Meniscus Repair System Market Research, 2031
The global meniscus repair system market was valued at $458.6 million in 2021, and is projected to reach $1,046.6 million by 2031, growing at a CAGR of 8.6% from 2022 to 2031. A meniscus tear is an injury to a part of the knee called the meniscus and is a common injury. The menisci are two crescent-shaped pads of thick, rubbery shock-absorbing cartilage in the knee joint. Meniscal Repair System is intended for use in meniscal repairs and meniscal allograft transplant procedures. Arthroscopic meniscus repair is an outpatient surgical procedure to repair torn knee cartilage. The torn meniscus is repaired by a variety of minimally invasive techniques and requires postoperative protection to allow healing. These systems typically include a set of specialized instruments and devices used during arthroscopic surgery to repair the meniscus. There are different types of meniscus repair systems available in the market such as all-inside meniscal repair system, outside-in meniscal repair system, and others.
Historical overview
The market was analyzed qualitatively and quantitatively from 2021 to 2031. The meniscus repair system market experienced growth at a CAGR of around 8.6% from 2021 to 2031. Most of the growth during this period was derived from the North America owing to the rise in the number of key players who manufacture meniscus repair system, increase in disposable incomes, as well as well-established presence of domestic companies in the region.
Market Dynamics
Growth of the global meniscus repair system market is majorly driven by rise in the prevalence of osteoarthritis, increase in the incidence of sports injuries and rise in the number of product launch and product approval for meniscus repair system. Increase in the number of patients suffering from osteoarthritis is the key factor fueling the demand for meniscus repair systems which are used for replacement or repairment of the meniscus. Osteoarthritis is a leading cause of meniscus damage due to the degeneration of cartilage in the joint. In osteoarthritis, the cartilage wears down, it causes friction and inflammation in the joint, which can lead to injury or tearing of the meniscus. As a result, the demand for meniscus repair systems, such as surgical procedures and implant systems, increases as more individuals seek treatment for their osteoarthritis-related meniscus injuries, which, in turn, contribute towards the market growth. For instance, according to the data published by Centers for Disease Control and Prevention (CDC), in 2021, osteoarthritis is the most common form of arthritis and about 58.5 million people suffer from arthritis, thus rise in prevalence of osteoarthritis cases is expected to drive the growth of meniscus repair systems market. In addition, rise in incidences of knee osteoarthritis further increases the demand for meniscus repair systems. For instance, according to the data published by National Center for Biomedical Information (NCBI), in November 2020, around 86.7 million individuals aged 20 years and older are suffering from knee osteoarthritis in 2020 globally. Therefore, increase in incidence rate of knee osteoarthritis boost the growth of the market.
Rise in technological advancement and increase in research and development activities by market key players in the field of meniscus repair implants and systems boost the growth of the market. Meniscus repair system have undergone several developments in the recent years such as advancement in minimally invasive arthroscopy techniques have become the standard for meniscus repair, as they allow for smaller incisions and faster recovery times. For instance, Meniscal Root Avulsions system, offered by Arthrex Inc. allow for minimally invasive RetroConstruction repair technique which helps to preserve bone while performing meniscal root repair. Furthermore, biologic implants, such as those made from animal tissue or synthetic materials, are being used to repair or replace damaged meniscus tissue. These implants are designed to mimic the properties of natural meniscus tissue, which can lead to improved outcomes. Therefore, all the aforementioned advancements in meniscus repair systems aim to provide less invasive, more precise, and efficient ways of treating meniscus injuries, which further increases the demand for meniscus repair systems and contribute towards the market growth.
Increase in cases of sport injuries is a major cause of meniscus tears. Sport injuries caused by twisting or turning the knee while bearing weight, such as during a pivot in basketball or soccer. These types of movements can cause the meniscus tears. For instance, according to American Academy of Orthopedic Surgeon (AAOS) study in 2019, about 25% of sport injuries are related to foot, ankle, and knees. In addition, according to report published by National Safety Council of U.S. 2022, stated that, in 2021, 20% rise in sports and recreational injuries was observed as compared to 2020, thus rise in number of sport related injuries is expected to drive the growth of market.
