by The meniscus provides stability and cushioning for the knee joint as it acts as a shock absorber. Meniscus repair systems aid in healing meniscal tears and improving knee function. There are two types of meniscal repair systems – inside-out repair system and all-inside repair system. Inside-out repair system requires small incisions on the outer knee while all-inside repair system is inserted through small incisions without surgery. Rise in sports injuries and traumatic road accidents has increased the demand for meniscal repair procedures. Moreover, advancement in knee replacement surgeries has accelerated the adoption of meniscal repair systems to restore proper knee biomechanics prior to knee arthroplasty.
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 key trends:
The meniscus repair systems market is driven by one key trend – the rise in sports medicine. With increasing participation in contact sports and recreational activities, the incidence of sports-related meniscal tears has elevated considerably. According to National Health Interview Survey, in 2019, around 30 million people in the United States participated regularly in basketball, soccer, and other sports that place high demands on the knees. This has subsequently increased the demand for arthroscopic surgeries utilizing meniscus repair systems. Anchors and sutures devices are widely adopted by orthopedic surgeons for sports medicine procedures owing to their consistent clinical outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the meniscus repair systems market due to the high capital requirements for R&D and manufacturing.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative treatment options for meniscus injuries.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes and differentiated products.
Threat of new substitutes: The threat of new substitutes is high with the emergence of newer treatment options like meniscus replacement procedures.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players competing on product innovation.
Key Takeaways
The global Meniscus Repair Systems Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regional analysis:
North America is expected to hold the largest share of the global meniscus repair systems market during the forecast period. This is attributed to factors such as the rising cases of knee injuries due to the growing obese population, increasing healthcare expenditure, and availability of advanced treatment options in the region.
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., Waste King, and Frigidare. Emerson Electric Co. and Fortune Brands Home & Security Inc. are some of the leading players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
