by Meniscus repair systems are used in surgical procedures to repair torn meniscus cartilage in the knee joint. A meniscus tear is one of the most common knee injuries, often occurring during sports or accidents that involve twisting of the knee. Meniscal tears can cause pain, swelling, and decreased mobility if left untreated. Surgical intervention provides an opportunity for healing and allows a return to normal activity. Meniscus repair systems utilize tools such as graspers, shaft drivers, depth probes, and surgical needles to grasp, position, and suture torn fragments of meniscus cartilage back into place.
The global meniscus repair systems market is estimated to be valued at US$ 858.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing meniscus repair systems market is mainly driven by the rising incidence of sports injuries and accidental knee injuries globally. According to the American Academy of Orthopaedic Surgeons, meniscus tears are one of the most common knee injuries, with over 100,000 repairs performed annually in the United States. Sports that involve running, cutting, and twisting motions like soccer, basketball, and volleyball put high stresses on the knee joint which can tear the meniscus. Similarly, accidental falls and other trauma can also cause tears. More individuals are participating in recreational and competitive sports today which is increasing the risk of meniscal tears. Furthermore, advances in arthroscopic surgical techniques and the development of all-inside suture repair systems have improved recovery time and patient outcomes compared to traditional partial meniscectomies which involve removing the torn part of the meniscus. This has led more surgeons to opt for meniscus repair rather than removal which is further fueling market growth.
Segment Analysis
The meniscus repair systems market is dominated by the arthroscopic sub-segment, which accounts for over 65% market share. Arthroscopic meniscus repair procedures allow for minimal incision and faster recovery times compared to traditional open surgeries. This is driving adoption of less invasive arthroscopic techniques among both surgeons and patients.
PEST Analysis
Political: Regulations around approvals of new systems and reimbursement policies impact market dynamics.
Economic: Rising healthcare spending and demand for effective orthopedic treatments fuel market growth.
Social: Increasing incidence of sports injuries and awareness about treatment options boost adoption.
Technological: Advancements in arthroscopic equipment and suturing devices enhance surgical outcomes.
Key Takeaways
The global Meniscus Repair Systems Market Growth is expected to witness high growth at a CAGR of 15% during the forecast period of 2023 to 2030.
Regional analysis:
North America dominates the market currently due to high prevalence of knee injuries and developed healthcare infrastructure. The Asia Pacific region is expected to be the fastest growing market driven by growing medical tourism and healthcare reforms.
Key players:
Key players operating in the meniscus repair systems market are Emerson Electric Co., Fortune Brands Home & Security Inc., Whirlpool Corporation, Illinois Tool Works Inc., Joneca Corporation, Salvajor, Electrolux AB, Western Industries Plastic Products LLC., Sears Brands, LLC, and Haier Inc. These players are focusing on new product launches and geographic expansion strategies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
