April 24, 2024
Meniscus Repair Systems

Meniscus Repair Systems Market Rising At A CAGR Of 9.4% Due To Increase In Sports Injuries

The global meniscus repair systems market consists of innovative medical devices that aid the repair of meniscus injuries. Meniscus acts as a cushion between thigh and shin bones to absorb shock and allow smooth movement of knee joint. However, meniscus tears are commonly caused due to sports injuries, accidents or age-related wear and tear. Meniscus repair systems such as arrow implants, fasteners, bioscrews, and stitching devices help stabilize and hold together the torn fragments of meniscus during the healing process. They are easy to use, allow quick recovery, and help patients return to their daily activities sooner.

The Global Meniscus Repair Systems Market is estimated to be valued at US$ 989.23 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period between 2024 to 2031. Increasing instances of sports injuries and rising participation in sports are the key factors driving the demand for Meniscus Repair Systems Market globally. Sports injuries account for over 60% of meniscal tears worldwide with football, basketball and skiing being the major culprits. Moreover, growing aging population prone to osteoarthritis and joint disorders is further fueling the market growth.

Key Takeaways

Key players operating in the meniscus repair systems 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. Key players are continuously investing in R&D to develop innovative meniscus healing technologies and solutions.

The growing incidents of sports injuries worldwide have increased the demand for meniscus repair systems substantially. According to statistics, meniscal tears account for over 10 million outpatient surgical procedures performed annually in the United States alone. The increasing participation of people in sports and recreational activities is expected to further propel the demand.

Major market players are expanding their global footprint to tap the growth opportunities in emerging markets. For instance, in 2022, Smith & Nephew acquired Engage Surgical, a US-based medical technology company focused on developing advanced tissue repair solutions. This acquisition helped Smith & Nephew enhance its sports medicine portfolio and expand its global presence.

Market Key Trends

3D printing technology is emerging as a promising trend in the meniscus repair systems market. 3D printed customized scaffolds mimic the complex structures and biological properties of native meniscus tissues. They provide an ideal environment for tissue regeneration post-surgery. Leading players are developing innovative 3D bioprinting techniques to engineer whole meniscus grafts from patient’s own cells which could revolutionize meniscus repair in the future.

Porter’s Analysis

Threat of new entrants: Low cost of production due to low economies of scale requirements and no product differentiation makes market very susceptible to new entrants.

Bargaining power of buyers: Large number of buyers and low switching cost empowers buyers to negotiate low prices and demand high quality.

Bargaining power of suppliers: Few suppliers with differentiated products and technologies control supply chain which puts pressure on profit margins.

Threat of new substitutes: Emerging minimally invasive procedures pose a moderate threat of substitution over the long term.

Competitive rivalry: Fierce competition among established industry players to gain market share through innovation and competitive pricing keeps profitability under check.

Geographical Regions

North America dominates the global meniscus repair systems market in terms of value owing to high medical expenditure, favorable reimbursements policies and growing aged population prone to knee injuries in the region.

Asia Pacific excluding Japan (APEJ) region is poised to witness the fastest growth over the forecast period attributed to rising medical tourism, improving healthcare infrastructure and growing sports culture leading to higher incidence of knee injuries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.