Treatment depends somewhat on your goals. If you are planning to return to competitive sports, then analgesics to control the pain and rehab may be your best options. However, you should be aware that without the meniscus, your knees are at increased risk for damage and changes from arthritis.
If possible, the meniscus is repaired rather than removed. Most patients are encouraged to put aside strenuous, high-impact activities to protect their joints.
For some younger patients, meniscal transplantation may be the answer. Cartilage freshly donated or stored in a frozen state may be used. The knee must be stable and in good alignment. There can't be any bone spurs.
A surgeon will conduct a physical exam. How you stand and walk is evaluated. Knee joint motion and alignment are important. Too much angle at the knee may keep you from being a good candidate for this surgery.
This treatment option is only considered for younger patients (less than 40 years old). The down side is that long-term studies haven't been done to show results 10, 20, or more years ater.
Talk with your doctor about what's best for you given your age, activity level, and sporting goals.