Absorbable Segment to Grow Significantly During 2022-2028

According to our latest study on "Soft Tissue Anchors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Tying Type, Material, and End User," the 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. The report highlights trends prevailing in the market and factors governing the market's growth.

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.

Obesity is a major cause of orthopedic injuries, which are likely to increase the growth of the soft tissue anchors market as obese people are more prone to orthopedic conditions such as soft tissue damage, osteoarthritis, and others. According to the Trust for Americas Health report 2020, the US obesity rate is estimated to be 42.4%, increased by 26% since 2008. As per the National Library of Medicine, the obese population is more prone to tendinopathies, rotator cuff tendonitis, shoulder impingement, plantar fasciitis, Achilles tendonitis, and posterior tibial tendon dysfunction.

Thus, the increase in the elderly and obese population globally has increased orthopedic injuries and disorders, creating the demand for soft tissue anchors and supporting market growth.

Type-Based Insights

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.

Tying Type-Based Insights

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.

Material-Based Insights

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.

End User-Based Insights

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.

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 report segments the soft tissue anchors market as follows:

Based on type, the soft tissue anchors market is bifurcated into absorbable and non-absorbable. Based on tying type, the market is bifurcated into knotted and knotless. Based on material, the market is segmented into PEEK suture anchor, metallic suture anchor, bio-absorbable suture anchor, bio-composite suture anchor, and others. Based on end user, the soft tissue anchors market is segmented into hospitals, clinics, emergency medical services, and others. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SCAM).

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