Surgical Retractors Market: Rise in Invasive and Minimally Invasive Surgeries Worldwide to Boost Market Growth
According to the report, the global surgical retractors market was valued at US$ 1.9 Mn in 2019 and is projected to expand at a CAGR of ~5% from 2020 to 2030. Surgical retractors help surgeons and operating room professionals to hold an incision or wound open during surgical procedures. These instruments aid in holding underlying organs or tissues, allowing doctors/nurses better visibility and access to the exposed area.
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Different types of surgical retractors are used in surgical procedures, including hand-held retractors, self-retaining retractors, and table-mounted retractors. The growth of the global surgical retractors market can be attributed to rise in demand for plastic & reconstructive surgeries and increase in global geriatric population.
North America dominated the global surgical retractors market in 2020 and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early adoption of new surgical retractors, high penetration rate of surgical retractors, and presence of major players are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for surgical retractors during the forecast period. The market in the region is projected to expand at a high CAGR from 2020 to 2030.
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Rise in Demand for Plastic & Reconstructive Surgeries and Increase in Global Geriatric Population to Drive Market
Surge in number of cosmetic and reconstructive surgeries across the globe is a major driver of the global surgical retractors market. According to statistics provided by the International Society of Plastic and Aesthetic Surgeons (ISAPS), over 1.8 million cosmetic surgeries were performed across the globe in 2018. According to the American Society of Plastic Surgeons (ASPS), over 24,099 buttock augmentation and 313,735 breast augmentation surgeries were performed in the U.S. alone in 2018. The reconstructive surgery is performed to treat body parts affected aesthetically or functionally by congenital defects, developmental abnormalities, or trauma. According to the statistics provided by the International Society of Plastic and Aesthetic Surgeons (ISAPS), over 5.8 million reconstructive surgeries were performed across the globe in 2018.
Increase in the geriatric population directly affects the development of surgical retractors, as elderly people are highly susceptible to chronic diseases and undergo different surgeries. The increase in global population aged 65 years or above is expected to augment the global surgical retractors market in the near future. According to a report by the U.S. Census Board in 2016, people aged 60 years or above represented nearly 18% of the country’s total population and the percentage is likely to increase to 21% by 2030.
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Hand-held Retractors to Dominate Market
In terms of product type, the global surgical retractors market has been divided into hand-held retractors, self-retaining retractors, table-mounted retractors, and others. The hand-held retractors segment dominated the global surgical retractors market in 2019 and the trend is projected to continue during the forecast period. Hand-held retractors allow a physician to move tissue out of the way of the surgical instrument and protect the vital structures during the procedure. Increase in preference for hand-held retractors and availability of a range of products are projected to boost the growth of the segment. Self-retaining retractors was the second largest segment in terms of market share in 2019. A surgeon can position self-retaining retractor without assistance. Moreover, major manufacturers are focusing on launching new self-retaining surgical retractors. These factors are likely to fuel the growth of the segment.
Abdominal Surgeries to be Highly Lucrative
In terms of application, the global surgical retractors market has been classified into abdominal surgeries, cardiothoracic surgeries, orthopedic surgeries, obstetric & gynecological surgeries, and others. The abdominal surgeries segment dominated the global market due to increase in number surgical procedures performed through abdominal region and rise in prevalence of target disease conditions related to abdominal organs. Additionally, launch of surgical retractors, especially for abdominal surgery is projected to drive the segment. The orthopedic surgeries segment is anticipated to grow at a moderate pace due to rise in the number of orthopedic surgeries and increase in adult population in countries in Asia such as China and Japan, which is more prone to orthopedic disorders.
Hospitals to be Major End User
Based on end user, the global surgical retractors market has been categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment dominated the global surgical retractors market in terms of revenue in 2019. The trend is expected to continue during the forecast period. The increase in the number of surgical procedures carried out in hospitals, availability of a range of surgical instruments, including retractors, large patient pool, high prevalence rate of major chronic diseases that require surgery, and surge in number of hospitals are likely to accelerate the growth of the segment during the forecast period. Ambulatory surgical centers is expected to be the fastest growing segment of the global surgical retractors market during the forecast period. The segment is likely to expand at a significant CAGR from 2020 to 2030. Rise in number of ambulatory surgical centers is projected to drive the segment.
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North America to Dominate Global Market
In terms of region, the global surgical retractors market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical retractors market in 2019, followed by Europe. North America accounted for a major share of the global surgical retractors market in 2019, owing to high number of surgeries performed due to the large geriatric population. Moreover, rise in demand for surgical retractors used in surgeries by hospitals is another factor propelling the market in North America. For instance, over 1.6 million spinal fusion procedures are carried out in the U.S. each year. According to the Centers for Disease Control and Prevention (CDC), nearly 600,000 hysterectomies are performed annually in the U.S., and about 20 million women in the country have had a hysterectomy.
The surgical retractors market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. This can be attributed to developing economies with commercial hubs, expanding business organizations, rise in awareness and adoption of surgical retractors, improving healthcare infrastructure, and surge in investments by companies in technical field.
The global surgical retractors market is fragmented in terms of number of players. Key players in the global market include Medtronic plc, Stryker, Terumo Corporation, Integra LifeSciences, Ethicon (Johnson & Johnson Services, Inc.), BD, Teleflex Incorporated, B. Braun Melsungen AG, Invuity, Inc., and Medline Industries, Inc.
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