Surgical Retractors Market Poised to Surge to US$ 4.1 Billion by 2032
The Global Surgical Retractors Market was valued at US$ 1.8 Billion in 2021 and is expected to reach US$ 4.1 Billion by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, it is projected that revenue through the neurosurgery application will grow at 10.7% CAGR during the forecast period.
Around 12% of all neurology patients die from these diseases each year, according to the World Federation of Neurology. According to the WHO, neurological diseases will cause an increase in the number of Disability-Adjusted Life Years lost globally from 95 Million in 2015 to 103 Million in 2030.
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.
Surgical Retractors Market: 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.
Some of the recent developments by key providers of the Surgical Retractors Market are as follows:
• In April 2021, in order 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, has been 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.
Key Segments Covered in Surgical Retractors Market 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
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