On the other hand, high cost of meniscus repair surgeries is anticipated to limit the adoption of meniscus repair systems during the forecast period. Meniscus repair surgeries are costly as it requires specialized medical equipment and technology such as robotic assisted surgery systems and arthroscopy instruments which are expensive. In addition, meniscus repair surgeries are complex and require a skilled surgeon and their services can be costly. Therefore, the expensive surgical cost is unaffordable by the few patients, which negatively affect the growth of the market. For instance, the meniscal tear surgery cost is about $7,400-9,000 and varies depending on the age of patient. Moreover, meniscus repair systems, surgery and other related cost raise the overall cost of surgery. Thus, high cost of meniscus repair surgeries hampers the growth of the market.
The COVID-19 pandemic had a significant impact on the meniscus repair systems market as many elective surgeries including those for meniscus repair, were delayed or cancelled during the initial wave of the pandemic. This measure is taken to keep hospital beds and healthcare providers available for COVID-19 patients, as well as reduces viral transfer among patients and between patients and hospital staff. This resulted in a decline in demand for meniscus repair systems and a slowdown in the growth of the market. For instance, according to an article published by National Center for Biomedical Research (NCBI), in June 2020, the number of orthopedic injuries were decreased during the pandemic, which, in turn, decreased the demand for meniscus repair systems. Hence, the meniscus repair systems market is negatively impacted by the COVID-19 pandemic.
Segmental Overview
The meniscus repair system market share is segmented into Product, Application, End User and region. By product, the market is classified into all-inside meniscal repair system, inside-out meniscal repair system, outside-in meniscal repair system, and meniscal root repair system. By application, the market is divided into radial tear, horizontal tear, vertical tear, complex tear, and others. On the basis of end user, the market is fragmented into hospitals, ambulatory surgical centers, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product, the market is fragmented into all-inside meniscal repair system, inside-out meniscal repair system, outside-in meniscal repair system, and meniscal root repair system. The all-inside meniscal repair system is the fastest growing segment during the forecast period, owing to its advantages such as all-inside meniscus repair allows patients to regain mobility and return to normal activities with a faster recovery time and this technique preserves the blood supply to the meniscus, which can improve the chances of successful healing and reduce the risk of post-operative complications.
On the basis of application, the market is categorized into radial tear, horizontal tear, vertical tear, complex tear, and others. The complex tear is the fastest growing segment during the forecast period, owing to rise in the incidences of complex tears due to sport injuries.
On the basis of end user, the market is classified into hospitals, ambulatory surgical centers, and others. The hospitals is the fastest growing segment during the forecast period, owing to availability of trained medical staff in hospitals that helps to provide better services to patients, increase in patient admission in hospital, and increase in the number of meniscus repair surgeries.
North America meniscus repair system market size is expected to grow during the forecast period owing to rise in the number of populations suffering from orthopedic diseases such as osteoarthritis and sports injuries. In addition, rise in number of meniscus repair surgeries are anticipated to drive the growth of market. For instance, according to Journal of Orthopedic Research, published in March 2021, it was reported that, around 8,50,000 meniscus repair surgeries were performed in U.S. annually. Moreover, increase in the incidence of sports injuries cause rise in prevalence of meniscus tear. Thus, this factor is anticipated to drive the growth of the market. For instance, according to report shared by Johns Hopkins Medicine, it was reported that, Moreover, than 3.5 million children ages 14 and younger get hurt annually playing sports or participating in recreational activities. Thus, this factor will increase the prevalence of knee injuries and meniscus tear and fuels the market growth.
