The Global Surgical Retractors Industry is on track for a significant expansion, fueled by the growing demand for various surgical procedures. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the market is projected to experience a stellar Compound Annual Growth Rate (CAGR) of 8% from 2021 to 2032. This translates to a remarkable growth trajectory, with the market value expected to climb from an estimated US$1.8 billion in 2021 to a staggering US$4.1 billion by 2032.
A rising focus on neurology applications is likely to increase demand for improved surgical retractors since neurosurgical operations play a crucial role in treating a range of neurological illnesses. The World Federation of Neurology reports that around 12% of all neurology patients pass away from these illnesses each year. This information is clarified in the study. This concerning figure highlights how urgent it is to improve surgical methods and tools to improve patient outcomes.
Surgery is the single and primary form of treatment for neurological conditions. The increase in neurological surgeries and the high demand for surgical retractors manufactured especially for these procedures are the main reasons why the neurosurgery segment dominates the market for surgical retractors.
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The United States will hold the largest share of the market throughout the Analysis Period
From 2022 to 2032, the Surgical Retractors Market is estimated to develop at a CAGR of 8.9% in the United States; taking the market to US$ 1.1 Bn by 2032. From 4% of GDP in the 1960s to 19.7% of GDP in 2020, the US’s healthcare costs have grown significantly.
Chronic renal illness affects 15% of Americans, according to the Centers for Disease Control and Prevention. The rising prevalence of chronic diseases is therefore predicted to increase the need for surgical intervention, which will raise demand for surgical retractors and generate an absolute dollar growth potential of US$ 663 Mn.
Global Surgical Retractors Industry: Competition Insights
The key companies operating in the Surgical Retractors Market include 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, STRYKER CORPORATION, GLOBUS MEDICAL, Applied Medical Resources Corporation, Innomed, Inc., LiNA Medical ApS, Vivo Surgical Private Limited, and Changzhou Haiers Medical Devices Co. Ltd.
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Some of the recent developments by key providers of the Global Surgical Retractors Industry are as follows:
- In April 2021, to connect its StealthStation S8 surgical navigation system with Surgical Theater’s SyncAR augmented reality (AR) technology, Medtronic plc established a cooperation with the company. Through this partnership, neurosurgeons will be able to use augmented reality (AR) technology in real time to improve visualization during challenging cranial surgeries.
- In March 2020, a collaboration between JUNE MEDICAL and Vivo Surgical was established that led to the Galaxy II LUX self-retaining ring retractor with light. The Galaxy II retractor offered by June Medical and the KLARO light provided by Vivo Surgical, which has a specially made clip for it, are combined to create this gadget. By giving surgeons better access to and a clearer vision of the surgical site, this retractor has the advantage of removing the drawbacks of employing overhead lighting or personal head torches.
- In May 2019, ONETRAC LX, a newly created single-use cordless surgical retractor that is outfitted with a multi-LED light source and dual smoke evacuation channels, was introduced by OBP, one of the top makers of self-contained and single-use medical devices. The newly created surgical retractor provides operating surgeons and nurses with the best possible smoke clearance capabilities.
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Key Segments Covered in Global Surgical Retractors Industry Survey
By Application:
- Handheld
- Self-retaining
By Product Type:
- Abdominal retractor
- Finger retractor
- Nerve Retractor
- Orthopedic Retractor
- Rectal Retractor
- Thoracic retractor
- Ribbon retractor
- Other Product Types
By Application Size:
- Neurosurgery
- Wound closure
- Reconstructive surgery
- Cardiovascular
- Orthopedic
- Obstetrics and Gynecology (Ob/Gyn)
- Other Applications
By End-use:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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