According to The Insight Partners market research titled ‘Surgical Retractors Market to 2027 – Global Analysis and Forecasts by Product Type, Application and End User’.
According to The Insight Partners market research titled ‘Surgical Retractors Market to 2027 – Global Analysis and Forecasts by Product Type, Application and End User’. The global surgical retractors market is anticipated to reach US$ 3,724.46 Mn in 2027 from US$ 2,153.40 Mn in 2018. The market is anticipated to grow with a CAGR of 6.5% from 2019-2027. The report provides the trends prevailing in the global surgical retractors market and the factors driving the market along with those that act as hindrances.
The report provides trends prevailing in the global surgical retractors market and the factors driving the market along with those that act as hindrances. The factors leading to the growth of the surgical retractors market in Asia Pacific countries are the large production of surgical retractors based products. Moreover, increase in the number of cardiovascular surgeries and orthopaedic surgeries are estimated to grow the surgical retractors market during the forecast period.
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Surgical Retractors Market Competitive Landscape and Key Development
The leading companies operating in the surgical retractors market include Integra LifeSciences Corporation, Teleflex Incorporated, Arthrex, Inc., B. Braun Melsungen AG, CooperSurgical, Inc., Globus Medical, Inc., Medline Industries, Inc., Medtronic plc., Stryker, Thompson Surgical, OBP Medical Corporation among others. The market has observed various organic as well as inorganic developments during recent years in the surgical retractors market. For instance, October 2018, Stryker acquired Invuity, Inc., which provides a wide variety of clinical applications including orthopaedic & spine surgery, general surgery and women’s health procedures.
Rising Demand of Minimally Invasive Surgeries
Minimally invasive surgeries are widely being performed during recent years. A minimally invasive procedure is generally carried out by entering the device in the body through the skin or a body cavity or anatomical opening, but with the smallest damage possible to these structures. Unlike traditional surgical procedures, minimally invasive surgery requires only a small incision to be made. Thus, there has been an increase in the number of people opting for minimally invasive surgeries. Since these incisions are tiny, the patient recovers at a faster rate comparatively, with less discomfort. Some of the benefits of a minimally invasive surgery include few small cuts, less trauma to the muscles, nerves, and tissues, less bleeding & scarring, less injury to organs, less pain and reduced use of narcotics, less hospital time, and less effect on the immune system. The research and development have not only helped for introducing the novel products in the market for the medical industry but have also evolved technically for safe, effective, non-invasive, and time-saving procedures. Types of minimally invasive surgery include endoscopy, laparoscopy, and robot-assisted surgery using retractor devices. These procedures can be used for a broad range of applications due to better results obtained. In laparoscopy procedure, hospital stays are shorter, surgical scars & incisions created are much smaller. Thereby, enabling faster healing and recovery. These procedure, are being used widely for bariatric surgery in recent years and are economical compared to the traditional surgery method.
Minimally invasive surgery (MIS) has the advantages that include less tissue injury, faster oral intake, reduced pain, better cosmetic appearance, and smaller hospitalization, compared to the open surgery.
Increasing Medical Tourism in Emerging Nations
Medical tourism is the major driving factor that is leading to the growth of the surgical retractors. The patients travel to other countries due to the use of advanced and sophisticated medical technology devices, equipment, and other products. Medical tourism takes place in such cases where medical care and surgeries are required. The medical tourism is rising in Asia Pacific regions where India is the favorable destination because of the key opportunities in the form of efficient infrastructures and technology in the Indian healthcare sector. The National medical systems and the health insurance market are well developed in the country, which is convenient for visitors from the West and the Middle East. Also, hospital expenses very affordable in the country.
Surgical Retractors Market: Segmental Overview
The global surgical retractors market, based on product type, has been segmented into hand retractors, self-retaining retractors, wire retractors, and others. The hand retractors segment held the largest share of the market in 2018. However, the self-retaining retractors segment is projected to grow with the fastest CAGR in the market in 2027 owing to the ease difficulties during surgical procedures to allow hands-free surgery.
Growth strategies through several organic and inorganic such as approvals, product launch, agreements, and partnerships have been witnessed in the market of surgical retractors. For instance, in October 2018, Stryker acquired Invuity, Inc., which provides a wide variety of clinical applications including orthopaedic & spine surgery, general surgery and women’s health procedures.
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