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HEALTHCARE & PHARMACEUTICAL

Knotless Tissue Control Devices Market Analysis by Product Type (Short-term, Long-term, and Non absorbable polymers); and by Application (Hospitals, Ambulatory Surgical Centers, Trauma Centers, Medical Device Manufacturers, Pharmaceutical Companies, Research Centers and Laboratory, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • June, 2022: Medical Device Business Services, Inc. has launched ECHELON 3000 Stapler. This is a digitally enabled device that will provide surgeons with simple, one-handed powered articulation and help with the needs of their patients. With the addition of 39% greater jaw aperture and a 27% greater articulation span, ECHELON 3000 gives surgeons better access and control over each transection, even in tight spaces and on challenging tissue.

  • September, 2020: Smith & Nephew has launched HEALICOIL KNOTLESS Suture Anchor, expanding its line of advanced healing solutions for rotator cuff repair.

Global Knotless Tissue Control Devices Market Size, Forecast, and Trend Highlights Over 2022 – 2031 

Knotless Tissue Control Devices Market trend table

The global knotless tissue control devices market is estimated to garner a revenue of ~USD 670 million by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 460 million in the year 2021. The primary growth factor for the knotless tissue control devices market to expand is the high number of surgeries performed worldwide. As per recent estimates done in 2020, it was revealed that around 300 million major surgeries are performed each year globally; out of which 50 million are done in the United States and 20 million in Europe.

Knotless Tissue Control Devices Market Region

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Knotless tissue control devices are generally absorbable and antibacterial that are developed to facilitate soft tissue approximation. These devises provide enhanced performance characteristics and wound holding security with added features that offer increased efficiency and control. The great advantages of knotless tissue control devices such as distribution of tension along the wound, simplified knot tying, and reduced knot-related complications, are expected to boost the demand of knotless tissue control devices in the healthcare industry. Thus, the high number of surgeons in the healthcare sector is projected to increase the adoption rate of knotless tissue control devices. As of 2022, in the United States there are about 54,800 surgical physicians.

Global Knotless Tissue Control Devices Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in Healthcare Segment – As per recent estimates, the revenue generated in the health care sector is augmented to reach USD 60 billion by 2022.

  • High Expenditure in Healthcare Industry – The recent data showed that the global spending on the healthcare industry was approximately USD 9 trillion in the year of 2020, an increase from just USD 7 trillion in 2015. 

  • Rise in Cosmetic Surgeries – The recent statistics reveals that in the United States approximately USD 10 billion amount of revenue were garnered through surgical cosmetic procedures. Further, the total amount of revenue generated from surgical and nonsurgical cosmetic procedure stood up at around USD 16 billion.

  • Escalation in the Number of Hospitals - As per the Organization for Economic Co-operation and Development, the number of hospitals in the United States rose from 5,564 in 2015 to 6,090 in 2019.

  • Increased Research and Development Expenditure – As per the World Bank, the expenditure made in research and development accounted to be 2.63% of the total GDP, a considerable rise from 2.14% in 2016.

Challenges

  • Easy Availability of Other Wound Healing Products
  • High Surgical Site Infection
  • High Cost of Antibacterial Equipment

The knotless tissue control devices market is segmented and analyzed for demand and supply by application into hospitals, ambulatory surgical centers, trauma centers, medical device manufacturers, pharmaceutical companies, research centers and laboratory, and others. Out of these, the hospital segment is expected to garner the highest revenue by 2031, owing to high number of hospitals across the world. The recent study revealed that in 2020, the hospitals in Colombia region had the highest number with 10,900 hospitals. Further, Japan had 8,240 hospitals and United States had 6,090 hospitals in the same period. Additionally, the growing hospital industry is an another growth factor expanding the market size. India’s hospital industry is expected to reach approximately USD 135 billion by 2035 from USD 60 billion in 2017, with a robust CAGR of 17%.

Major Macro-Economic Indicators Impacting the Market Growth

Knotless Tissue Control Devices Market Major

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Knotless Tissue Control Devices Market Regional Synopsis

Regionally, the global knotless tissue control devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, owing to rising cases and deaths of chronic cases in the region. Rising chronic diseases has resulted in increased surgical sutures which in turn is projected to rise the demand of knotless tissue control devices. As per a recent study by the Centers for Disease Control and Prevention in 2022, it is revealed that 6 out 10 adults in the U.S. have been diagnosed with one chronic disease and respectively 4 out of 10 have been diagnosed with two or more than chronic diseases. Further, North America is anticipated to dominate the knotless tissue control devices market in the forecast period due to growth in GDP, health expenditure and changing lifestyle. The Centers for Medicare & Medicaid Services also stated that in 2020, the national health expenditure in the region accounted USD 4.1 trillion, or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Additionally, the growth in the healthcare industry is expected to increase adoption rate of knotless tissue control devices in the hospitals of the region. As of 2021, the healthcare industry stood up at USD 810 billion in the United States.

Knotless Tissue Control Devices Market Regional Synopsis

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The global knotless tissue control devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global knotless tissue control devices market includes the following segments:

By Product Type

  • Short-term
  • Long-term
  • Non absorbable polymers

By Application

  • Hospitals
  • Ambulatory Surgical Centers
  • Trauma Centers
  • Medical Device Manufacturers
  • Pharmaceutical Companies
  • Research Centers and Laboratory
  • Others

Top Featured Companies Dominating the Global Knotless Tissue Control Devices Market

  • Medtronic
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Johnson & Johnson Services, Inc.
  • Medical Device Business Services, Inc. (Johnson & Johnson Services, Inc.)
  • Medline Industries, LP
  • Dalent LLC
  • Acera Surgical
  • Kerecis
  • Guard Medical Inc.
  • Axio Biosolutions Pvt Ltd
  • Grapheal
  • Smith & Nephew

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