increasing sports injuries and road accidents. Knotless suture anchors help the procedure to be minimally invasive involving less recovery time. The procedure performed is considered to be an outpatient procedure, hence boosts the demand for knotless suture anchors. Increasing per capita healthcare expenditure in developing countries has increased the diagnosis and treatment adoption rate for joint treatments having a positive impact on knotless suture anchors market growth.
How is the Increase in Geriatric Population Reshaping the Global Knotless Suture Anchors Market?
According to the United Nations, the geriatric population is expected to contribute 16% of the world’s population in the next 30 years as compared to 9% currently in 2019. This increasing geriatric population will observe an exponential growth rate and can contribute up to 25% of Europe or North America’s population. The geriatric population are more susceptible to shoulder or joint damage requiring arthroscopic procedures and knotless suture anchors. Also, there has been increasing healthcare spending among the ageing population leading to increasing demand for knotless suture anchors market. On the other hand, favourable reimbursement conditions lead to knotless suture anchors market growth.
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What are the Key Challenges that may Restrain Growth of the Global Knotless Suture Anchors Market?
Tissue reactions as a result of arthroscopic procedures can restrain the growth of the knotless suture anchors market. Suture anchors can react with some patient’s tissue leading to complications and resistance towards product adoption hampering knotless suture anchors market growth. Preference for non-invasive therapeutics among the general population can harm knotless suture anchors market growth. On the other hand, less awareness of knotless suture anchors among the healthcare professional can lead to delay of knotless suture anchors market growth. The unavailability of advanced technology and poor healthcare infrastructure tends to challenge the growth of the knotless suture anchors market. Less number of medical device manufacturers in regions like the Middle East & Africa is expected to hinder the knotless suture anchors market growth.
Key Segments of Global Knotless Suture Anchors Market Covered in the Report
Based on physical form, the Global Knotless Suture Anchors Market has been segmented as
- Absorbable
- Non-absorbable
Based on the Suture Anchor type, the Global Knotless Suture Anchors Market has been segmented as
- Bio-absorbable Suture Anchor
- Metallic Suture Anchor
- Bio-composite Suture Anchor
- PEEK Suture Anchor
Based on the end-user, the Global Knotless Suture Anchors Market has been segmented as
- Hospitals
- Ambulatory Surgical Centers
- Orthopaedic centres
- Speciality Clinics.
- Others
Based on the region, the Global Knotless Suture Anchors Market has been segmented as
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Competitive Landscape
Key players such as
- ArthrexInc.
- DePuy Synthes (Johnson & Johnson)
- Smith & Nephew Plc.
- Wright Medical Group N.V.
- Medtronic Plc.
- Stryker Corporation
- ConMed Corporation
- Parcus Medical LLC
- Zimmer Biomet Holdings Inc.
- In2Bones Global Inc.
others are actively involved in offering knotless suture anchors for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Global Knotless Suture Anchors Market?
The manufacturers are focused on product innovation and development to expand their product portfolio and adapt strategies for market expansion. Key players are also involved in collaborations with initial stage medical device manufacturers to increase their market share in the knotless suture anchors market. Several companies also adopt merger and acquisition strategies for their brand positioning into the knotless suture anchors market. The launch and commercialization of the latest knotless suture anchors are owing to market growth.
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- In February 2021, In2Bones Global Inc. announced the launch of “Hercules Suture Anchor System into the U.S. market. This product has led to portfolio expansion into lower extremity products. Hercules Suture Anchor System is composed of radiolucent PEEK material and has a unique knotless suture anchor.
- In September 2020, Smith & Nephew announced the launch of “Healicoil Knotless Suture Anchor” into its product portfolio of Advanced Healing Solutions applicable for rotator cuff repair. This product is made of regenesorb bio-composite material that leads to the absorption of the implant within 24 hours and replacement by bone.
What are the Key Opportunities for Knotless Suture Anchors Manufacturers?
The increasing number of medical technology manufacturers in regions like South Asia and East Asia is expected to boost the growth of the knotless suture anchors market. On the other hand, increasing investments into research and development activities by private players to develop the latest technology products will drive the growth of the knotless suture anchors market. The rising number of trauma injuries on joints and shoulder will cause the knotless suture anchors market to grow.
There has been a significant rise in the number of healthcare professionals performing arthroscopic procedures benefitting the growth of the knotless suture anchors market. Rising GDP contributions towards healthcare leading to the advancement of healthcare infrastructure will propel knotless suture anchors market growth. The emergence of e-commerce platform has led to an increase in market coverage and targeting the untapped market for knotless suture anchors.
Why is the U.S. a Big Market for Knotless Suture Anchors?
The U.S. has the benefit of catering to leading medical device market players over other countries and hence dominating the knotless suture anchors market. The cost of the medical device is high in the U.S. leading to a higher profit margin for the knotless suture anchors market. The country has the highest rate of diagnosis and treatment adoption among all the other countries resulting in a key region for the knotless suture anchors market. The U.S. is observed to contribute more than 4 times of revenue share of Canada in the North America knotless suture anchors market. The country has a high rate of approval and commercialization of medical products leading to exponential knotless suture anchors market growth. Favourable reimbursement conditions in the U.S. are a key contributing factor for knotless suture anchors market growth.
Will China’s Path for Knotless Suture Anchors Differ from that of South Africa?
China is currently the leading country in terms of populations providing a large customer base for the knotless suture anchors market. Improving economic conditions for China has led to increasing healthcare expenditure benefitting knotless suture anchors market growth. Whereas, China has been an attractive destination for manufacturing and trading of raw materials as well as medical devices leading to knotless suture anchors market expansion. The country is estimated to have a high share of the geriatric population worldwide resulting in an exponential rise in market growth for knotless suture anchors.
On the other hand, South Africa will observe less growth rate as compared to countries in other regions due to a lack of healthcare facilities. The country has a drawback of less awareness among the general population regarding orthopaedic treatments restraining the growth of the knotless suture anchors market. Poor economic conditions in South Africa is expected to challenge the growth of the knotless suture anchors market in the coming decade. The country is currently considered to be an untapped market for knotless suture anchors due to a shortage of skilled labour and advanced healthcare infrastructure.
What is the Repercussion of the Pandemic on the Growth of the Global Knotless Suture Anchors Market?
Knotless suture anchors dealing with optional arthroscopic procedures is expected to decline the growth of the knotless suture anchors market due to delay as well as cancellation of non-emergent procedures. Lockdown implemented in various parts of the world led to shutting down of manufacturing units leading to delay of knotless suture anchors market growth rate. Disruption is supply chain activities for trading raw material and the product has challenged the knotless suture anchors market growth. COVID 19 has also led to an economic slowdown is less developed countries hindering the growth of the knotless suture anchors market.
For More Insights- https://www.einpresswire.com/article/556416375/sales-of-back-table-and-cart-covers-to-remain-significantly-driven-by-hospitals-and-diagnostic-centres
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