Surgical Retractors Market: Insights into Key Prospects

In recent times, adopting a sedentary lifestyle has led to the growing prevalence of chronic disorders, including diabetes, cancer and increasing demand for ophthalmic and orthopedic procedures. The annual incidence of knee osteoarthritis is highest between the age of 45-65 years, amounting to 45% of patients. With the surge in the number of medical procedures, the demand for surgical instruments such as retractors is expected to rise.

The global surgical retractors market was worth $2.19 billion in 2021 and is predicted to increase at a CAGR of 6.01% during the forecast period 2022 and 2028.

The market growth is attributed to the rising number of cardiovascular disease cases and growing musculoskeletal disorders. Additionally, quick adoption of technological advancements and an increase in R&D and investments by market players are anticipated to boost the market’s growth.

Surgical Retractors Market Outlook

Medical devices are vital in checking and providing appropriate treatment to patients to enhance their health. One such instrument is the surgical retractors, utilized in various procedures, including solid, cardiothoracic, and stomach operations. Hand, self-holding, and wire are various types of surgical retractors used in medical procedures.

As per World Health Organization, cardiovascular diseases are rising, being the top 10 causes of death. In 2019, around 17.9 million people died from such diseases, amounting to 32% of global deaths. Such numbers denote the necessity of medical care and surgery to overcome diseases such as coronary heart disorder, cerebrovascular disorder and others.

A recent analysis of Global Burden of Disease (GBD) data showed approximately 1.71 billion people globally have musculoskeletal conditions. These conditions are treated with surgeries such as knee replacement surgery, hip surgery, shoulder replacement surgery, spinal surgery etc.

The increase in cardiovascular diseases and musculoskeletal disorders makes cardiothoracic surgery the largest share in the application segment market, growing at a CAGR of 4.91%. The segment’s growth is attributable to the market players such as B Braun, who sells Heart XS Sternum Retractor, which gives the median access to cardiothoracic surgery. It is a modular sternum retraction system for open median sternotomy – applicable for surgeries with and without a heart-lung machine.

Furthermore, the demand for retractors such as handheld, self-retaining and other types has grown over time. Among all, Handheld retractors hold the highest share in the type segment. It represented 45.31% of the entire market. The companies like world precision center create handheld retractors such as 'Senn,' a double-ended instrument used in procedures such as orthopedic surgeries.

Currently, Asia-Pacific is expected to be the fastest-growing region in the market, with a CAGR of 7.01%. The region is home to densely populated countries with a large number of geriatric people with an increased risk of cardiovascular diseases. Such ailments necessitate surgery, leading to the market’s growth.

Competitor’s Take on Technological Advancements

The entrance barriers in the studied market range from low to medium. New participants are entering the market with organ-specific tailored retractors. The combination of existing designs and advanced technologies is likely to aid in the replacement of traditional retractors. One of the most recent examples of such integration is the illuminated retractor, predicted to swiftly produce significant growth in the future.

Key strategic Initiatives:

• In 2020, June Medical partnered with Vivo Surgical to launch the Galaxy II LUX self-retaining ring retractor with light.
• In April 2021, Medtronic plc announced an agreement with Medtronic's StealthStation S8 careful course structure to integrate Surgical Theater's SyncAR extended reality development.
• In May 2019, OBP, a leading developer of self-contained and single-use medical equipment, announced the release of Onetrac LX, a newly developed single-use cordless surgical retractor.
• In January 2018, QSpine, a medical device manufacturer in the United Kingdom, announced the release of the SURE Single Use Retractor, which delivers optimal operating conditions at the surgical site.

Concluding Statement

The growth of the surgical retractors market is due to the rise in surgeries and the presence of international companies. However, the market may face certain challenges with the technological developments and rising awareness of minimally invasive surgery. Such procedures are gaining popularity due to the small incisions, and a few stitches used, avoiding unnecessary damage to the body. Although owing to their high cost and lack of resources, these surgeries are not an option for developing countries. Thus, traditional surgical methods will witness steady growth in the future.

FAQ

Q1) Which is the largest-growing region in the market?

North America is expected to be the largest-growing region, with 1002.17 million in 2021 and is anticipated to reach $1458.24 million by 2028, growing at a CAGR of 5.55% during the forecast period.

Q2) What are segments covered in the surgical retractors market?

Type, Application and End-user are the main segments covered in the surgical retractors market.

Q3) Which are the key end-users of the surgical retractors market?

Hospitals, Ambulatory Care Centers, and others are the end-users of the market.