Surgical Retractors Market: Key Players Inclined Toward Manufacturing Surgical Retractors with Special Metals
Rise in Invasive and Minimally Invasive Surgeries Worldwide to Boost Market Growth
Surgical retractors are primarily used to segregate the edges of a wound or a surgical incision to ensure that underlying organs and tissues remain untouched. At present, different types of surgical retractors, including hand retractors, self-retaining retractors, and table-mounted retractors are some of the most utilized surgical retractors.
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Advancements in technology and science coupled with improvement in the overall living standards of individuals have played a key role in influencing the quality of medical care and the development of various surgical instruments. The demand for minimally invasive surgery continues to expand at a rapid pace around the world due to which, progress minimally invasive surgery techniques are evolving.
Several participants involved in the current surgical retractors are primarily focusing on optimizing the quality and performance of their surgical retractors to expand their market share. Advancements in robotic technology have led to the development of retractor assistant devices. In addition, surgical retractors market players are also exploring the potential of different metals to produce surgical retractors and improve the quality of diagnostic care. In addition, several medical equipment manufacturers are expanding their product portfolio to strengthen their foothold in the current market landscape. At the back of these factors, the global surgical retractors market is expected to reach ~US$ 3.1 Bn by the end of 2030.
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Market Players Inclined Toward Manufacturing Surgical Retractors with Special Metals
The medical technology has evolved at a rapid pace over the past couple of decades. The progress in the medical sector can be largely attributed to the advent of sophisticated metals and alloys that are increasingly being used in external and internal medical applications. The entry of advanced and special metals has led to the development of high-quality medical instruments, including surgical retractors. Research and development activities continue to explore the potential benefits of different metals to produce medical instruments.
Stainless steel is expected to remain one of the most popular materials for the production of an array of medical and surgical instruments, due to its lightweight and exceptional properties that are compatible with the human body. However, in recent years, titanium has emerged as an important metal that increasingly being used to manufacture surgical instruments, including forceps, drills, scissors, and surgical retractors. The growing adoption of titanium to manufacture surgical retractors is expected to provide a boost to the surgical retractors market during the assessment period.
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While titanium and stainless steel surgical retractors are likely to have a high market share, players operating in the current surgical retractors market are also exploring the benefits of other special metals, including niobium and tantalum.
Market Participants Focus on Expanding Product Portfolio to Gain Advantage
Over the past decade, several key companies involved in the surgical retractors market are increasingly focusing on launching new variants of surgical retractors and expanding their product portfolio to strengthen their foothold in the market. While the focus on research and development pertaining to the physical design and materials utilized to manufacture surgical retractors is in full swing, market participants are deploying new manufacturing technologies to launch high-quality surgical retractors.
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Surgical Retractor Market Segmentation
For instance, in May 2019, OBP, one of the leading manufacturers of self-contained and single-use medical devices announced the launch of ONETRAC LX - a newly developed single-use cordless surgical retractor that is equipped with a multi-LED light source and dual smoke evacuation channels. The newly developed surgical retractor offers optimum smoke clearance capabilities to nurses and operating surgeons.
Similarly, in January 2018, QSpine, a medical device manufacturers in the U.K. announced the launch of SURE Single Use Retractor– a single-use surgical retractor that provides optimum operating conditions at the surgical site.
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Demand for Surgical Retractors Likely to Remain Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a short-term impact on the global surgical retractor market. Several countries have imposed stringent lockdown measures and restrictions on transportation and cross-border trade due to which, surgical retractors market players are expected to address bottlenecks across the supply chain. However, as medical services and devices are listed under essential goods, the production of surgical retractors is anticipated to remain unaffected in several regions of the world.
Despite large-scale emphasis being given to the treatment of COVID-19 patients, the demand for medical devices and medication required to treat other medical conditions continues to grow due to which, the surgical retractors market is expected to witness steady growth. Product diversification is projected to remain the key during the ongoing COVID-19 pandemic and thus, market players are expected to assess and identify various pockets of opportunities to generate revenue.
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