Asia-pacific meniscus repair system market size is expected to witness growth during the forecast period owing to, economic development and low operating costs. The major driving factors for the market growth in this region include surge in prevalence of sports injuries and orthopedic diseases and rising geriatric population. Moreover, rise in number of key players who manufactures meniscus repair systems and increase in the technological advancement in the healthcare sector drives the market in forecast period.
COMPETITION ANALYSIS
The major companies that operate in the global meniscus repair system industry include Arcuro Medical, Arthrex, Inc., Chetan Meditech Pvt. Ltd., CONMED Corporation, Double Medical Technology Inc., Healthium Medtech, Johnson & Johnson, Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holding Inc.
Some examples of product launch in the market
In July 2021, Smith & Nephew plc launched the FAST-FIX FLEX meniscal repair system, which includes a bendable needle and shaft. It is used in meniscus repair and provides long-term benefits to patients. Thus, launch of the FAST-FIX FLEX Meniscal Repair System will help the company to gain a strong foothold in the meniscus repair system industry market.
Partnership in the market
In June 2020, Arcuro Medical partnered with Genesis Biologics, a medical supply company, for the marketing and sales of the SuperBall meniscus repair system throughout the U.S. Thus, this factor is attributed to meniscus repair system market growth
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the meniscus repair system market analysis from 2021 to 2031 to identify the prevailing meniscus repair system market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the meniscus repair system market share segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global meniscus repair system market trends, key players, market segments, application areas, and market growth strategies.
Meniscus Repair System Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1.1 billion |
 Growth Rate | CAGR of 8.6% |
 Forecast period | 2021 - 2031 |
 Report Pages | 386 |
 By Product |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Stryker Corporation, Arthrex, Inc., Arcuro Medical, Smith & Nephew plc, Chetan Meditech Pvt. Ltd., Johnson & Johnson, Double Medical Technology Inc., Healthium Medtech, CONMED Corporation, Zimmer Biomet Holding Inc. |
Analyst Review
This section provides various opinions of the top-level CXOs in the global meniscus repair systems industry. In accordance with several interviews conducted, the meniscus repair systems market is expected to witness healthy growth with the rise in R&D for minimally invasive meniscus repair systems. In addition, increase in geriatric population suffering from osteoarthritis has led to high adoption of meniscus repair systems, which is expected to significantly boost the growth of the meniscus repair systems market. However, high cost of meniscus repair surgeries limit the growth of the market.
According to perspective of CXO’s of leading companies in the market, the global meniscus repair systems market is expected to exhibit high growth potential attributable to factors such as increase in meniscus repair surgeries and rise in prevalence of sport injuries.
In addition, rise in the number of product launch and product approvals for meniscus repair systems are anticipated to drive the growth of market. For instance, in July 2021, Smith & Nephew plc launched the FAST-FIX FLEX meniscal repair system, which includes a bendable needle and shaft. It is used in meniscus repair and provides long-term benefits to patients. Thus, launch of the FAST-FIX FLEX Meniscal Repair System is expected to help the company to gain a strong foothold in the meniscus repair system market. In addition, Smith & Nephew plc launched the Novostitch PRO meniscal repair system in Europe in September 2020. This system is used to repair meniscal tears. Thus, rise in product launches by key players of the market is expected to offer various growth opportunities during the forecast period.
The top companies that hold the market share in meniscus repair systems market are Arcuro Medical, Arthrex, Inc., Chetan Meditech Pvt. Ltd., CONMED Corporation, Double Medical Technology Inc., Healthium Medtech, Johnson & Johnson, Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holding Inc.
Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector, increase in the prevalence of orthopedic diseases and increase in the number of geriatric populations.
The key trends in the meniscus repair systems market are rise in number of product launches and product approvals for meniscus repair systems and increase in prevalence orthopedic diseases.
The base year for the report is 2021.
Yes, meniscus repair systems market companies are profiled in the report.
The total market value of meniscus repair systems market is $458.6 million in 2021.
The forecast period in the report is from 2022 to 2031.
The market value of meniscus repair systems market in 2022 was $497.6 million.
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