Surgical Retractors Market

Market Synopsis:

The Global Surgical Retractors Market was valued at USD 1,179.5 Million in 2021 and is projected to reach a value of USD 1,626.3 Million by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.5% over the forecast period.

The Surgical Retractors Market is witnessing growth due to the increased demand for Surgical Retractors devices and their applications in the healthcare sector and the rising prevalence of chronic diseases. In addition, the growing need for surgical therapy will further enhance the demand for Surgical Retractors in the coming years. Furthermore, the increased use of minimally invasive surgeries and the intense Research and Development (R&D) emphasis on the leading market competitors are some of the factors fueling the market growth. According to the World Federation of Neurology, neurological disorders kill 12% of all neurology patients each year.

Additionally, according to the World Health Organisation (WHO), the number of Disability-Adjusted Life Years (DALYs) lost due to neurological illnesses is likely to increase globally. As a result, surgical procedures are one of the primary therapeutic choices for neurological disorders. Moreover, the Surgical Retractors Market is likely to be driven by an increase in the number of neurological surgeries and high demand for Surgical Retractors tailored explicitly for these procedures.

Market Segmentation:

The Surgical Retractors Market is segmented on Type, Products, Applications, End Users, and Region. Based on the Type segment, the market is further segmented into Handheld and Self Retaining. Furthermore, based on the Products, the market is further divided into Abdominal Retractor, Finger Retractors, Nerve Retractors, Orthopedic Retractors, Rectal Retractors, Thoracic Retractors, Ribbon Retractors, and Other Products. Likewise, based on the Applications, the market is further segmented into Neurosurgery, Wound Closure, Reconstructive Surgery, Cardiovascular, Orthopedic, Obstetrics & Gynecology (Ob/Gyn), and Other Applications. In addition, based on the End Products, the market is bifurcated into Hospitals, Ambulatory Surgical Centers, and Clinics.

Based on Type:

According to the Type, Hand Retractors accounted for the most significant share of the Surgical Retractors Market. These devices are frequently used in plastic surgeries, and also in tiny bone and joint procedures. These factors are credited to the segment's growth. As a result, an increase in plastic operations conducted worldwide is a primary element driving the industry forward. However, due to the device's locking technology, which allows the surgeon to utilize both hands, the self-retaining retractors segment is expected to increase at the quickest rate throughout the forecast period. As a result, the surgeon will have a more convenient surgery. Other factors contributing to the market's growth include increased awareness about using self-retaining retractors and increased healthcare costs.

Based on Applications:

The Abdominal Surgeries segment acquired the largest market share, owing to a surge in the number of Abdominal surgeries performed worldwide. Surgical incisions are required for abdominal procedures to obtain a better view of the organs involved in the surgery. As a result, the demand for Surgical Retractors in Abdominal surgeries is increasing, which is expected to boost the market growth during the forecast period. On the other hand, the Cardiothoracic surgeries sector is predicted to develop at the fastest rate during the forecast period, owing to an increased frequency of cardiac disorders globally.

North America Dominates the Surgical Retractors Market

North America led the market, accounting for 30.4% of the total revenue. This growth can mainly be attributed to the increasing number of preventing surgeries, high demand for cosmetic and reconstructive surgeries and the growing burden of chronic disorders, such as cancer, diabetes, and autoimmune diseases, increasing adoption of technologically improved equipment, as well as a growing preference for an increase in the adoption of robot-assisted minimally invasive procedures.

Furthermore, North America is expected to have a considerable market share due to its well-established healthcare infrastructure, constant growth in the number of surgical procedures, key market competitors, increased research and development proficiencies, and rapid adoption of advanced technologies. Besides that, leading market participants' ongoing attempts to improve their Research and Development (R&D) capabilities and patient and surgeon compliance are driving the market growth.

Competitive Landscape:

The key players in the Global Surgical Retractors Market include- Medtronic, Becton Dickinson & Company (BD), Medical Devices Business Services Inc., Teleflex Incorporated, Medline Industries Inc., B. 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, Chamfond Biotech Co. Ltd, Applied Medical Technology Inc. (AMT), Microcure (Suzhou) Medical Technology Co. Ltd., Changzhou Haiers Medical Devices Co. Ltd, Boston Scientific Corporation, Coloplast and others.

Segmentation of the Global Surgical Retractors Market: