Surgical Retractors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Surgical Retractors market is expected to register growth at a CAGR of 7% during the forecast period.
The growing number of surgical procedures due to the trauma, hip, knee replaces and chronic diseases such as cardiovascular diseases where the surgery is mandatory is the primary growth factor for the surgical retractors market. Furthermore, there has been a rise in the percentage of the older population all around the world.
The older population is more prone to chronic diseases hence requires surgical procedures to improve their health. Moreover, the higher the aging population, the higher the probability of a number of diseases they carry. This indirectly impacts the surgical retractors market. According to IFSO Global Registry Report 2018, 394,431 operations are performed in 18 single centers, 19 multi-center submissions, and 14 national registries from 51 countries. According to the European Union Statistic, during 2016-2017, in Germany, hip replacement surgery was performed 304 times per 100,000 individuals. In Austria and Finland, it was around 273 and 265 per 100,000, respectively.
Moreover, advancements in surgical technologies have transformed the operative procedure over the period. The advancements are aiding the adaptability of the surgical options and hence driving the surgical retractors market. However, stringent regulatory policies and low reimbursement scenario and lack of skilled professionals in developing economies anticipated to impede the market growth over the forecast period.
Among the application segment, orthopaedic retractors are anticipated to register significant CAGR owing to the growing number of orthopaedic procedures due to the rising number of accidents, hip and knee replacement procedures around the world.
According to the Global Status Report On Road Safety 2018 by World Health Organization (WHO), approximately 1.35 million people die from road accidents every year. Furthermore, 20 to 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury.
Furthermore, advancements in the product technologies, companies effort in improving the product quality and increasing adoption anticipated to boost the segment growth in the near future.
For instance, OBP Medical Corporation has launched Single-Use cordless surgical retractor ONETRAC LX, with the integrated illuminator.
On the other side, in the end-user segment, hospitals are expected to have the notable market share owing to the high volume of operative procedures developing the infrastructure due to the advent of chain hospitals and growing spending on infrastructure.
Moreover, owing growing demand of the surgical procedures, the number of surgeons also projected to grow, that intern anticipated to boost the market growth for surgical retractors market.
Among the regions, Asia Pacific is anticipated to have a high CAGR owing to improving healthcare infrastructure and growing geriatric population and an increasing number of surgeries.
According to All India Institute of Medical Science (AIIMS), the Institute has performed 1.94 lakh surgeries in 2018 and has become the institute, who has performed maximum surgeries across the world in 2018. Additionally, the rising technological advancement in the field of surgeries and market strategies adopting by the major market players to expand their business in Asia-Pacific region are expected to propel the overall growth of the market over the forecast period.
In addition, North America has been projected to have a significant market share owing to well-established healthcare infrastructure, constant growth in the number of surgical procedures, presence of key market players and rapid adoption of advanced technologies. Hence all these factors are found boosting the overall market growth.
Surgical retractors market is highly fragmented and competitive. Market players are focusing on new product launches, product innovations and geographical expansion to strengthen its market share. For instance, In June 2018, Safe Orthopaedics Acquires UK Distributor Qspine and strengthened its market position in surgical retractors space. The key market players include Johnson and Johnson (Ethicon), Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic Plc, and Cook Group Incorporated among others.