Surgical Retractor Market by Type [Hand-Held Retractors and Self-Retaining Retractors], Application [Abdominal Applications, Orthopedic Applications, Obstetric & Gynecological Applications, Cardiovascular Applications, and Urological Applications], End User [Hospitals and Ambulatory Care Centers]– Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global surgical retractor market was pegged at ~US$ 1.81 billion in 2020. The market is expected to witness a CAGR of ~7% from 2021 to 2031.
Growing geriatric population coupled with the rising prevalence of chronic diseases, increasing number of surgical procedures, and availability of application-specific retraction products are some of the pivotal factors propelling the growth of the surgical retractor market. However, the rising demand for minimally invasive surgery (MIS) as an alternative to open surgeries is likely to restrain the market growth to a certain extent.
Regulatory approvals and clearances from the government bodies help fast-track the development and commercialization of surgical refractors products. For instance, in October 2017, OBP Medical received regulatory approval from Brazil’s National Health Surveillance Agency (or Agência Nacional de Vigilância Sanitária (ANVISA)) to market ONETRAC. Furthermore, in September 2017, OBP Medical received approval from Health Canada for ONETRAC. OBP’s ONETRAC is the first single-use cordless surgical retractor with an integrated LED light source and smoke evacuation channel.
Chronic diseases such as cancer, heart attack and stroke, and chronic respiratory problems are the leading causes of death globally. According to the WHO, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Whereas, according to WHO, cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. About 1 in 6 deaths is due to cancer globally. Hence, the rising prevalence of these diseases coupled with the increasing number of surgeries is expected to propel the growth of the market.
In an effort to maintain their position in the market, the prominent players are continuously making an effort to launch several novel and advanced surgical retractors. For instance, in December 2020, JUNE Medical launched the Galaxy II LUX self-retaining ring retractor with light. This refractor offers surgeons better access and a clearer view of the surgical site and eliminating the disadvantages of using overhead lighting.
However, the rising demand for minimally invasive surgery (MIS) is expected to restrain the market to a certain extent. MIS is emerging as an alternative to traditional open surgery as well as laparoscopic techniques. Benefits provided by the minimally invasive surgeries over traditional open surgeries such as smaller incisions, lesser pain, shorter hospital stay, faster recovery, less scarring, and less blood loss have increased their demand. This factor is expected to lower the number of open surgeries and hinder the adoption of traditional retractors and thereby hampering the growth of the market to a certain extent.
The Asia Pacific region is projected to be the fastest-growing surgical retractor market. The high growth of the region can mainly be attributed to the presence of a large patient pool, developing healthcare infrastructure, and increasing number of surgeries. Countries such as India and China in the APAC region are projected to offer significant growth opportunities owing to the increasing prevalence of chronic diseases and the rising geriatric population in the region.
Some of the prominent players operating in the surgical retractor market are Johnson & Johnson Services, Inc., BD, Stryker, Terumo Corporation, Medtronic, B. Braun Melsungen AG, Teleflex Incorporated, Integra LifeScience, Cooper Surgical Inc., and Globus Medical, among others.