A microfracture instrument for applying microfracture therapy to a bone, the microfracture instrument comprising: an elongated shaft comprising a distal end and a proximal end; a needle comprising a body terminating in at least one sharp point, the needle being movably mounted to the distal end of the shaft for movement between an extended position for engaging the bone with the at least one sharp point of the needle and a retracted position for withdrawing the at least one sharp point of the needle from the bone; and a drive shaft movably mounted to the elongated shaft, the drive shaft being connected to the body of the needle so that movement of the drive shaft relative to the elongated shaft moves the needle between its extended position and its retracted position.