Meniscus repair systems are primarily used to repair and reconstruct meniscus tears and injuries. The meniscus serves as a shock absorber and provides stability to the knee. Meniscus repair systems include implants, fixation devices, and accessories required for meniscal repair surgeries. Growing prevalence of meniscus injuries such as tears due tosports injuries and rising incidence of accidentsis expected to drive the demand for meniscus repair systems.
The global Meniscus Repair Systems Market is estimated to be valued at US$ 858.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidences of meniscus injuries is a key growth driver for the meniscus repair systems market. According to studies, the incidence of meniscal tears has increased significantly globally over the past decade. This can primarily be attributed to the growing participation in sports and physical activities globally. For instance, according to the National Institute of Health (NIH), an estimated 850,000 arthroscopic knee procedures are performed in the US each year to repair damaged menisci. Furthermore, rising geriatric population worldwide is also leading to the growing prevalence of knee injuries including meniscal tears as aging increases the degeneration of knee cartilage. Increasing approval and adoption of innovative meniscal repair devices is another factor expected to drive the market growth over the forecast period.
Segment Analysis
The global meniscus repair systems market is segmented by type, application, end user and region. Based on type, the arthroscopic meniscal repair system dominates the market. Arthroscopic systems allow minimally invasive surgical repairs with shorter recovery times compared to open surgery, hence are preferred.
Key Takeaways
The global Meniscus Repair Systems Market Growth is expected to witness high growth during the forecast period of 2023-2030. The global Meniscus Repair Systems Market is estimated to be valued at US$ 858.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.
Regional analysis:
North America currently holds the largest share of the meniscus repair systems market due to advanced healthcare facilities and higher patient awareness. Asia Pacific is expected to be the fastest growing regional market owing to growing medical tourism and increasing healthcare expenditure.
Key players:
Key players operating in the meniscus repair systems market are Emerson Electric Co., Fortune Brands Home & Security Inc., Whirlpool Corporation, Illinois Tool Works Inc., Joneca Corporation, Salvajor, Electrolux AB, Western Industries Plastic Products LLC., Sears Brands, LLC, Haier Inc., Waste King, and Frigidare. These players are focusing on new product launches and geographic expansions to strengthen their market position.
For more insights, read- https://www.ukwebwire.com/meniscus-repair-systems-market-trends-size-and-share-analysis/
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