Market Overview:
Meniscus repair systems are used in the surgical repair of torn meniscus. Meniscus is a fibrous cartilage present in the knee joint, which act as a shock absorber and provide stability to the knee joint. Torn or damaged meniscus causes pain and limits mobility of the knee joint. Meniscus repair systems help in restoring the anatomical structure and function of the knee joint.
Market key trends:
The rising incidence of sports-related injuries such as anterior cruciate ligament (ACL) tears and meniscal tears is a major factor driving the growth of the market. According to data from National Safety Council, around 2.8 million people suffer sports injuries annually in the United States. Additionally, rising awareness about meniscal repair procedures and their advantages over meniscectomy is further fueling the adoption of meniscus repair systems. Moreover, technological advancements in arthroscopic surgical procedures have facilitated lesser invasive repairs, resulting in quicker recovery time and reduced post-surgical complications, thus propelling the market growth.
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: Low capital requirements and established brand existence of existing players pose barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of new substitutes is moderate as new minimally invasive surgeries are emerging.
Competitive rivalry: Intense among existing players.
SWOT Analysis
Strength: Advanced technologies for meniscus repair surgeries; Growing aging population prone to knee injuries.
Weakness: Expensive treatments; Risk of reinjury post-surgery.
Opportunity: Increase in sports injuries and rise in healthcare expenditure in developing nations; Emerging economies provide scope for market penetration.
Threats: Stiff competition among existing players; Stringent regulatory approval procedures.
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 degenerative meniscal tears. The US dominated the North America regional market in 2023 due to supportive healthcare reforms and rise in sports injuries. In the US, it is estimated that over 250,000 surgeries are performed annually to repair torn menisci.
Regional analysis The Asia Pacific region is projected to be the fastest growing market for meniscus repair systems during the forecast period. This is attributed to increasing healthcare spending, rising geriatric population, growing middle-class population and improving access to healthcare in emerging countries such as India and China. China held maximum share in the Asia Pacific market owing to rising number of knee injuries due to increasing involvement of Chinese population in sports activities.
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. The major players are focusing on new product launches and geographical expansion to increase their market share in the emerging economies.
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