The meniscus repair systems market has been gaining traction over the years owing to the increase in sports related injuries and growing obese population. Meniscus is a C-shaped piece of cartilage that acts as a shock absorber between the shinbone and the thighbone. Issues like knee injuries due to sports or accidents can damage the meniscal tissues and lead to pain and swelling. Meniscus repair systems help in repairing meniscal tears and reinforcing the knee. These include implants, surgical instruments, devices for meniscal repairs and replacements. Minimally invasive surgeries associated with meniscal repair systems reduce pain, recovery time and have better clinical outcomes. The growing preference for arthroscopic procedures is expected to drive the demand for meniscus repair systems. 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 2024 to 2031.
Key Takeaways
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. The increasing demand for knee surgeries, product innovations and growing aging population are some key opportunities in the market. Technological advancements like new arthroscopic equipment, improved surgical techniques and the emergence of bioabsorbable implants are expected to boost the market growth over the forecast period.
Market drivers
Rising sports injuries due to impact on joints during activities like football, running, cycling etc has significantly contributed to the demand for meniscus repair systems over the years. The growing obese population has increased the risk of knee injuries tremendously which is another major driver for this market. According to studies, overweight and obesity can increase the risk of damage to knee cartilage including meniscal tears. The increasing geriatric population is also more prone to knee issues thereby positively impacting the adoption of meniscal repair treatment modalities.
Current Challenges in Meniscus Repair Systems Market
One of the key challenge currently faced by the meniscus repair systems market is lack of awareness among general population about meniscus injuries. Many people suffering from meniscus tears do not report symptoms on time which makes the repair process more complex. Training medical professionals to identify early signs of meniscus damage can help address this issue.
SWOT Analysis
Strength: Rising incidence of sports injuries and road accidents leading to meniscus tears. Growing preference for minimally invasive procedures driving demand.
Weakness: High cost of surgical procedures limiting access in low income countries. Lack of reimbursement policies in many parts of the world.
Opportunity: Development of advanced technologies like all-inside repairs with meniscal root fixation helps improve healing outcomes. Growing research in tissue engineering for meniscal replacements.
Threats: Alternative non-surgical treatments limiting adoption of repair systems. Stringent regulation delays market approval of new technologies.
Geographical Regions
North America currently accounts for the largest share of the global meniscus repair systems market in terms of value. This is attributed to rising healthcare expenditure and strong presence of key industry players in the region.
Asia Pacific region is projected to witness fastest growth during the forecast period from 2024 to 2031. Rapid economic development, rising medical tourism and expanding private healthcare infrastructure in countries like India and China will drive the market in Asia Pacific.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.