by Market Overview:
Meniscus repair systems are surgical devices used to repair tears in the meniscus, a C-shaped piece of cartilage that acts as a shock absorber between the shinbone and the thighbone. They contain sutures, implants and instrumentation to realign and stabilize torn pieces of meniscal tissue.
Market Dynamics:
The growth of the meniscus repair systems market is driven by the rising occurrence of sports injuries and other accidents that damage the meniscus. It is estimated that over 250,000 meniscal surgeries are performed annually in the United States alone. With increasing participation in sports and recreational activities among all age groups, the incidence of knee injuries has surged significantly. Moreover, advancements in minimally invasive surgical techniques are encouraging the adoption of meniscus repair over partial meniscectomy, further propelling the demand for effective repair systems.
Market key trends:
The meniscus repair systems market is being driven by an increase in the prevalence of meniscal tears. According to studies, around 2 out of every 100,000 people suffer from meniscal injuries each year in the United States alone. Many studies have highlighted the benefits of meniscal repair over meniscectomy in reducing the risk of knee osteoarthritis in the long run. Therefore, the rising adoption of all-inside suture techniques over outside-in and inside-out techniques for meniscal repair surgeries is expected to propel the market growth during the forecast period.
The global Meniscus Repair Systems Market Share is estimated to be valued at US$ 858.7 Million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths:
– Growing demand for minimally invasive meniscal repair procedures
– Increasing preference for meniscus repair over partial meniscectomy
Weaknesses:
– High cost of meniscal repair devices and surgeries
– Lack of awareness about meniscal repair procedures in developing countries
Opportunities:
– Emergence of bioabsorbable implants and scaffolds for meniscal replacement
– Technological advancements in arthroscopic tools for meniscal repair
Threats:
– Availability of alternative treatment options like medications and knee braces
– Risk of implant failure and re-tears associated with meniscal repair surgeries
Key Takeaways
The global meniscus repair systems market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing incidence of sports-related knee injuries. Additionally, rising geriatric population which is more prone to meniscal tears is further driving the market.
The North America region currently dominates the meniscus repair systems market due to rapid adoption of advanced treatment procedures and growing patient awareness. Moreover, presence of major market players is also contributing to the regional market growth. Asia Pacific region is projected to exhibit the fastest growth during the forecast period owing to increasing healthcare expenditures and improving healthcare infrastructure in several APAC countries.
Key players operating in the meniscus repair systems market are Smith & Nephew, DePuy Synthes, Stryker, Zimmer Biomet, Arthrex, Medtronic, Conmed, and others. Majority of these players are focusing on new product launches and approvals to consolidate their market position. For instance, in 2020, Zimmer Biomet received FDA approval for its meniscal repair system called KneeLig.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
