The meniscus is a C-shaped piece of cartilage that acts as a cushion between the shinbone and thighbone. It helps absorb shock and allows smooth movement of the knee joint. Meniscus injuries are common in sports that involve sudden stops, starts, and changes in direction like soccer, football, basketball and tennis. Such repetitive impact and twisting motions put significant strain on the meniscus. With increasing participation in sports and recreational activities worldwide, meniscus injuries have risen substantially. This has led to greater demand for advanced meniscus repair systems that help heal injuries arthroscopically without extensive surgery.
Meniscus repair systems use small arthroscopic surgical instruments and suture anchors or bioabsorbable tacks to reattach torn pieces of cartilage back to the meniscus. They provide surgeons minimally invasive options to preserve as much of the damaged meniscus as possible. This speeds up recovery and helps regain knee function faster compared to partial or total meniscectomy that removes torn parts.
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 9.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the meniscus repair systems market is the growing preference for all-inside suture repair procedures. All-inside suture techniques utilize suture anchors or bioabsorbable tacks that are placed completely inside the knee joint from small incisions. They do not require incisions on the surface of the knee and cause minimal damage to surrounding tissues. This reduces post-surgery pain and scarring and allows for faster recovery periods. With improvements in anchor and delivery system designs, all-inside repairs have gained popularity over outside-in and inside-out techniques in recent years. The rising adoption of all-inside meniscus repair presents lucrative opportunities for market players.
Threat of new entrants: Low capital requirements and established brand loyalty of existing players make entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and fragmented nature of demand.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and inputs.
Threat of new substitutes: Threat of new substitutes is moderate as repair systems are customized for specific injuries.
Competitive rivalry: Intense competition due to presence of global and regional players.
The Global Meniscus Repair Systems Market Demand is expected to witness high growth.
North America dominates the global Meniscus Repair Systems Market currently. Factors such as growing incidence of meniscus tears due to high participation in sports and physical activities are driving the growth of the market in the region. The Asia Pacific region is expected to witness highest growth over the forecast period owing to improving healthcare infrastructure and rising medical tourism.
Key players operating in the Meniscus Repair Systems Market are Pfizer Inc., Sanofi SA, Dr. Reddy€TMs Laboratories, Aspen Holdings, Abbott Laboratories, Leo Pharma AS, Alexion Pharmaceuticals Inc., Bayer AG, Johnson & Johnson, Bristol-Myers Squibb Company, Daiichi Sankyo Company, and Boehringer Ingelheim Pharmaceuticals Inc., among others. Pfizer Inc., Johnson & Johnson and Sanofi SA are the leaders in the market with wide product portfolios and geographical presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it