Meniscus Repair Systems Market Market Is Estimated To Witness High Growth
Market Overview:
The meniscus is a C-shaped fibrocartilaginous structure located between the tibia and femur bones of the knee joint. Meniscus repair systems are used to repair tears or damage in the meniscus caused due to injuries or other conditions. There are different types of meniscus repair systems such as all-inside, outside-in, and inside-out repair systems. These repair systems help restore the normal function of the meniscus and prevent further damage.
Market Dynamics:
The growth of the meniscus repair systems market can be attributed to the rising incidence of sports injuries and road accidents leading to meniscal tears. According to data by the National Safety Council, approximately 4.5 million sports injuries occur each year that require medical treatment or restricted activity. In addition, the increasing geriatric population is also fueling market growth. The population aged 65 years and above is more prone to age-related meniscal tears due to osteoarthritis and joint degeneration. Furthermore, advancements in meniscus repair techniques and the availability of minimally invasive procedures are encouraging the adoption of meniscus repair systems over partial meniscectomies. However, the high cost of meniscus repair surgeries and lack of awareness in developing regions may hinder market growth over the forecast period.
The global Meniscus Repair Systems Market Share is estimated to be valued at US$ 858.7 Million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Meniscus repair systems offer minimally invasive procedures with faster recovery times for patients compared to meniscectomy. They are also more cost-effective compared to alternatives and help preserve the integrity of the knee joint. Advancements in material science have led to the development of bioabsorbable implants and sutures for meniscus repair.
Weakness: Meniscal repairs have a higher re-tear rate compared to partial meniscectomies. There is a limited tissue healing response in the avascular zone of the meniscus which increases the chances of re-tear. The repair procedure requires advanced surgical skills to place sutures accurately.
Opportunity: Rising sports and athletic activities are increasing the incidence of meniscus tears globally. Growing elderly population prone to degenerative meniscal tears also presents an opportunity. Adoption of robot-assisted meniscal repair systems can help overcome limitations and drive the market.
Threats: Stringent regulatory requirements for new product approval increase cost and time to market. Presence of alternative treatment options like partial meniscectomy poses competition. Economic slowdowns can impact the discretionary spending on elective orthopedic procedures.
Key Takeaways
The global meniscus repair systems market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period, due to increasing incidence of sports injuries and road accidents.
Regional Analysis
North America dominated the meniscus repair systems market in 2023, accounting for over 35% share. High awareness about invasive repair procedures and strong reimbursement framework are driving adoption. The Asia Pacific region is expected to register the fastest growth during the forecast period owing to growing medical tourism, rising healthcare expenditure, and improving accessibility to healthcare facilities.
Key Players
Key players operating in the meniscus repair systems market are Smith & Nephew, DePuy Synthes, Stryker, Zimmer Biomet, Arthrex, Medtronic, Conmed, Schwartz Biomedical, RTI Surgical, Orteq, Baxter, Geistlich, Anika Therapeutics, B. Braun Melsungen, Cayenne Medical, Enetec Pharmaceuticals, Ivy Sports Medicine, Neotherix, OrthogenRx, Osiris Therapeutics.
Read More: https://blogger-veritas.blogspot.com/2023/10/north-america-contributing-over-40-of.html
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