Constructive Digitization to drive the Meniscus Repair Systems Market
The Meniscus Repair Systems Market is likely to mark stellar growth in the upcoming period. The current situation calls for conducive integrated healthcare models that do away with middlemen regarding offering various products and services. Drug manufacturers, hospital systems, PBMs (pharmacy benefit managers), wholesale distributors, hospital systems, medical insurers, and retail pharmacy outlets – are all into the integration of healthcare strategies. This would be how the healthcare vertical function in the upcoming period.
The Meniscus Repair Systems Market is destined to reach US$ 771.0 Million at a CAGR of 8.7% between 2028. The healthcare vertical is moving the gadget-way. The current scenario is such that one need not make appointments for weeks/months for being treated. The real-time diagnosis and course of treatment could be possible. This simultaneous monitoring and treatment are bound to take the healthcare industry by storm in the next 10 years.
According to the latest research by Persistence Market Research, the global meniscus repair systems market is expected to be valued at US$ 771.0 Mn by the end of 2028. The meniscus repair systems market is expected to grow with a CAGR of 8.7% during the forecast period 2018-2028. The growth of the meniscus repair systems market can be attributed to the growing number of sports injuries.
According to the OECD stats, globally, approximately 18% of women and 10% of men aged 60 years and above suffer from symptomatic injuries in their anterior cruciate ligament and meniscus, and this predisposes them to osteoarthritis later in their lives.
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- Stryker Corporation
- DePuy Synthes Company (Johnson & Johnson)
- Zimmer Biomet
- Medtronic Plc
- Smith & Nephew, Inc
- Arthrex, Inc.
- Arcuro Medical Ltd.
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The need for meniscus repair surgeries for the prevention of osteoarthritis is expected to boost the demand for meniscus repair systems over the forecast period.
Key manufacturers in the meniscus repair systems market follow different strategies to grow their businesses as well as to penetrate the meniscus repair systems market. Regulatory approvals and product launches are some of the strategies that are most commonly followed by players in the meniscus repair systems market.
Orthopedic device manufacturers are working on expanding their portfolio of sports medicine products owing to the increasing demand for new medical devices and systems for the treatment of sports injuries. Some of these companies recently launched meniscus repair systems in the global market.
For instance, in August 2018, Ceterix orthopedic launched the Novostich Pro meniscal repair system. Similarly, in May 2018, Johnson & Johnson (Depuy Synthes) announced the launch of the TRUESPAN meniscal repair system.
Small market players or startup companies aim at obtaining regulatory approval for their meniscus repair systems. For instance, in June 2018, Arcuro Medical Ltd. received regulatory clearance from the U.S. Food and Drug Administration for its SuperBall meniscus repair system.
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The patent for SuperBall meniscus repair systems by Arcuro Medical Ltd. has been granted in the U.S. and China. The company is awaiting regulatory approval in Europe and Israel. Increasing product launches and FDA approvals are expected to propel the meniscus repair systems market over the forecast period.
Some of the strategic initiatives undertaken by most of the large players in the meniscus repair systems market are acquisitions and partnerships. Some of the meniscus market players that have adopted this strategy include Smith & Nephew, Zimmer Biomet, and Stryker Corporation.
For example, in December 2018, Smith & Nephew plc. announced the acquisition of Ceterix Orthopedics Inc. Similarly, Stryker Corporation expanded its meniscus repair systems portfolio through the acquisition of Ivy Sports Medicine, LLC. Zimmer Biomet acquired Cayenne Medical in April 2016.
Through this acquisition, Zimmer Biomet added the CrossFix meniscus repair system to its product portfolio. These major acquisitions and mergers provide significant opportunities to players in the meniscus repair systems market to expand their global presence and product portfolio. Acquisitions, partnerships, and mergers among key market players are expected to fuel the growth of the meniscus repair systems market.
Most of the major medical device players are focusing on emerging markets due to their high growth potential, as well as to increase their distribution channel. Changes in disease patterns due to lifestyle changes and rising affluence has resulted in growth in the demand for quality healthcare and better access to healthcare services, which are among factors that make these markets highly lucrative for medical device companies.
Although developed countries dominate the market, emerging market represent higher growth opportunities for the meniscus repair systems market. For instance, China is expected to witness the highest growth rate in the meniscus repair systems market over the forecast period.
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Factors, such as rising disposable in developing countries, continuous penetration of health insurance, and a steady reduction in the average selling prices of medical devices, are expected to significantly boost the demand for meniscus repair systems in the near future.
The global meniscus repair systems market has been studied based on product type, clinical application, and end user. Based on product type, the meniscus repair systems market has been segmented into outside-in meniscal repair system, all-inside meniscal repair system, inside-out meniscal repair system, and meniscal root repair system.
The all-inside meniscal repair system segment is expected to hold the maximum market share in the global meniscus repair systems market. Based on end user, the meniscus repair systems market has been segmented into hospitals, ambulatory surgery centers, and specialized orthopedic clinics. In terms of revenue, the hospital segment of the meniscus repair systems market dominated the global meniscus repair systems market in 2017.
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