Global Surgical Retractor Market Gaining Momentum—Projected to Reach worth USD 2,297.7 Million in 2027
Published | 01 January 2022
The increasing number of surgical procedures is driving the global market for surgical retractors. Additionally, other growth factors that are driving the surgical retractors market are the growing prevalence of lifestyle disorders, such as diabetes, cardiovascular ailments, etc., that require patients to undergo different surgeries…
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global surgical retractor market was worth USD 1,623.8 million in 2020 and is further projected to reach USD 2,297.7 million by 2027, at a CAGR of 5.6% during the forecast period (2021-2027). Favorable reimbursements provided by the government and insurance companies and the rise in the number of novel treatment procedures play an important part in providing growth opportunities to the global surgical retractor market. Surgical retractors are used primarily for cosmetic surgery worldwide. Other factors contributing to the growth of the surgical retractors market include the rise in trauma surgery, hip and knee replacements, and cardiovascular diseases that require surgical procedures. Furthermore, the growing research and development initiatives by the major manufacturing companies are estimated to drive the growth of the global surgical retractor market.
Increasing cases of lifestyle disorders favoring the global surgical retractor market
The growing cases of lifestyle disorders, such as ischemic heart disease, stroke, and peripheral arterial disease have led to the rising number of surgical procedures, thus boosting the growth of the global surgical retractor market. Lifestyle diseases, such as obesity leads to a multitude of disorders like high blood pressure (hypertension), high LDL cholesterol, low HDL cholesterol, type 2 diabetes, coronary heart disease, gallbladder disease, osteoarthritis, and so on, which require patients to undergo surgeries. A study conducted by the Global Burden of Disease stated that around 4.7 million people had died prematurely due to obesity; this was close to four times the number that died in road accidents, and almost five times the number that died from HIV/AIDS.
The number of cardiovascular surgical procedures has increased to an extreme extent because of certain lifestyle disorders, which have resulted in the growth of the surgical retractor market.
Self-Retaining Surgical Retractors Dominate the Global Surgical Retractor Market
Based on product types, the global surgical retractor market can be grouped into hand retractors, self-retaining retractors, table-mounted retractors, and wire retractors, accessories. Among these, the self-retaining surgical retractor holds the largest market share. The growth of the segment can be attributed to various favorable factors. For instance, with a self-retracting retractor, surgery can be performed without the need for a second assistant, thereby reducing crowding at the operating table. In addition to freeing the assistant from holding the retractor, these medical equipment also assist with exposure, homeostasis, closure, and other intraoperative technical functions that are of benefit to the surgeon. Additionally, self-retaining retractors allow for continuous adequate exposure, and reduced risk of infection, with increased efficiency. Because of these advantages, self-retaining surgical retractors hold the largest market share in the global surgical retractor market.
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North America Lead the Global Surgical Retractor Market
North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America makes up the global surgical retractor market. North America owns the largest share in terms of revenue in the global surgical retractor market due to certain factors like a surge in the adoption of robot-assisted minimally invasive surgeries and the continuous efforts by key market players to improve their R&D proficiencies to ensure patient and surgeon compliance. These are the major factors driving the global surgical retractor market in North America.
Moreover, the presence of major global players locally like Baxter International Inc, The Cooper Companies, Inc., JOHNSON & JOHNSON, etc., have made the surgical retractors very easily and conveniently available to the surgeons and hospitals, which has further driven the growth of the North America surgical retractor market.
Impact of COVID-19 on the Global Surgical Retractor Market
COVID-19 has played a significant role in impacting the global public health sector since its onset. The pandemic has also affected almost every industry, either negatively or positively, and the surgical retractor market is no exception. The pandemic, and the resulting lockdown, in various countries around the globe have impacted the financial situation of companies in all industries, including the private healthcare industry, which in turn negatively affected the global surgical retractor market. There have been many significant changes in patient behaviors and demand and a huge impact on the entire healthcare supply chain due to global lockdowns caused by the pandemic. Many healthcare procedures and services were suspended temporarily to combat the deadly virus, which in turn has led to a decline in the global surgical retractor market.
Global Surgical Retractor Market - Competitive Landscape
The global surgical retractor market is proving to be very lucrative in the healthcare domain, attracting many major players. Some of the major players in the surgical retractor market are- Baxter International Inc., B. Braun Melsungen AG, The Cooper Companies, Inc., Terumo Corporation, Teleflex Incorporated, Medtronic Plc., MEDLINE INDUSTRIES, INC., JOHNSON & JOHNSON, NOVO NORDISK, Integra Lifesciences Holdings Corporation, HENKE-SASS WOLF, Henry Schein, Inc., Dickinson and Company, CONMED CORPORATION., SKLAR Surgical Instruments., Teleflex Incorporated., Olympus Corporation, Thompson Surgical, Arthrex, Inc., Microsurgical Technology, and other prominent players..
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global surgical retractor market. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent technology trends in the global surgical retractor market, along with industry insights to help decision-makers make sound strategic decisions.
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