New York, May 13, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the Pan American Health Organization (PAHO), of the World Health Organization (WHO), neurological conditions regionwide in the year 2019 accounted for 533172 deaths, of which 60% deaths (320043 deaths) were registered in women and 40% deaths (213129 deaths) were registered in men. Moreover, the statistics also stated that during the same year 32.9 deaths per 100,000 population (age-standardized) were registered, of which, in men, the registered number of deaths was 33.1 deaths per 100,000 population, and in females, 32.2 deaths per 100,000 population. In addition to this, in the year 2019, neurological disorders accounted for 7.5 Million years of life lost (YLLs) and 8.2 Million years lived with disability (YLDs).
Kenneth Research has recently released a report on “Global Carpal Tunnel Release Systems Market” which includes a detailed analysis of the key players operating in the market along with their product portfolio analysis. The market research report which is studied for the forecast period, i.e., 2022-2031, includes a detailed analysis of the market dynamics, which include the growth drivers, recent market trends, key market opportunities, and the major roadblocks associated with the market growth in the coming years. In addition to this, the market research report also covers the impact of COVID-19 on market growth.
The concern for neurological disorders around the globe is increasing significantly. Carpal tunnel syndrome (CTS), which is a common neurological disorder, is also quite prevalent among individuals, the prevalence of which in the general population is estimated to be between 1 and 5%. The syndrome has been witnessed to be more prevalent in females with a female-to-male ratio of about 3:1. The disease which is caused by pressure on the median nerve requires special tools, such as carpal tunnel release systems for its treatment, which is one of the major factors anticipated to drive the growth of the market in the coming years. The global carpal tunnel release systems market generated a revenue of USD 608.6 Million in the year 2021 and is further expected to touch USD 1049.3 Million by the end of 2031, by growing with a CAGR of 5.7% during the forecast period.
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The growth of the global carpal tunnel release systems market can also be attributed to the increasing advancement in healthcare, growing research and development expenditure on medical sciences, and the surge in government initiatives that promote research on neurological sciences. According to the statistics by the World Health Organization (WHO), the regional weighted average health gross domestic R&D expenditure (GERD) as a percentage of GDP ranged from 0.01% (Eastern Mediterranean) to 0.07% (Western Pacific), while the median value ranged from 0.01% (South-East Asia) to 0.06% (Europe). On the other hand, the statistics also stated that the weighted average health GERD as a percentage of GDP in high-income countries was substantially higher by 0.21% than in other income nations. Besides this, the surge in health expenditure is also expected to contribute to the growth of the market in the coming years. According to the statistics by the World Bank, the current health expenditure as a share of GDP touched 9.84% in the year 2019, up from 8.63% in the year 2000.
The global carpal tunnel release systems market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 234.3 Million in the year 2021 and is further expected to touch USD 381.9 Million by the end of 2031. The growth of the market in the region can primarily be attributed to the presence of a strong healthcare network, the availability of several organizations that are working in the field of neurological sciences, the surge in awareness for advanced medical tools, growing initiatives of the government that promote research and development in healthcare, along with the increasing healthcare expenditure in the region. In the other statistics by the World Bank, the current health expenditure as a share of GDP in North America touched 16.32% in the year 2019, up from 12.2% in the year 2000. Besides this, the surge in the prevalence of carpal tunnel syndrome in the region is also expected to add to the market growth during the forecast period. According to the statistics by the American Academy of Family Physicians (AAFP), the prevalence of carpal tunnel syndrome in the general adult population in the region ranged from 2.7 to 5.8%. Additionally, the mean annual crude incidence of the disease was found to be 329 cases per 100,000 person-years, while the standardized incidence was 276. The market in the region is further segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States is anticipated to garner the largest revenue by the end of 2031, while the market in Canada is projected to grow with the highest CAGR of 6.2% during the forecast period.
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On the other hand, the carpal tunnel release systems market in Europe generated the second-largest revenue of USD 189.9 Million in the year 2021 and is further expected to touch USD 317.9 Million by the end of 2031. The market in the region is further segmented by country into Germany, United Kingdom, Italy, France, Russia, Spain, Netherlands, and the Rest of Europe. Amongst the market in these countries, the market in the United Kingdom generated the largest revenue of USD 33.2 Million in the year 2021 and is further expected to cross USD 58.5 Million by the end of 2031. Additionally, the market in Italy is projected to grow with a CAGR of 6.5% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global carpal tunnel release systems market is segmented on the basis of product into open carpal release systems and endoscopic carpal release systems. Amongst these segments, the open carpal release systems segment generated the largest revenue in the year 2021 and is further expected to generate the highest market share by the end of 2031. Additionally, the endoscopic carpal release systems segment is projected to grow with the highest CAGR of 6.4% during the forecast period. In North America, the endoscopic carpal release systems segment is projected to grow with the highest CAGR of 5.9% during the forecast period, whereas in Europe, the open carpal release systems segment is projected to garner the largest revenue of USD 155.5 Million by the end of 2023.
The global carpal tunnel release systems market is further segmented by end-use into hospitals, ambulatory surgical centers, and specialty clinics. Amongst these segments, the hospitals segment registered the largest revenue of USD 327.6 Million in the year 2021 and is further expected to touch USD 546.6 Million by the end of 2031. In North America, the segment generated the largest revenue of USD 120.4 Million in the year 2021 and is further expected to reach USD 189.8 Million by the end of 2031. Furthermore, in the Asia Pacific, the segment is expected to reach USD 145.0 Million by the end of 2031, up from a revenue of USD 72.8 Million in the year 2021.
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Some of the prominent industry leaders in the global carpal tunnel release systems market that are included in our report are Stryker Corporation, A.M. Surgical, Inc., Arthrex, Inc., CONMED Corporation, Integra LifeSciences Corporation, Medical Designs LLC, MicroAire Surgical Instruments, LLC, Smith & Nephew plc, Trice Medical, Sonex Health Inc., and others.
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