Cervical Retractors Market Growth Report and Size by 2031
The cervical retractors market size is projected to reach US$ 471.86 million by 2031 from US$ 231.75 million in 2023. The market is expected to register a CAGR of 9.3% during 2023–2031. Preference for minimally invasive surgeries is likely to remain key trend in the market.
Cervical Retractors Market Analysis
Increasing incidence of cervical spine disorders such as spinal stenosis, degenerative disorders, and traumatic injuries, technological advancements in surgical devices, and growing geriatric population is fueling the growth of the cervical retractors market. The ongoing healthcare infrastructure development in developing countries and increasing number of spinal surgical procedures is also fuelin the growth of the cervical retractors market.
Cervical Retractors Market Overview
Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. India is among the fastest-developing nations in the world and is among the top leading countries of Asia Pacific. India hosts ~17% of the total world population. The cervical retractors market is expected to flourish during the forecast period owing to an increase in the prevalence of spinal cord injuries, growing geriatric population, and ongoing research activities across the country. According to an article published, ~1.5 million people in India are living with spinal cord injuries. According to Narayana Health, the average annual incidence of spinal injury in India is 15,000. The geriatric population is more susceptible to spinal cord injuries and thus expected to support demand for cervical retractors. For instance, in 2021, the country recorded nearly 138 million elderly populations, comprising 67 million men and 71 million women. Thus, the rapid surge in the geriatric population across the country is likely to propel the market growth during the forecast period.
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Cervical Retractors Market: Strategic Insights
Market Size Value in US$ 200.54 Million in 2021 Market Size Value by US$ 352.91 Million by 2028 Growth rate CAGR of 8.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Cervical Retractors Market: Strategic Insights
| Market Size Value in | US$ 200.54 Million in 2021 |
| Market Size Value by | US$ 352.91 Million by 2028 |
| Growth rate | CAGR of 8.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Cervical Retractors Market Drivers and Opportunities
Rising number of Cervical Spine Surgeries to Favor Market
Cervical degenerative disc disease is not technically a disease, but rather a description of the degenerative process that discs located in the cervical spine go through. Essentially all people who live long enough will develop degenerated discs. Different studies suggest that many adults show no symptoms of degenerative disc disease, even though a high percentage of them still experience the signs of disc degeneration on the spine, in on an MRI. According to one of the studies, ~50% of people start showing some signs of disc degeneration in an MRI by their early 20s. Another study found ~75% of people under age 50 have disc degeneration, while more than 90% of people with age 50 have the degenerative disc disease. While nearly everyone eventually gets cervical degenerative disc disease with age, and factors such as genetics, obesity, and smoking to accelerate the process of developing this disease, so that the people become symptomatic sooner. Thus, an rise in number of cervical spine surgeries is fueling the growth of the cervical retractors market.
Increasing Medical Tourism in Developing Countries act as an Opportunity for Market Growth
The patients travel to other countries due to advanced and sophisticated medical technology devices, equipment, and other products. The medical tourism is rising in Asia Pacific, wherein India is emerging as a favorable destination due to key opportunities available in the country in the form of efficient infrastructures and technology in its healthcare sector. The national medical systems and the health insurance market are well developed globally, which makes it is convenient for visitors from the West and the Middle East. Also, hospital expenses are lower in India than those in the western countries. Further, many European countries are becoming destinations for medical tourism. Poland is one of the most successful medical tourism destinations attracting a large number of patients. The cost of surgical procedures is lesser than that in many the other countries. Offering critical surgeries at cheaper costs increases patient flow to these countries for their medical treatments. Also, the availability of advanced medical techniques and increasing government funding to increase medical tourism are leading to the increasing demand for advanced surgical implants. Further, the advancing healthcare infrastructure in developing countries will likely continue the demand for advanced medical devices, enhancing growth opportunities for the spinal fusion devices market. Growing medical tourism in the emerging nations is offering significant growth opportunities to the players operating in the cervical retractors market.
Cervical Retractors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cervical retractors market analysis are product, and end user.
- Based on product, the cervical retractors market is divided into transverse retractors and longitudinal retractors. The transverse retractors segment held a largermarket share in 2023.
- Based on end user, the cervical retractors market is divided into hospitals, clinics, and others. The hospitals segment held the largest market share in 2023.
Cervical Retractors Market Share Analysis by Geography
The geographic scope of the cervical retractors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The growth in North America is characterized by increase in the demand of cervical retractors from hospitals & clinics, increasing number of patients undergoing minimally invasive procedures, high patient awareness, favorable reimbursement scenario, and highest spending in healthcare. In addition, rising geriatric population, increasing number of chronic diseases, and rising number of spine injuries among countries of the region are likely to account for the growth of the North American cervical retractors market during the forecast years. According to the National Spinal Cord Injury Statistical Center, the annual incidence of traumatic spinal cord injury (tSCI) is ~54 cases one million people in the US, which equals about 18,000 new tSCI cases every year. As per an article ‘2023 United States Spinal Cord Injury Statistics’, about 302,000 people in the US have experienced tSCI. Increasing prevalence of tSCI in the US is fueling the growth of the North America cervical retractors market.
Cervical Retractors Market Report Scope
Cervical Retractors Market News and Recent Developments
The Cervical Retractors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the cervical retractors market are listed below:
- SURE Retractors Inc. announced the first use of their latest product line addition, a new sterile anterior and posterior cervical retractor. SURE radiolucent retractors are single-use, surgery-ready, sterile-packed, and easy to use. (Source: SURE Retractors Inc., Press Release, October 2023)
- SURE Retractors Inc launched their latest product line addition, Sunoptic Surgical Light Wand. The Sunoptic Surgical Light Wand is a single-use, sterile, pre-packaged light source that illuminates the wound site from inside the wound. The state-of-the-art device is designed to provide high-quality illumination for surgical procedures while offering hospitals and clinics a cost-effective light source. (Source: SURE Retractors Inc., Press Release, June 2023)
Cervical Retractors Market Report Coverage and Deliverables
The “Cervical Retractors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Cervical retractors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Cervical retractors market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Cervical retractors market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the cervical retractors market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the cervical retractors market in 2023.
Growing prevalence of age-related cervical conditions and surging geriatric population and rising number of spinal surgeries are among the most influential factors responsible for the market growth.
Prefernece for minimally invasive surgeries is likely to remain key trends in the cervical retractors market.
Aesculap Implant Systems LLC, TeDan Surgical Innovations, Medfix International LLC, Globus Medical, Inc., NSI Health Systems, Thompson Surgical, Novo Surgical Inc., Life Spine, and Rudolf Storz GmbH are among the key players operating in the market.
The cervical retractors market is estimated to reach US$ 471.86 million in 2031.
The cervical retractors market is anticipated to record a CAGR of 9.3% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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