Meniscus Repair Systems Market Size will gain significant momentum between 2021 to 2027 owing to the surging popularity of various adventure sports, like river rafting, and climbing. The prolonged wear and tear of industrial machinery have led to the rise in the number of occupational hazards.
The higher prevalence of osteoarthritis coupled with the increasing number of meniscus repair surgical procedures are the ideal drivers for market development. The CDC (Centers for Disease Control and Prevention) has estimated that the projected prevalence of doctor-diagnosed arthritis amongst U.S. adults will reach 63 million by 2025.
Meniscus repair systems are widely used in meniscal repair surgical procedures to fix a torn meniscus. The rise in technological advancements, the mounting emphasis on providing effective treatment measures, and the increased consistency of physical activities among consumers will foster product adoption. However, the higher infection risks of the surgical procedures may pose a major challenge to the market expansion.
With regards to product, the market is bifurcated into all-inside meniscal repair systems, inside-out meniscal repair systems, outside-in meniscal repair systems, and meniscal root repair systems. Out of these, all-inside meniscal repair system market will expand with the growing preference considering their benefits, like reduced morbidity and low complications. Apart from being suture-based and flexible, these systems have a lower profile and offer variable compression and re-tensioning in the meniscal tear. The rising usage of all-inside meniscal repair surgical procedures by clinicians and the rise in innovations for the introduction of new features led by several manufacturers will fuel the segment growth.
Meniscus repair systems market share from the radial tear application segment will attain momentum with the mount in sports injuries across the world. According to estimates, bicycle and accessory injuries hit a count of 425,910 in 2020 in comparison to 417,485 in 2019. The rising incidences of radial tear will also boost the regional growth.
The meniscus repair systems market size is expected to expand in North America through 2027. This is due to the early deployment of cutting-edge technologies and the robust presence of some of the prominent market leaders. The surging awareness pertaining to the latest medical gadgets has made way for a well-established healthcare infrastructure in the region. Furthermore, the mount in the number of sports injuries will favor the regional expansion.
Global participants in the meniscus repair systems market include CONMED Corporation, Medtronic plc., Orteq, BIOTEK (Agilent Technologies), Ceterix Orthopaedics (Smith & Nephew), Arthrex, Inc. (Arthrex), Stryer, Zimmer Biomet, and Arcuro Medical.
These companies are actively incorporating marketing and business growth strategies, including partnerships, novel product launches, acquisitions, and investments to multiply their revenue sales whilst gaining competitive advantages.
For instance, Smith+Nephew, in July 2021, introduced FAST-FIX FLEX, its novel meniscal repair system that provides a surgeon-guided, bendable needle and shaft to offer access to all zones of the meniscus.
In another instance, in January 2019, Smith & Nephew plc bought Ceterix® Orthopaedics, Inc, a well-known developer of the NovoStitch® Pro Meniscal Repair System to support the firm’s strategy for investing in innovative technologies for catering to the unmet clinical requirements.
In retortion to the COVID-19 pandemic, which presented unprecedented challenges on the global economy, the meniscus repair systems industry saw a considerable fall due to the closed operational activities as well as the dearth of workforce and raw materials. However, the rising efforts undertaken by numerous players for bringing innovations in their offerings amidst the pandemic may positively stir the revenue share in the long run. For instance, in September 2020, Smith+Nephew, introduced NOVOSTITCH PRO, its new meniscal repair system in Europe post successfully receiving the CE mark certification.
Market, By Product Type
Market, By Clinical Application
Market, By End-use
The above information is provided for the following regions and countries: