Delhi, NCR, Dec. 28, 2021 (GLOBE NEWSWIRE) -- The increasing number of surgical procedures across the globe is driving the surgical retractors market worldwide. Other primary factors driving the 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 reimbursement policies provided by the government and insurance companies and the rise in the number of novel treatment procedures play an important role in propelling the growth of the global surgical retractor market. Other factors contributing to the growth of the global surgical retractors market include the rise in trauma surgery, hip and knee replacements, and cardiovascular diseases that call for 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.
Lifestyle Disorders Favoring the Growth of Global Surgical Retractor Market
The rising prevalence of lifestyle disorders, such as ischemic heart disease, stroke, and obesity, as well as peripheral arterial disease, have resulted in an increase in surgical procedures, which in turn is driving the global surgical retractor market's growth. Cardiovascular disease and obesity are two significant lifestyle disorders that have prompted an upsurge in need for surgical retractors in the industry. According to research conducted by the Global Burden of Disease in 2017, roughly 4.7 million individuals died prematurely due to obesity, which was nearly four times the number of people who died in road accidents and nearly five times the number of people who died from HIV/AIDS.
Furthermore, cardiovascular diseases, or CVDs, are anticipated to remain the leading cause of death and morbidity worldwide. The consumption of improper diet and sedentary lifestyle are some of the factors that lead to cardiovascular ailments and increase the risk of heart attacks and strokes. Thus, the growing prevalence of cardiovascular disease is boosting the demand for surgical retractors, that are used to retract the heart during abdominal surgeries, making it easier to perform inferior or posterolateral wall coronary anastomoses.
Self-Retaining Surgical Retractor Dominates the Global Surgical Retractor Market
Based on product types, the global surgical retractor market is grouped into hand retractors, self-retaining retractors, table-mounted retractors, wire retractors, accessories. Among these, the self-retaining surgical retractor segment holds the largest market share. The segment's growth is primarily driven by easy operation. Self-retaining surgical retractors don't need to be held in place by anyone else. As a result, surgery can be performed without the need for a second surgeon, resulting in less congestion at the operating room. Thus, this segment is expected to grow due to a number of benefits, including a lower risk of infection, adequate exposure to the surgical site, and less assistance during the procedure.
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Obstetrics and Gynecology Application Segment Dominates the Global Surgical Retractor Market
Based on applications, the surgical retractor market is grouped into abdominal surgeries, cardiothoracic surgeries, orthopedic surgeries, obstetrics & gynecological surgeries, others . Among these, the Obstetrics and Gynecology segment dominated the global surgical retractors market, which accounted for the highest revenue share in 2020. Surgical retractors are highly used in cervical cerclage and episiotomy-- the two standard surgical procedures involving female reproductive organs. The use of a surgical retractor allows for minimally invasive gynecologic procedures, which means fewer complications, such as postoperative pain, and shorter hospital stays. However, the orthopedic segment is expected to grow at a healthy rate during the forecast period. The increasing number of orthopedic patients across the globe is driving the segment’s expansion. For instance, more than 24,000 patients are treated at the Gelenk Klinik orthopedic hospital every year and a total of 2,400 surgical procedures are carried out each year. Thus, as the frequency of orthopaedic surgical procedures rises, the demand for orthopaedic retractors is expected to surge in the coming years.
Market Players Are Leaning Toward Using Special Metals to Make Surgical Retractors
Over the last few decades, medical technology has grown advanced at a rapid speed. The advent of increasingly sophisticated metals and alloys are used in both external and internal medicinal applications, contributing significantly to the advancements in medical technology. Moreover the use of complex and unique metals has resulted in the development of high-quality medical devices such as surgical retractors.
