U.S. and EU Meniscus Repair System Market Research, 2032
The U.S. and EU meniscus repair system market size was valued at $254.8 million in 2022 and is estimated to reach $538.5 million by 2032, exhibiting a CAGR of 7.9% from 2023 to 2032.
U.S. and EU meniscus repair system market is driven by increasing prevalence of knee osteoarthritis, rising sports injuries, and technological advancements in the healthcare sector. Increasing patients suffering from osteoarthritis is the key factor fueling the demand for meniscus repair systems which are used for replacement or repairment of the meniscus. Osteoarthritis is a leading cause of meniscus damage due to the degeneration of cartilage in the joint. In osteoarthritis, the cartilage wears down and causes friction and inflammation in the joint, which can lead to injury or tearing of the meniscus.
As a result, the demand for meniscus repair systems, such as surgical procedures and implant systems, increases as more individuals seek treatment for their osteoarthritis-related meniscus injuries, which, in turn, contribute towards the market growth. For instance, according to the data published by Centers for Disease Control and Prevention (CDC), in 2021, osteoarthritis was the most common form of arthritis and about 53.2 million people in the U.S. suffer from arthritis. Thus, rise in prevalence of osteoarthritis cases is expected to drive the growth of meniscus repair systems market.
Key Takeaways:
- By product, all-inside meniscal repair system segment dominated the market in 2022.
- Based on application, complex tear segment dominated the market in 2022.
- By end user, hospitals segment dominated the market in 2022.
- By region, U.S. dominated the market in 2022 and is expected to grow at a CAGR in the forecast period.
A meniscus repair system refers to a set of medical devices, instruments, and tools designed for the surgical repair of a torn or damaged meniscus in the knee joint. The meniscus is a C-shaped cartilage structure in the knee that acts as a cushion, providing stability and reducing friction between the thighbone (femur) and the shinbone (tibia). Meniscal tears can occur due to traumatic injuries or degenerative conditions. The goal of a meniscus repair system is to restore the structural integrity of the meniscus and promote optimal healing. The use of minimally invasive techniques, such as arthroscopy, is common in meniscus repair to minimize trauma, reduce recovery time, and improve overall outcomes for patients.
Market Dynamics
The U.S. and EU meniscus repair system market is driven by increasing product launch and product approvals of meniscus repair system and presence of large market players who manufacture meniscus repair system. In addition, rise in technological advancement and increase in research and development activities by market key players in the field of meniscus repair implants and systems boost the growth of the market. Meniscus repair system have undergone several developments in the recent years such as advancement in minimally invasive arthroscopy techniques have become the standard for meniscus repair, as they allow for smaller incisions and faster recovery times.
For instance, meniscal root avulsions system, offered by Arthrex Inc. allows for minimally invasive reconstruction repair technique which helps to preserve bone while performing meniscal root repair.
Furthermore, biologic implants, such as those made from animal tissue or synthetic materials, are being used to repair or replace damaged meniscus tissue. These implants are designed to mimic the properties of natural meniscus tissue, which can lead to improved outcomes. Therefore, all the aforementioned advancements in meniscus repair systems aim to provide less invasive, more precise, and efficient ways of treating meniscus injuries, which further increases the demand for meniscus repair systems and contribute towards the market growth.
Moreover, increase in cases of sport injuries is a major cause of meniscus tears. Sport injuries caused by twisting or turning the knee while bearing weight, such as during a pivot in basketball or soccer. These types of movements can cause the meniscus tears. For instance, according to American Academy of Orthopedic Surgeon (AAOS) study in 2019, about 25% of sport injuries are related to foot, ankle, and knees in the U.S. In addition, according to report published by National Safety Council of U.S. 2022, stated that, in 2021, 20% rise in sports and recreational injuries was observed as compared to 2020, thus rising sport related injuries is expected to drive the growth of U.S. and EU meniscus repair system market.
On the other hand, high cost of meniscus repair surgeries is anticipated to limit the adoption of meniscus repair systems during the forecast period. Meniscus repair surgeries are costly as they require specialized medical equipment and technology such as robotic assisted surgery systems and arthroscopy instruments which are expensive. In addition, meniscus repair surgeries are complex and require a skilled surgeon and their services can be costly.
Therefore, the expensive surgical cost is unaffordable by the few patients, which negatively affect the growth of the U.S. and EU meniscus repair system market. For instance, the meniscal tear surgery cost is about $7,400-9,000 and varies depending on the age of patient. Moreover, meniscus repair systems, surgery and other related cost raise the overall cost of surgery. Thus, high cost of meniscus repair surgeries hampers the growth of the market.
Segmental Overview
The meniscus repair systems market is segmented into product, application, and end user. Depending on product, the market is segmented into all-inside meniscal repair system, inside-out meniscal repair system, outside-in meniscal repair system, and meniscal root repair system. As per application, the market is divided into radial tear, horizontal tear, vertical tear, complex tear, and others. On the basis of end user, the market is segmented into hospitals, ambulatory surgical centers, and others.
