According to a new report published by Allied Market Research, titled, “Surgical Retractor Market by Product Type, Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the surgical retractor market was valued at $2 billion in 2018, and is expected to reach $3 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
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Majority of surgical procedures require incising the skin of the patient to operate on organs. These incisions are small and narrow, which require the use of surgical retractors to keep them open during the surgical procedure. Thus, a surgical retractor is a medical instrument, which is employed in keeping the surgical incision open while a surgeon operates. These instruments work by holding the tissue or organs out of the way to provide a clear view of the surgical site or organ under operation. Hand retractors, self-retaining retractors, and wire retractors are the various retractors available in the market. A self-retaining retractor allows hands-free operation during a surgery, whereas a hand retractor is held by a surgeon during a surgical operation.
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The major factor that contributes to the growth of surgical retractor market include surge in the number of surgical procedures across the globe. Furthermore, other factors such as rise in healthcare expenditure and surge in prevalence of chronic medical conditions that require surgical procedures for treatment fuel the growth of surgical retractor market. In addition, surge in geriatric population worldwide is another major factor that contributes to the growth of market. However, enforcement of stringent regulations by the FDA for the approval of surgical equipment restricts the growth of surgical retractor market. Conversely, high growth potential in developing economies is expected to offer lucrative opportunities during the forecast period.
The surgical retractor market is studied on the basis of product type, application, and region to provide a detailed assessment of the market. By product type, the market is segmented into hand retractor, self-retaining retractors, table-mounted retractors, wire retractors, and accessories. Depending on application, it is fragmented into abdominal surgeries, cardiothoracic surgeries, orthopedic surgeries, obstetric & gynecological surgeries, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).
Key Findings of the Study:
- Hand retractors accounted for approximately one-third share of the market in 2018.
- North America accounted for approximately half the share of the market share in 2018, and is expected to maintain this trend throughout the forecast period.
- The cardiothoracic surgeries segment is anticipated to grow at fastest CAGR from 2019 to 2026.
- The self-retaining retractors segment is expected to grow at a fastest CAGR during the forecast period.
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