Surgical Retractors Market Competition, Value chain Analysis and Forecast 2025
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Rise in surgical procedures globally have increased demand for surgical instruments. This is projected to boost the growth of the surgical retractors market during the forecast period. According to the World Health Organization (WHO), nearly 4,511 surgical procedures were performed per 100,000 people in 2012. Rise in prevalence and incidence of chronic diseases has increased the number of surgical procedures globally, which is a primary factor driving the surgical retractors market.
According to the Centers for Disease Control and Prevention (CDC), seven of the top 10 causes of death in 2014 were chronic diseases. Two of these chronic diseases heart disease and cancer accounted for nearly 46% of all deaths. Moreover, rise in the geriatric population has increased the number of reconstructive and minimally invasive surgical procedures. This in turn is expected to boost the growth of the global surgical retractors market. Stringent regulations by the FDA for the approval of surgical equipment is anticipated to hamper the growth of the market.
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The global surgical retractors market can be segmented based on product type, application, end-user, and region. In terms of product type, the market can be categorized into finger retractor, nerve retractor, orthopedic retractor, rectal retractor, thoracic retractor, ribbon retractor, self-retaining retractor, and others. Based on application, the global surgical retractors market can be divided into endoscopy, surgery, dental, urology, and others. The surgery segment can be classified into orthopedic, nervous system, digestive system, ophthalmology, and others. In terms of end-user, the market can be segmented into hospitals, clinics, ambulatory surgical centers, and others.
Geographically, the global surgical retractors market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for the largest share of the global surgical retractors market due to the adoption of new technologies and favorable reimbursement scenario for surgical procedures in the region. Europe accounts for the second largest market share in terms of revenue owing to rise in the number of plastic surgeons and favorable regulatory framework. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period due to rise in medical tourism in countries such as India, China, and other countries in Asia Pacific. Latin America and Middle East & Africa are expected to be prospective markets in the near future due to increase in health care expenditure and improvement in health care infrastructure.
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