Fact.MR, a global research & consulting firm, in their updated edition of the report, indicated that the meniscus repair systems market is projected to foresee notable business growth in 2021 and beyond. The growing incidence of ailments such as, trauma, arthritis, encountered in any forms of physical exertion or sports, extended wear and tear due to aggravation by old age and occupational hazards. The rising risk aspect, for instance, sporting culture as well as adventure sports such as old age, rugby, autoimmune diseases, sedentary lifestyle and others are fuelling a huge adoption meniscus repair systems.
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Technological progressions for instance growth of miniaturized system utilizing automated deployment of sutures, advanced chrome based materials, along with others is fuelling the expansion of the meniscus repair systems industry. The expansion of bio absorbable sutures has significantly assisted the implementation of meniscus repair systems industry.
Rising Number of Sports Injuries Driving the Industry
Meniscus tear is a general consequence of sports injuries. Increasing athletic population at a higher threat, particularly those who partake in sports such as basketball, soccer, and football. Meniscus tear is amongst the most usually occurring injuries amid young athletes.
In addition, individuals engaged in steady physical activities, such as military persons, are further at a higher threat of musculoskeletal injuries for instance, meniscal tear. Therefore rising number of sports injuries as youngsters are aggressively participating in sports is projected to boost the meniscus repair systems industry in the approaching years.
How Hospitals will support the industry Growth?
Hospitals will be witnessing exponential expansion in the approaching years. Rise in patient pool together with increasing number of orthopedic surgical procedures are aspects boosting the growth.
Over US$ 3 Bn have been spent yearly healthcare costs owing to SSIs (Surgical-Site Infections), with over 150,000 new instances per annum in the U.S. A huge share of these costs could be credited to the additional surgeries essential for the therapy of infected patients, readmissions, and extended hospital stay.
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How huge is the Opportunity will be in the US?
The U.S. holds the largest industryshare due to the concentration of key companies, faster uptake of cutting-edge technologies and higher awareness. Germany, France and the U.K. are anticipated to follow the US, wherein the advanced medical devices sector of Germany is a substantial driver of the industry.
However, the industry is anticipated to move in favour of China, India and Japan. Japan will drive a large industry due to its similarities with advanced healthcare system and developed economies. Additionally, India and China will drive a huge meniscus repair systems industry share due to their population.
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New Product Development Remains Prime Focus Area: Fact.MR Survey
The meniscus repair systems market is consolidated in nature, representing monopsony characteristics with a handful of players accounting for a large market share owing to the nascent stage of market and the high technological intensity of these devices. Fact.MR’s survey indicated that the key market players are focusing on product development and new product launches. The updated edition of the report offers comprehensive coverage of the projected remain key strategies of the market players. Some of the major market players profiled in the report are DePuy Synthes (Johnson & Johnson), Ceterix Orthopaedics, Arcuro Medical ltd., Stryker, Arthrex, Inc., Medtronic, BIOTEK, Cayenne Medical, Inc., NuSurface, and EBERLE GmbH & Co. KG. The latest edition also provides a thorough analysis of the COVID-19 impact on this market.
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