New York, United States, May 16, 2023 (GLOBE NEWSWIRE) -- The Global Meniscus Repair Systems Market Size is to grow from USD 458.2 Million in 2022 to USD 780.1 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.
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The Meniscal Repair System is intended to be used in meniscal repair and allograft transplant procedures. These systems usually consist of a collection of specialized tools and gadgets that are used during arthroscopic surgery to repair the meniscus. It involves arthroscopic or keyhole surgery to remove a piece or all of a meniscus from the knee's tibiofemoral joint. The procedure can be a complete meniscectomy, which separates both the meniscus and the meniscal rim, or a partial meniscectomy, which removes only a portion of the meniscus. It could range from simply cutting a ragged edge to anything less than completely removing the rim. It is a minimally invasive procedure that is frequently done as an outpatient in a one-day clinic. It is utilized when a meniscal tear is too large to be treated surgically with a meniscus repair.
The global meniscus repair system market is growing primarily as a result of an increase in the incidence of osteoarthritis, the occurrence of sports injuries, and the number of new product releases and product approvals for meniscus repair systems. The growing awareness of the availability of novel things drives hospitals to continually upgrade their devices and services. Furthermore, financial coverage for meniscus repair procedures has fueled the development of meniscus repair systems. In addition, an increase in the prevalence of bone-related disorders, traffic accidents, and obesity is predicted to drive market growth. The high cost of meniscus repair surgeries is projected to limit the use of meniscus repair devices during the forecast period. Meniscus repair operations are expensive because they necessitate modern medical equipment and technology, including robotic-assisted surgical systems and arthroscopy instruments.
Browse key industry insights spread across 200 pages with 115 market data tables and figures & charts from the report on "Global Meniscus Repair Systems Market Size, Share, and COVID-19 Impact Analysis By Product (All-Inside Meniscal Repair System, Outside-In Meniscal Repair System, Inside-Out Meniscal Repair System, Meniscal Root Repair System), By Application (Horizontal Tear, Complex Tear, Radial Tear, Flap Tear, and Others), by End User (Hospitals, Ambulatory Surgical Centers, & Others) By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The all-inside meniscal repair system segment is influencing the market with the largest market share during the forecast period.
On the basis of product, the global meniscus repair systems market is segmented into all-inside meniscal repair systems, outside-in meniscal repair systems, inside-out meniscal repair systems, and meniscal root repair systems. Among these segments, the all-inside meniscal repair system segment dominates the market due to its benefits, such as all-inside meniscus repair, which allows patients to regain mobility and resume normal activities more quickly, and this technique preserves the blood supply to the meniscus, which can improve the chances of successful healing and reduce the risk of postoperative complications. Moreover, such techniques decrease the hazards associated with secondary incisions, save surgical hours, and simplify implant use.
The radial tear segment is dominating the largest market share over the forecast period.
The global meniscus repair systems market is divided into several groups based on application, including horizontal tear, complicated tear, radial tear, flap tear, and others. Because radial meniscus tears are growing more common, particularly in sports traumatology, the radial tear category will hold the largest market share. According to Johns Hopkins Medicine, nearly 3.5 million children aged 14 and under are injured every year while participating in recreational activities or sports.
The hospital segment is leading the market growth over the forecast period.
Based on end-user, the global meniscus repair systems market is classified into different segments such as hospitals, ambulatory surgical centers, & others. The hospital is expected to dominate the market across these segments during the forecast period, owing to the availability of skilled medical professionals in hospitals, which helps to provide better services to patients, an increase in patient admissions, and an increase in the number of meniscus repair surgeries. According to the WHO data, 73% of the most specialized hospitals performed more than 3000 procedures each year, compared to 18% of institutions with low specialization.
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North America is leading the market with the largest market growth of 35.3% during the forecast period.
North America is expected to lead significant market growth throughout the projection period due to favorable reimbursement rules, the rising prevalence of knee osteoarthritis, and expanding understanding of meniscal repair technologies. Furthermore, growth in the frequency of meniscal-related operations as a result of better diagnostic technologies, as well as an increase in sports involvement, is one of the main factors driving the meniscus repair systems market in the region.
Europe is predicted to have high revenue market growth during the forecast period, owing to the region's aging population base, which is a prominent component driving the market. Because the elderly is more prone to various types of orthopedic disorders, there is a high demand for surgical procedures such as meniscal operations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Meniscus Repair Systems Market include Smith & Nephew, DePuy Synthes (Johnson & Johnson), Stryker, Zimmer Biomet, ARCURO MEDICAL, Chemex Trading SA, CONMED Corporation, Arthrex, Inc., BIOTEK, Double Medical Technology Inc. & Others.
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Recent Development
In July 2021, Smith & Nephew plc launched FAST-FIX FLEX meniscal repair technology, which includes a bending needle and shaft. It is used in meniscus repair and offers patients long-term benefits. As a result, the introduction of the FAST-FIX FLEX Meniscal Repair System will help the company build a significant presence in the industrial market for meniscus repair systems.
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