by The global Surgical Retractor Market, valued at USD 1.3 billion in 2021, is on an upward trajectory, poised to achieve a significant milestone. With a projected compound annual growth rate (CAGR) of 6.4% during the forecast period, this market is expected to reach a substantial USD 2 billion by 2026.
Driving Factors for Market Growth
Several key factors are fueling the expansion of the Surgical Retractor Market:
- Rising Surgical Procedures: The market is experiencing a surge in demand due to the increasing number of surgical procedures conducted worldwide. Notably, cesarean sections, a common surgical procedure, contribute significantly to this growth. In the United States alone, 32% of live births involve cesarean sections.
- Prevalence of Chronic Diseases: The prevalence of chronic diseases is on the rise, necessitating surgical interventions. In 2019, over 54 million adults in the United States (23% of all adults) suffered from joint discomfort, emphasizing the need for surgical solutions.
- Aging Population: The global increase in the elderly population is a significant driver of market growth, as age-related medical conditions often require surgical interventions.
- Product Innovation: Continuous product innovation by market players, such as the introduction of cordless surgical retractors with advanced features, is enhancing the markets appeal.
Impact of COVID-19
While the COVID-19 pandemic had a short-term impact on the Surgical Retractor Market, supply chain challenges were overcome as medical equipment remained essential. The market is expected to continue expanding due to the growing demand for medical equipment and treatments for various medical conditions beyond COVID-19.
Market Drivers and Restraints
- Global Increase in Surgical Operations: Surgical retractors are essential in various medical fields, including open operations, endoscopy, dermatology, ophthalmology, and dentistry. The accessibility and affordability of surgical treatment have led to a significant increase in surgical procedures, propelling the demand for surgical retractors.
- Expansion of Product Portfolios: Market players are expanding their product portfolios through partnerships and innovative solutions, enhancing access and visibility during surgical procedures.
- Minimally Invasive Procedures: The preference for minimally invasive and non-invasive surgical techniques is growing, offering advantages such as quicker recovery, lower complications, and reduced costs. This trend may impact the revenue of surgical retractors as they are primarily used in open surgeries.
Segment Overview
- Abdominal Surgeries Dominating: Abdominal surgeries hold the largest market share due to the necessity of surgical retractors for better visibility during these procedures. The segment is driven by the increasing number of abdominal surgeries globally.
- Handheld Retractors Leading Product Type: Handheld retractors are the dominant product type, widely used in cosmetic and minor bone and joint procedures. However, self-retaining retractors are expected to grow at the fastest rate, offering surgeons greater convenience during surgery.
Regional Landscape
- North America Leads: North America holds a significant share in the market, driven by a high surgical rate, an aging population, and specialized product availability. The regions well-established medical infrastructure and ongoing investments contribute to its growth.
- Asia Pacific Growing: Asia Pacific is poised for high growth due to an increasing elderly population, expanding healthcare infrastructure, and technological advancements in the medical field.
Key Market Players
Prominent companies in the Surgical Retractor Market include Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic plc, Johnson & Johnson, Stryker Corporation, Henry Schein, Inc., Medline Industries, Inc., and others.
As the Surgical Retractor Market continues its upward trajectory, innovation, partnerships, and a focus on minimally invasive procedures are expected to shape its future landscape.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/surgical-retractor-market
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This press release first seen on Brilad
COMTEX_442645514/2840/2023-10-30T06:12:52
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.