Increasing Prevalence of Chronic Disorders to Drive the Demand for Surgical Retractors Market

Surgical retractors are used by surgeons and medical professionals for holding open an incision or wound during a wide range of surgical procedures. This helps provide a clear sight of visits for the surgeons for better access. Surgical retractors are often available in various sizes, shapes, and designs. Surgical extractors are defined as retracting and extracting surgical instruments. The most common types of retractors are handheld and self-retaining retractors.  Rising Prevalence of Chronic Disorders and Increasing Surgical Procedures Factors such as increasing chronic disorders, namely neurological, cardiovascular, infectious, and urological, coupled with growing occurrences of road accidents, will help accelerate the growth rate of surgical retractors during the forecast. The Association for Safe International Road Travel notes that an estimated 2.35 million people are injured due to road accidents. According to the American Burn Association, accidents include burn-related injuries, sport and trauma injuries, and fall-based injuries, out of which 44% of all hospital admissions account for burn injuries.  Cardiovascular disorders account for the largest share leading to heart surgeries. The rising geriatric population will further add to the value expression of the global surgical retractors market during the forecast. People above 60 and above are expected to increase by 21.1% by 2050, according to a report compiled by the Department of Economic and Social Affairs Population Division.  Rising Impact of Minimally Invasive Surgery to Prosper During Forecast Open surgeries accounted for a majority of surgical procedures. The rising popularity of minimally invasive surgeries soon overtook the former due to the addition of a smaller incision, which reduces the risk of injuries and post-op recovery time. Many consumers are currently opting for minimally invasive surgeries due to the following factors. The pandemic further contributed to the increased market value as a reduction of infections.  The ongoing pandemic presented lucrative opportunities for minimally invasive surgeries to generate a higher revenue stream as the risk of infections was lowered owing to small incisions. This led to a rising number of minimally invasive surgeries during the pandemic, leading to the overall market value of global surgical retractors rising. A report by Plastic Surgery Statistics Report notes that 17.5 million cosmetic surgeries and minimally invasive surgeries were performed in the U.S. in 2017. Got questions about your regional growth of Surgical Retractors Market? Just drop us a line or call on +1 646 480 7505 Impact of COVID-19 on the Market The ongoing pandemic is expected to negatively impact the global surgical retractors market due to limiting in-patient visits, shortage of blood components, and canceling surgical procedures. A limited workforce coupled with staffing issues will lead to a decrease in the market volume. Surgical procedures were delayed due to preferences in essential surgeries. Surgeons and healthcare professionals quickly adapted to the changing competitive landscape, which will help in reviving the market value.  The players in the global surgical retractors also faced severe issues such as delays in product development, product approvals, and regulatory obligations, which slowed the market growth rate. This further caused revised revenues for the dominant players, devaluing the market value to a certain extent.  Regional Insights North America held the largest market share in 2020, with an estimated value of USD 494.6 million. It is expected to grow at a CAGR of 5.2%, with the US accounting for 83.3% of the total market share. Factors such as increasing preventive surgeries coupled with chronic disorders, including cancer, diabetes, and autoimmune diseases, are expected to contribute to the regional segment. Europe is expected to account for the second-largest market share, with the region occupying 28.0% of the total regional revenue. The market in Europe was estimated to be around USD 452.2 million in 2020 and will grow to a value of USD 800.6 million in 2030 with a CAGR of 5.4%. Factors contributing to the massive market size can be attributed to the higher adoption of advanced technologies and the presence of a large geriatric population.  Asia-Pacific is estimated to be at a value of USD 785.2 million in 2030 from a value of USD 344.1 million in 2020 at a CAGR of 6.6% during the forecast. The presence of multinational companies in China and India and ongoing product developments fuel regional growth. Latin America is expected to hold a shared market value of 11.7% of the total market value.  Top Key Companies Covered The dominant players in the global surgical retractors market are Medtronic plc, Becton Dickinson and Company (BD), Medical Devices Business Services, Inc., Teleflex Incorporated, Medline Industries, Inc., Braun Melsungen AG, Applied Medical Resources Corporation, Thompson Surgical, Innomed, Inc., Lina Medical ApS, Vivo Surgical Private Limited, BVI, CooperSurgical Inc., Stryker, Terumo Corporation, June Medical Group, Mediflex Surgical Products, and others.  Key Highlights The global surgical retractors market was valued at USD 2.76 billion in 2030, and it is predicted to increase at a CAGR of 6.8% from 2022 to 2030. Based on type, the market is segmented into handheld and self-retaining. Self-retaining had an estimated market value of USD 1,507.9 million by 2030.  In terms of product, the market can be segmented across abdominal retractors, finger retractors, nerve retractors, orthopedic retractors, rectal retractors, thoracic retractors, ribbon retractors, and others. Abdominal retractors occupied an estimated market value of USD 263.2 million in 2020 and are estimated to grow to a value of USD 400.17 million in 2030. Based on application, the market can be divided into neurosurgery, wound closure, reconstructive surgery, cardiovascular, orthopedic, OB/Gyn, and others, with OB/Gyn witnessing occupying the largest market share.  Based on end-users, the market can be divided into hospitals, ambulatory surgical centers, and clinics. Hospitals accounted for an estimated value of USD 810.5 million in 2020 and will grow to a value of 1,436.2 million by 2030, growing at a CAGR of 5.5%. Geographically, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World, with North America witnessed the largest market share.  Market News In June 2021, Teleflex incorporated announced completing a portion of their Respiratory business to Medline Industries for a cost of SD 286 million.  In May 202, LiNA Medical ApS launched the LiNa OperaScope in European Union.  In May 2021, Medline announced planning to acquire Hudson RCI respiratory consumables from Teleflex.  In May 2021, LiNA Medical ApS collaborated with FEMSelect for trading EnPlace in Pilot territories.  In April 2021, Medtronic plc announced its partnership with Surgical Theater to boost Surgical Theater’s SyncAR Reality technology with Medtronic’s StealthStation S8 surgical navigation. In March 2020, BD teamed with BioGX Inc. to announce they submitted their request to the US FDA for the COVID-19 diagnostic test.  In March 2020, BD partnered with Medtronic for a new POC COVID-19 test kit.  Global Surgical Retractors Market: Segmentation By Type Handheld Self-Retaining By Product Abdominal Retractor Finger Retractor Nerve Retractor Orthopedic Retractor  Rectal Retractor Thoracic Retractor Ribbon Retractor Others By Application Neurosurgery Wound Closure Reconstructive Surgery Cardiovascular Orthopedic Obstetrics Gynecology (Ob/Gyn) Others By End-Users Hospitals Ambulatory Surgery Centers Clinics By Regions North America Europe Asia-Pacific Latin America The Middle East and Africa " Crucial Insights The Report Provides:" * Known and Unknown Adjacencies Influencing the Growth of Market * Explorable Revenue Sources * Customer Behaviour Analysis * Target Partners * Customized Geographical Data Based on Customers as well as Competitors * Analysis of Market Size and CAGR between the Forecast Periods