Surgical Retractors Market SWOT and PEST Analysis 2021-2031
The surgical retractors market size in 2021 stood at US$ 1.60 billion and is projected to reach US$ 2.57 billion by 2031. The market is expected to register a CAGR of 5.2% in 2023–2031. Technological developments in surgical retractors are likely to remain key surgical retractors market trends.
Surgical Retractors Market Analysis
The growing demand for surgical treatments and improvements in surgical techniques are the factors supporting the expansion of the surgical retractors market. Surgical retractors are becoming increasingly popular in a variety of surgical specialties as they are essential for providing optimal surgical exposure and enabling accurate and safe procedures. Furthermore, the market has grown as a result of the aging population and the increasing incidence of chronic diseases, both of which often need surgical interventions for diagnosis and treatment.
Surgical Retractors Market Overview
Surgical retractors are used to separate the ends of surgical incisions or wounds. These instruments are used physically or robotically in performing surgical procedures. In the field of the healthcare industry, research and developments have been growing with functional space and leading the players to introduce new products in the market. The innovations for surgical products have enabled players to manufacture non-minimally invasive products. Several market players are engaged in designing and manufacturing uniquely engineered table-mounted retractor systems that are used in surgeries. For instance, the Mini-Bookler is the world’s first table-mounted system, which was launched by the Mediflex Surgical Products. The system was specially designed for adult and neonatal small incision surgery. In addition, increasing usage of hand retractors that permit an assistant to move tissue away from the surgical instruments and safeguard the vital structures in the procedure also contribute to the growth of the market in the forecast period.
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Surgical Retractors Market: Strategic Insights
Market Size Value in US$ 2,153.40 Million in 2018 Market Size Value by US$ 3,724.46 Million by 2027 Growth rate CAGR of 6.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Surgical Retractors Market: Strategic Insights
| Market Size Value in | US$ 2,153.40 Million in 2018 |
| Market Size Value by | US$ 3,724.46 Million by 2027 |
| Growth rate | CAGR of 6.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Surgical Retractors Market Drivers and Opportunities
Increase in the Number of Surgeries Drives the Market Growth
The number of cardiovascular, general, orthopedic, gynecological, and cancer surgeries performed in hospitals is increasing worldwide. Surgery is becoming more and more common because of the growing number of trauma, hip and knee replacements, and chronic conditions, such as cardiovascular disease, that require surgery. As per the National Library of Medicine, a total of 310 million major surgeries were performed every year worldwide, out of which ~40-50 million were performed in the US and ~20 million in Europe. In addition, as per the German Society for Thoracic and Cardiovascular Surgery registry data published in 2023, a total of 93,913 procedures were categorized as heart surgery procedures in the classical sense. Of these, 27,994 procedures were isolated coronary artery bypass grafting procedures, and 38,492 procedures involved isolated heart valve procedures in 2022. In 2022, 356 isolated heart transplantations, 228 isolated lung transplantations, and 5 combined heart-lung transplantations were performed in the country. Similarly, new government statistics reveal that the number of hip replacement procedures performed in the US has grown substantially, and these procedures have become common in young people. Therefore, the large number of surgical procedures being performed is anticipated to fuel the demand for surgical retractors, thereby driving the growth of the market.
Increasing Growth Opportunities in Emerging Nations to Favor Market Growth
Emerging nations, such as China, Brazil, Mexico, and India, offer substantial development opportunities for players operating in the market. The rapid expansion of healthcare infrastructure and rising public and private healthcare spending in these nations are contributing factors to the increasing demand for surgical retractors in emerging nations. Expanding medical tourism in developing countries, due to the low cost of surgical treatment choices as well as advanced and sophisticated medical technology devices and other equipment, also offers new growth opportunities for surgical retractor players. In addition, a sharp increase in target surgical procedures throughout these countries, along with a growing number of highly skilled surgeons, is expected to fuel the overall market growth. Rapid expansion in healthcare infrastructure and modernization of healthcare facilities are also witnessed in developing nations. Thus, these factors support the rise in the procurement of surgical instruments and medical equipment, thereby offering growth opportunities to the market in the future.
Surgical Retractors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the surgical retractors market analysis are product type, application, and end user.
- Based on product type, the surgical retractors market is divided into hand retractors, self-retaining retractors, wire retractors, and others. The hand retractors segment held the largest market share in 2023. In addition, the self-retaining retractors segment is anticipated to register the highest CAGR during the forecast period.
- By application, the market is segmented into obstetrics & gynecology, cardiovascular, neurosurgery, orthopedic surgery, reconstructive surgery, wound closure, and others. The obstetrics & gynecology segment held the largest share of the market in 2023. In addition, reconstructive surgery segment is projected to register the highest CAGR during the forecast period.
- Based on end user, the surgical retractors market is divided into ambulatory care centers; hospitals, clinics, & surgical centers; and maternity & fertility centers. The hospitals, clinics, & surgical centers segment held the largest market share in 2023. In addition, the maternity & fertility centers segment is anticipated to register the highest CAGR during the forecast period.
Surgical Retractors Market Share Analysis by Geography
The geographic scope of the surgical 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 surgical retractors market. North America market is growing due to a number of factors, including the well-developed healthcare facility centers equipped with modern-age equipment and instruments, an increasing number of plastic surgeries, and rising number of surgical procedures. In addition, the demand for the market in the region is anticipated to grow significantly during the forecast period owing to growing incidences of chronic diseases such as cardiovascular diseases, diabetes, surgical wounds, and other chronic diseases, as well as the availability of technologies for a robust medical infrastructure. According to the Journal of Thoracic Disease, ~530,000 general thoracic surgeries are performed yearly in the US by ~4,000 cardiothoracic surgeons. According to the American Joint Replacement Registry (AJRR), it is estimated that ~3.48 million people will require knee replacement by 2030.
Asia Pacific is anticipated to grow with the highest CAGR in the coming years. The growth of the surgical retractors market in this region is primarily due to rising geriatric population, increasing chronic diseases, and growing healthcare expenditure.
Surgical Retractors Market Report Scope
Surgical Retractors Market News and Recent Developments
The surgical retractors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for surgical retractors and strategies:
- Orthofix Medical launched two access retractor systems for minimally invasive spine procedures. The commercial launch of the Lattus lateral access system and the Fathom pedicle-based retractor system bolsters the company’s access solutions portfolio. The Lattus system is easy to use and provides versatility. The blade retraction strength, along with the ‘down-and-out’ splay feature, allows surgeons to access challenging anatomy. (Source: Orthofix Medical Inc., Press Release, 2023)
- JUNE Medical has launched the Galaxy II LUX – the world’s first self-retaining ring retractor with light. The Galaxy II LUX combines the award-winning Galaxy II retractor with Vivo Surgical’s KLARO light that can be mounted on the retractor via a purpose-designed clip. It provides surgeons with a revolutionary solution, giving them better access and a clearer view of the surgical site, and eliminating the disadvantages of using overhead lighting or personal headtorches. The lightweight, self-retaining retractor features unique cam locks that allow single-handed adjustment on the frame, and there are multiple frames and hooks to suit a range of procedures. (Source: JUNE Medical, Press Release, 2020)
Surgical Retractors Market Report Coverage and Deliverables
The “Surgical Retractors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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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