Region wise, the U.S. and EU meniscus repair system industry is analyzed across North America (U.S.) and Europe (Germany, France, UK, Italy, Spain, and Rest of Europe).
Based on product, the market is segmented into all-inside meniscal repair system, inside-out meniscal repair system, outside-in meniscal repair system, and meniscal root repair system. The all-inside meniscus repair system segment dominated the market in 2022 and is expected to continue this trend throughout the forecast period, owing to high presence of key players who manufacture all-inside meniscus repair systems and increasing product launch and product approvals for meniscus repair systems..
By Product
All inside meniscal repair system segment held a dominant position in the market in 2022 and is anticipated to grow at a fastest rate during the forecast period.
Based on application, the U.S. and EU meniscus repair system market is divided into radial tear, horizontal tear, vertical tear, complex tear, and others. The radial tear segment dominated the market in 2022 and is expected to continue this trend throughout the forecast period, owing to increase in the prevalence of knee osteoarthritis and injuries to knee. Moreover, complex tear segment is fastest growing segment during the forecast period owing to rise in number of accidental injuries and sports injuries.
By Application
Complex tear segment held a dominant position in the market in 2022 and is anticipated to grow at a fastest rate during the forecast period.
Based on end user, the U.S. and EU meniscus repair system market segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment dominated the market in 2022 and is expected to continue this trend throughout the forecast period, owing to rise in the hospital admissions for orthopedic surgical procedures and increase in geriatric population. On the other hand, ambulatory surgical centers segment is fastest growing segment in the forecast period owing to increase in awareness among the people regarding ambulatory surgical procedures.
By Region
U.S. segment held a dominant position in the market in 2022
Competition analysis
Some of the major companies that operate in the U.S. and EU meniscus repair system market include Smith and Nephew Plc., Stryker Corporation, Johnson and Johnson, Zimmer Biomet Holding Inc., Arthrex Inc., ConMed Corporation, Arcuro Medical, Chemex, Healthium Medtech, and Innotec Healthcare.
Recent Product Launch in the U.S. and EU Meniscus Repair System Market
In July 2021, Smith & Nephew plc launched the FAST-FIX FLEX meniscal repair system, which includes a bendable needle and shaft. It is used in meniscus repair and provides long-term benefits to patients. Thus, launch of the FAST-FIX FLEX meniscal repair system will help the company to gain a strong foothold in the U.S. and EU meniscus repair system market.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the U.S. and EU meniscus repair system market growth and the current trends & future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the market from 2023 to 2032 to enable stakeholders to capitalize on the prevailing U.S. and EU meniscus repair system market opportunities.
- Extensive analysis of the market based on procedures and services assists us to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the U.S. and EU meniscus repair system market.
U.S. and EU Meniscus Repair System Market Report Highlights
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Analyst Review
In accordance to several interviews conducted, the U.S. and EU meniscus repair systems market is expected to witness healthy growth with the rise in the research and development for minimally invasive meniscus repair systems. In addition, increasing geriatric populations suffering from osteoarthritis leads to high adoption of meniscus repair systems which are expected to significantly boost the growth of the U.S. and EU meniscus repair systems market. However, high cost of meniscus repair surgeries limit the growth of the market especially in underdeveloped or developing European countries.
According to perspective of CXO’s of leading companies in the market, the U.S. and EU meniscus repair systems market is expected to exhibit high growth potential attributable to factor such as increase in meniscus repair surgeries and rise in prevalence of sport injuries.
In addition, rising product launch and product approvals for meniscus repair systems are anticipated to drive the growth of market. For instance, in July 2021, Smith & Nephew plc launched the FAST-FIX FLEX meniscal repair system, which includes a bendable needle and shaft. It is used in meniscus repair and provides long-term benefits to patients. Thus, launch of the FAST-FIX FLEX meniscal repair system will help the company to gain a strong foothold in the U.S. and EU meniscus repair system market. In addition, Smith & Nephew plc launched the Novostitch PRO meniscal repair system in Europe in September 2020. This system is used to repair meniscal tears. Thus, increase in product launches by key players of the market are expected to offer various growth opportunities during the forecast period..
The total market value of U.S. and EU Meniscus Repair System Market is $254.8 million in 2022.
The forecast period in the report is from 2023 to 2032
The market value of neuromodulation market in 2023 was $272.1 million
The base year for the report is 2022.
Yes, there are 10 major U.S. and EU Meniscus Repair System Market companies profiled in the report
The top companies that hold the market share in U.S. and EU Meniscus Repair System Market are Smith+Nephew, JNJ, Stryker and CONMED Corporation.
UK is expected to register the highest CAGR of 9.2% from 2023 to 2032.
The key trends in the U.S. and EU Meniscus Repair System Market are the rise in incidence of sports injuries and rise in manufacturers offering novel techniques and repair products in U.S. and Europe.
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