Surge in the prevalence of osteoarthritis, rise in the incidence of sports injuries, and increase in the number of product launch and product approval for meniscus repair system drive the global meniscus repair system market.
PORTLAND, Ore., March 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Meniscus Repair System Market by Product (All inside meniscal repair system, inside out meniscal repair system, Outside in meniscal repair system, Meniscal root repair system), by Application (Radial tear, Horizontal tear, Vertical tear, Complex tear, Others), by End User (Hospitals, Ambulatory Surgical Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global meniscus repair system industry generated $458.6 million in 2021, and is estimated to reach $1.04 billion by 2031 witnessing a CAGR of 8.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities:
Surge in the prevalence of osteoarthritis, rise in the incidence of sports injuries, and increase in the number of product launch and product approval for meniscus repair system drive the global meniscus repair system market. However, high cost of meniscus repair surgeries due to their complexity and requirement of skilled surgeon restrict the market growth. On the other hand, rise in technological advancement and increase in research and development activities by market key players in the field of meniscus repair implants and systems will present new growth opportunities for the global meniscus repair system market in the coming years.
Impact of COVID-19 on Meniscus Repair System Market-
- The COVID-19 pandemic had a significant impact on the meniscus repair systems market because many elective surgeries, including those for meniscus repair, were delayed or cancelled during the initial wave of the pandemic.
- This precaution is taken to ensure that COVID-19 patients have access to hospital beds and healthcare providers, as well as to reduce viral transmission among patients and between patients and hospital staff, which resulted in a decline in demand for meniscus repair systems and a slowdown in the growth of the market.
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The all inside meniscal repair system segment to rule the roost:
On the basis of product, the all inside meniscal repair system segment contributed to the largest share of more than two-fifths of the global meniscus repair system market revenue, and is expected to retain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 9.2% during the forecast period. This is due to the surge in the number of key players who manufacture all-inside meniscus repair systems and rise in the number of product launch and product approvals for meniscus repair systems.
The complex tear segmentto dominate in terms of revenue during the forecast period:
Based on application, the complex tear segment garnered the highest share in 2021, holding around one-third of the global meniscus repair system market revenue, and is expected to retain its dominance by 2031. The same segment is projected to witness highest CAGR of 9.5% from 2022 to 2031. This is due to increase in the prevalence of knee osteoarthritis and sports injuries to knee. The report also analyzes vertical tear, horizontal tear, radial tear, and others segments.
The hospitals segment to dominate the market during the forecast period:
In terms of end user, the hospitals segment contributed to the largest share of more than three-fifths of the global meniscus repair system market in 2021, and is expected to maintain progressive growth during the forecast period. The same segment is projected to witness highest CAGR of 8.9% from 2022 to 2031, owing to rise in number of hospitals and increase in the geriatric populations. The report also discusses ambulatory surgical centers, and others segment.
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North America region garnered the major share in 2021:
By region, North America accounted for the highest share in 2021, holding more than one-third of the global meniscus repair system market revenue, and is projected to rule the roost by 2031. This is due the higher adoption of advanced meniscal repair systems, rise in geriatric population suffering from knee osteoarthritis, availability of well-developed healthcare infrastructure, and surge in prevalence of knee injuries in the region. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 9.7% during the forecast period. This is attributed to improvement in health awareness, rise in incidences of road accidents, increase in disposable income, development in healthcare facilities, and surge in healthcare expenditure in this region.
Leading Market Players:
- Arthrex, Inc.
- Arcuro Medical
- Stryker Corporation
- Johnson & Johnson
- Double Medical Technology Inc.
- Smith & Nephew plc
- Chetan Meditech Pvt. Ltd.
- Zimmer Biomet Holding Inc.
- CONMED Corporation
- Healthium Medtech
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