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Knotless Suture Anchors Market Expected to Witness Significant Growth in the Near Future, Fact.MR
Treatment of joint damage using the minimally invasive procedure is called arthroscopy. This procedure has one of the major challenges to tie good quality and consistent arthroscopic knots and the procedure takes time to master. Hence, to make the arthroscopic bankart repair simpler knotless suture anchors are introduced, in this tail end consists of the short loop of suture. The knotless suture anchors have contributed towards decreasing the time consumed to perform the procedure and provided versatility. Therefore, with the shift of demand towards high-quality joint procedures knotless suture anchors market is expected to evidence a rise in demand for the coming decade.
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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.
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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.
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.
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