Report Overview
The global meniscus repair systems market size was estimated at USD 458.1 million in 2022 and is estimated to expand at a CAGR of 5.5% during the forecast period. An increase in the geriatric population base, product and technological developments, the prevalence of acute as well as chronic conditions, and initiatives undertaken by key manufacturers are some of the major factors anticipated to augment the market growth. Increasing cases of knee injuries throughout the world will surge the demand for meniscus repair systems.
Increasing awareness about the availability of innovative products is urging hospitals to continuously upgrade their devices and services. In addition, reimbursement coverage of meniscus tears-related treatments has fueled the adoption of meniscus repair systems. Such factors allow customers to opt for advanced and high-prices devices, hence adding to the total sales generated.
Geriatric population is one of the highest contributors to the demand for meniscus repair systems. This population is highly susceptible to torn meniscus as compared to athletes. The most common types of meniscal tears observed are majorly in the middle-aged to the elderly population and characterize degenerative tearing. Over a period of time, cartilage can be weakened and thin, making it prone to tearing in less-than-traumatic situations, such as when rising uneasily from a chair, or turning the leg on a step.
Increasing awareness regarding the accessibility of innovative products is urging hospitals to continuously upgrade their devices and services. Additionally, reimbursement coverage of meniscus repair has surged the adoption of meniscus-related surgeries. Such factors allow patients to opt for advanced and high-prices devices, hence adding to the total revenue generated.
Furthermore, rise in the number of bone-related conditions, road accidents, and obesity is estimated to fuel the overall market growth. Obesity is one of the main causes of arthritis. As per the study published in the BMJ Journal in 2020, being obese or overweight raised the risk of knee osteoarthritis by 2.5 to 4.6 times as compared to of normal weight. Thus, a surge in the number of knee-related injuries and road accidents are major factors predicted to foster market growth.
Product Type Insights
On the basis of product type, the market is segmented into an all-inside meniscal repair system, inside-out meniscal repair system, an outside-in meniscal repair system, and meniscal root repair system. Amongst them, all-inside meniscal repair system segment dominated the market share with more than 30% market share in 2022. All-inside meniscal repair systems reduce technical difficulty, surgical time, and risk to neuro-vascular structures. In addition, such systems offer avoidance of the risks associated with secondary incisions, reduced operative times, and the ease of use of implants. Hence, rising advantages related to all-inside meniscus repair systems along with surge in its adoption rate is estimated to enhance the segment expansion.
Inside-out meniscus repair systems segment captured considerable market share in 2022. Several advantages offered by inside-out meniscus repair systems include minimum implant cost, long-term results, flexibility to address most tear patterns, ability to deliver sutures with smaller needle diameters, leading to surge in adoption rate among healthcare professionals. Thus, the above-mentioned factors are anticipated to contribute to market growth.
Clinical Application Insights
Based on application, the market is classified into radial tear, flap tear, horizontal tear, complex tear, and others. Radial tear is among the leading segment holding the largest market share in 2022. Radial meniscus tear has progressively become common, specifically in sports traumatology. For instance, as per Johns Hopkins Medicine, over 3.5 million children aged 14 and younger get hurt every year while participating in recreational activities or playing sports. Increasing developments of suture techniques in repairing radial meniscal tear is projected to augment the segment growth.
Horizontal tear segment witnessed around 5.3% CAGR during the forecast period. Repair can be recommended for all horizontal meniscus tears which can be repaired arthroscopically, thereby boosting the demand for meniscus repair systems. Horizontal tears may cause limited motion, pain, or sensation of knee locking or catching. In some circumstances, they can also cause stiffness and swelling in one’s knee. However, the patient can manage to walk with a horizontal meniscal tear, and several athletes can manage to play with a horizontal meniscal tear.
End-use Insights
Hospitals segment dominated the end-use segment in 2022. Hospitals account for a major share in the meniscal repair systems market, owing to growing number of hospital settings equipped with technologically advanced systems for conducting knee-related meniscal surgeries. The WHO data showed 73% of highly specialized hospitals performed more than 3000 surgeries annually in comparison with the 18% hospitals with low specialization. Moreover, increasing medical coverage for the patient population is expected to increase the volume of surgical procedures, thereby enhancing market growth.
Ambulatory surgical centers held more than 28% market share in 2022. Growing surgical interventions performed in the ASCs as compared to hospital settings due to easy access, low-cost surgeries, and convenience for the disabled and elder populations are the major factors anticipated to fuel the growth rate of ambulatory surgical centers over the forecast period.
Regional Insights
North America held the largest share of around 35% of the meniscus repair systems market. This can be attributed to rising cases of knee surgeries, along with growing healthcare expenditures are expected to drive the market in the U.S. Additionally, a rise in the number of meniscal-related surgeries owing to the availability of advanced diagnostic tools and a surge in the number of sports participations is one of the major factors augmenting the meniscus repair systems market across the region.
Europe accounted to hold the second largest position in terms of market size and is anticipated at a CAGR of 5.1% during the forecast period. According to the European Commission, approximately, 19,800 people were killed in road crashes in 2021. With the rising number of surgical procedures, the need for meniscal repair systems is rising. The geriatric population base is also a major factor boosting the market in the region. The geriatric population is more susceptible to various types of orthopedic diseases, thus the need for surgical interventions, such as meniscal surgeries, is high.
Asia Pacific is likely to show the highest growth rate of 6.4% owing to rapidly developing economies and improving healthcare infrastructure. Several major companies are focusing on geographic expansion in Asia Pacific owing to the huge market potential in this region. This region is also observing a huge growth in medical tourism, which is enhancing advancements in the medical industry.
Competitive Insights
Several companies functioning in the meniscus repair systems market are aiming at several growth strategies such as merger & acquisition, strategic partnerships and collaborations, novel product launches, joint ventures, and product approval, to expand their global reach. The market is competitive in nature as major market players are involved in R&D activities to develop efficient and cost-effective meniscus repair systems. For instance, in July 2021, Smith+Nephew announced the launch of FAST-FIX FLEX meniscal repair system. This strategy assisted the company in strengthening its product portfolio. Some of the key players operating in the global meniscus repair systems market are:
Smith & Nephew
DePuy Synthes (Johnson & Johnson)
Stryker
Zimmer Biomet
ARCURO MEDICAL
Chemex Trading SA
CONMED Corporation
Arthrex, Inc.
BIOTEK
Double Medical Technology Inc.