Meniscus repair systems are minimally invasive medical devices used to repair meniscal tears which are a common sports-related knee injury. These devices aid in proper alignment and healing of the torn meniscus through suturing or fixation and help restore normal knee function. With rising participation in sports and recreational activities, the incidence of knee injuries like meniscal tears has increased substantially. If left untreated, meniscal tears can lead to osteoarthritis of the knee joint over time.
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 Opportunity: Increased Prevalence of Meniscal Tears
Meniscal tears are a very common sports injury affecting the knee. The menisci play an important role in shock absorption and joint stability in the knee. According to statistics, more than 850,000 people undergo partial or total meniscectomy procedures each year in the US alone to treat meniscal injuries. Untreated meniscal tears can worsen joint degeneration over time. With advancements in minimally invasive techniques, meniscus repair using suture or fixation devices has emerged as a viable treatment alternative to partial meniscectomy for many tears. The rising incidence of sports injuries and the growing preference for meniscal repair over partial meniscectomy are expected to drive the demand for meniscus repair systems over the forecast period.
Porter's Analysis
Threat of new entrants: The meniscus repair systems market has moderate threat from new entrants due to high research and development costs for innovation.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as knee surgery alternatives like arthroscopic partial meniscectomy are available.
Competitive rivalry: The market is fragmented with the presence of several international brands.
SWOT Analysis
Strength: Innovation in repair systems like all-inside meniscus repair provide minimal invasiveness. Growing prevalence of meniscal tears globally are increasing market demand.
Weakness: High costs associated with meniscus repair surgeries can restrain market growth. Lack of awareness about meniscal tear treatment in developing nations.
Opportunity: Rising geriatric population prone to orthopedic diseases provides new opportunities. Increasing healthcare spending capacities in emerging economies.
Threats: Availability of alternative treatments for meniscal tears like partial meniscectomy can hamper demand. Stringent regulatory approvals delay product launches.
Key Takeaways
The global Meniscus Repair Systems Market Growth is expected to witness high growth during 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.
The North America region dominated the market in 2023 with a share of over 35% owing to the rising prevalence of sports injuries and developed healthcare infrastructure in countries like the US. The Asia Pacific region is expected to be the fastest growing market for meniscus repair systems during the forecast period growing at over 18% CAGR. Factors such as growing geriatric population, increasing healthcare spending, and rising awareness about knee injuries and their treatment will support the market growth in Asia Pacific.
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. Strategic partnerships, new product launches, and expansion in emerging markets will be the focus of leading players to strengthen their market presence during the forecast period.
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