Due to its lightweight and exceptional qualities that are compatible with the human body, stainless steel is likely to remain one of the most preferred materials for the production of a variety of medical and surgical tools, including medical retractors. Titanium, on the other hand, has become one of the most popular metals for surgical instruments such as forceps, drills, scissors, and surgical retractors over the last decade. Furthermore, during the forecast period, the surgical retractors market is likely to benefit from the increasing use of titanium in the production of surgical retractors. While titanium and stainless steel surgical retractors are expected to have a large market share, players in the modern surgical retractors market are also looking into the advantages of other specific metals such as niobium and tantalum.
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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 make up the global surgical retractor market. North America holds the greatest share of the global surgical retractor market, owing to factors such as an increase in the adoption of robot-assisted minimally invasive procedures. Moreover, the ongoing efforts of leading market participants to strengthen their R&D capabilities, as well as patient and surgeon compliance is also driving the market’s growth. Moreover, the presence of major global players such as 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 is further driving North America’s surgical retractor market.
On the other hand, Europe held the second-largest market share in 2020, followed by North America. The region is expected to grow at a profitable pace during the projected period. The growing frequency of chronic illnesses, high adoption of sophisticated technology, the growing geriatric population, increasing reimbursement for surgical operations, and growing demand for minimally invasive procedures over traditional methods are all contributing to the growth of the global surgical retractor market. Additionally, the presence of stainless steel retractor manufacturers in Germany is projected to stimulate market expansion. For instance, MPM Medical Supply has been distributing high-quality German stainless steel retractors made in Solingen, a German city, renowned for its stainless steel products, all over the world.
Impact of COVID-19 on the Global Surgical Retractor Market
The pandemic has affected almost every industry in one way or another, and the surgical retractor market is no exception. Moreover, the pandemic-induced lockdown in various countries around the globe have impacted the financial situation of companies in all industries, including the private healthcare industry, which negatively affected the global surgical retractor market. The global lockdown caused by the pandemic has caused many significant changes in patient behavior and demand. It has also severely impacted the entire healthcare supply chain. Moreover, many healthcare procedures and services were suspended temporarily to combat the deadly virus, which led to a decline in the global surgical retractor market. For instance, during the COVID-19 pandemic, delayed or canceled elective surgeries, as well as stringent criteria for life-saving surgeries, significantly declined the demand for surgical retractors. Furthermore, due to the risk of becoming infected with the virus, patient footfall in hospitals declined drastically, reducing demand for surgical retractors. According to analysts, during the first wave of COVID-19, the number of transplant surgeries dropped to roughly 50%.
Global Surgical Retractor Market - Competitive Landscape
The global surgical retractor market is highly fragmented, and there is fierce rivalry both globally and locally. Product prices are largely determined by the availability of raw materials and advanced manufacturing technology. In developing countries, where private enterprises largely provide reimbursements and insurance, product differentiation and pricing are two important variables influencing purchase decisions.
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. Several manufacturers are working on producing technologically enhanced surgical retractors to maintain a significant market position. For instance, June Medical announced the launch of the Galaxy II retractor series in October 2020, which has been specifically tailored for the male anatomy. It has a unique penile hammock that can minimize the need for sharp hook penetration, promote healing, and reduce the risk of infection. This special retractor is revolutionizing male surgical procedures by enhancing visualization during surgeries.
The report's in-depth analysis provides information about growth potential, upcoming trends, and global surgical retractor market statistics. It also highlights the factors driving forecasts of total market size. Furthermore, the report analyzes the market's growth drivers, challenges, and competitive dynamics. It also promises to provide recent technology trends in the global surgical retractor market, along with industry insights to help decision-makers make sound strategic decisions.
Recent Development
| Attribute | Details |
| Years Considered | Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 |
| Facts Covered | Revenue in USD Million |
| Market Coverage | The U.S., Canada, Germany, The United Kingdom, Italy, France, Spain, China, India, Japan, Singapore, South Korea, Brazil, Argentina, Mexico, Saudi Arabia, Iran, UAE, Turkey, South Africa |
| Product/Service Segmentation | By Product Type, By Application, By Region |
| Key Players | 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. |
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