Surgical retractors are medical tools that widen incisions during surgery, aiding visibility by pulling back tissues and organs, and preventing damage during the procedure.
Technological Advancements and Rise in the Number of Surgeries Drives Demand for Surgical Retractors
Over the years, there have been several technological advancements in surgical retractors which is fuelling its demand. For instance
- In November 2023, JUNE Medical’s Galaxy II® self-retaining surgical retractor received Medical Device Regulation (MDR) certification from BSI Group for its use in the European Union for its high quality and safety. The product finds usage across ENT, paediatrics, dentistry, vascular surgeries and other surgical specialties
- In August 2021, Advanced Surgical Retractor Systems, Inc. announced the first major advancement in surgical retractor technology in nearly 50 years with the launch of new TITAN CSR. The TITAN CSR is a lightweight titanium surgical retractor that provides trauma and emergency surgeons 50x faster setup speed and optimal exposure without a post or table attachment
The surge in demand for surgical interventions addressing trauma, hip and knee replacements, and chronic ailments like cardiovascular diseases is another key factor propelling the growth of the surgical retractor market.
Rise in Plastic & Reconstructive Surgeries, Organ Transplants and Geriatric Population Boosts Market Growth
Surgical retractors are used during plastic & reconstructive surgeries for retracting skin, tissues, and muscles. They help in holding back underlying organs or tissues and allow healthcare specialists better visibility and access to the exposed area. As per The International Society of Aesthetic Plastic Surgery (ISAPS), despite COVID-19 pandemic, in 2022 there was an 11.2% increase in procedures performed by plastic surgeons. Globally more than 14.9 million surgical and 18.8 million non-surgical procedures were performed. With an expected rise in plastic & reconstructive surgeries globally, the market for surgical retractors is expected to rise in the coming years.
The continual increase in the elderly population presents a potential catalyst for market expansion. As per WHO updates from October 2022, one in six individuals globally will be aged 60 or older by 2030. This number is projected to rise from 1 billion in 2020 to 1.4 billion by 2050. The global population of those aged 60 and above is expected to double to 2.1 billion by 2050, and the number of individuals aged 80 and above is anticipated to triple, reaching 426 million during 2020-2050. Given the susceptibility of this age group to chronic ailments and surgeries, the increasing elderly demographic worldwide is poised to drive the market growth. Additionally, a surge in organ transplants is further expected to bolster the market growth. According to HSRA data from March 2022, approximately 40,000 organ transplants were conducted in the United States in 2021, including 26,670 kidney transplants and 9,236 live transplants.
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Surgical Retractors Market: Competitive Landscape
Some of the top key players operating in the surgical retractors market include Teleflex Incorporated, Terumo Corporation, Medline Industries, Inc., CooperSurgical, Integra Lifesciences Holdings Corporation, Medtronic, Plc., Henry Schein, Inc., B Braun Melsungen Ag, Becton, Dickinson and Company, among others.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market
Players operating in this market are adopting organic and inorganic growth strategies such as launching new products, acquiring related firms, and entering into collaborations to garner higher market share. For instance,
- In November 2023, Microline Surgical, Inc., a subsidiary of HOYA Corporation, acquired the rights to certain laparoscopic instrumentation assets from RETRACTION Limited. The acquisition included REVEEL branded products which are used by surgeons for liver retraction in laparoscopic surgeries
- In August 2022, Spineology Inc. unveiled OptiLIF Endo, a revolutionary ultra-minimally invasive system that utilizes a single tubular retractor for the seamless integration of endoscopes and endoscopic equipment in lumbar interbody fusion procedures
- In May 2021, obp introduced a new spin-off company called obp Surgical Corporation, dedicated to the ongoing innovation of the essential tools utilized by surgeons
The Surgical Retractors Market is expected to gain further momentum in the coming years due to the rising demand for plastic and reconstructive surgeries, high growth opportunities in emerging countries, growing usage in outpatient surgeries, rise in healthcare expenditures, and aggressive organic and inorganic growth strategies followed by the players.
Key Strategic Questions Addressed
- What is the market size and forecast for the Surgical Retractor Market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Surgical Retractor Market?
- What are the major growth drivers, restraints/challenges impacting the market?
- What are the opportunities prevailing in the market?
- What is the investment landscape?
- Which region has the highest share in the market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the market? What is the competitive positioning of key players?
- Who are the new players entering the market?
- What are the key strategies adopted by players?
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants
Demand Side Stakeholders: Hospitals, Clinics, Surgical, among others
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & and internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.