Market Overview:
Meniscus tear or damage is a common knee injury that occurs due to sudden twisting, bending, or impact on the knee. Meniscus acts as a shock absorber between the thighbone and shinbone. Meniscus repair systems are used to repair or reconstruct damaged meniscus and restore normal knee functioning. These systems include implants, instruments, and accessories for repairing tears in the medial and lateral meniscus of the knee. Suturing, all-inside, and outside-in techniques are commonly used for meniscus repair using meniscal repair devices. Arthroscopic meniscal repair procedures enable faster healing and recovery compared to partial meniscectomy.
Market Key Trends:
One of the key trends in the meniscus repair systems market is the rising incidence rate of meniscal injuries. According to the National Meniscal Tear Survey, over 850,000 medial or lateral meniscal tears occur in the United States each year. Risk factors associated with meniscal tears include age, physical activity levels, lower extremity alignment, and obesity. These injuries are most common among individuals involved in sports and physical activities that involve sudden twisting, turning, or cutting motions of the knee. Advanced repair techniques and innovative devices are helping surgeons better address complex tears, driving the demand for meniscus repair systems.
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.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as meniscus repair systems require heavy R&D investment and regulatory approvals to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with many global as well as regional players offering substitutable products at competitive pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required for manufacturing are commodity products and suppliers have limited control over pricing.
Threat of new substitutes: The threat of new substitutes is low as meniscus repair procedures have limited alternatives and technology offering better patient outcomes is evolving slowly in this space.
Competitive rivalry: The competitive rivalry is high among the top players operating in the industry.
Key Takeaways
The global meniscus repair systems market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period 2023 – 2030, due to the increasing prevalence of meniscus injuries globally.
Regionally, North America dominates the meniscus repair systems market and is expected to continue its dominance over the forecast period. This can be attributed to advanced healthcare infrastructure and the growing number of knee surgeries in the region. Asia Pacific is expected to witness the fastest growth rate owing to large patient pool, increasing healthcare spending and improving access to healthcare.
Key players operating in the meniscus repair systems market are Smith & Nephew, DePuy Synthes, Stryker, Zimmer Biomet, Arthrex, Medtronic, Conmed, Schwartz Biomedical, RTI Surgical, Orteq, Baxter, Geistlich, Anika Therapeutics, B. Braun Melsungen, Cayenne Medical, Enetec Pharmaceuticals, Ivy Sports Medicine, Neotherix, OrthogenRx, Osiris Therapeutics.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
