The global microsurgery market is expected to reach USD 3.79 Billion by 2028, growing at a CAGR of 6.5% from 2021 to 2028. The market is mainly driven by factors such as an increase in the geriatric population, the increasing prevalence of chronic diseases, growing investments in R&D, among others.
- Under the procedure segment for the global microsurgery market, the transplant sub-segment is expected to hold the largest share of the segment. The growth is attributed to the increasing transplant surgeries such as kidney transplant, liver transplant, heart transplant, lungs transplant, pancreas and intestines, and other surgeries.
- The application segment for the global microsurgery market is expected to be the dominating segment of the market over the forecast period. The general surgery under the application segment is anticipated to dominate the segment and grow at the fastest CAGR over the forecast periods owing to an increase in the number of general surgeries such as Angioplasty (Percutaneous Coronary Intervention - PCI), Knee Replacement, Hip Replacement, and other surgeries.
- Under the end-user segment for the global microsurgery market, the hospitals and clinics sub-segment is expected to hold the largest share of the segment. The growth is attributed to the increasing number of hospitals and clinics to meet the untapped demand from the increasing population.
Some of the key players in the Microsurgery Market include Carl Zeiss AG, Olympus Corporation, Baxter International, Inc., KLS Martin Group, Tisurg Medical Instruments Co., Ltd., Aros Surgical Instruments Corporation, Microsurgical Technology, Inc., Peter Lazic Gmbh, Microsurgery Instruments, Inc., and Aesculap, Inc., among others.
The market growth is attributed to increasing in geriatric population, increasing prevalence of chronic diseases, growing investments in R&D, increasing investments from several private organizations, Increasing government initiations, increasing spending power of consumers in healthcare, growing Technical developments, among others, thus, expected to drive the microsurgery market over the forecast period. Increasing R&D activities and key players’ activities are likely to fuel the market growth. For instance, in 2020, Medical Micro instruments (MMI) launched the world’s smallest wristed surgical instruments which were designed to overcome the complexities of free-flap reconstructions, congenital malformations, replantation, peripheral nerve repairs, and lymphatic surgery. Also, In October 2020, Medical Micro instruments (MMI) announced the development of the Symani Surgical System which is the robotic system that allows surgeons to perform complex microsurgeries with less complication and ease to use.
North America is expected to dominate the global microsurgery market over the forecast period. The growth is attributed to the increasing number of surgeries, increasing prevalence of diseases, and the presence of major key players in the region. In the year 2020, around 39,000 surgeries were carried out in the U.S. thus, owing to the increase in the number of surgeries all over the world is projected to boost the market growth in the near future over the forecast period. Asia Pacific is expected to grow at the fastest CAGR of 9.6% over the forecast period. The growth is attributed to the presence of a large base of population and end-users. Countries such as India and China in the Asia Pacific region are the most populated counties in the world. Thus owing to the presence of a large pool of base population and end-users, it is likely to boost the market growth in the near future over the forecast period.