Market Trends of Surgical Retractors Industry
This section covers the major market trends shaping the Surgical Retractors Market according to our research experts:
Orthopedic Retractors Segment is Expected to Hold a Major Share
By application, the orthopedic retractors segment is anticipated to register a significant CAGR due to the growing number of orthopedic procedures. Factors such as the growing geriatric population, the rising number of accidents leading to permanent orthopedic ailments, and hip and knee replacement procedures around the world are driving the segment's growth.
According to the data published by the National Highway Traffic Safety Administration in May 2022, traffic fatalities increased by 10.5% in 2021 from 2020. Fatalities on urban roads increased from 57.0% in March 2020 to 62.0% in March 2021, registering a growth of 5.0%. According to the data published by the WHO in June 2022, road traffic injuries are one of the leading causes of death among young adults (aged 5 to 29 years) and children. Around 93.0% of the world's fatalities mostly occur in middle- and low-income countries. The increase in accident cases has increased the number of amputations across the world. For instance, according to the article published by the National Library of Medicine in January 2022, the prevalence of amputations was 1.6 million in 2005, which is expected to double by 2050. One of the major causes of upper limb amputations is trauma, which accounts for almost 80.0% of acquired amputations. Surgical retractors are commonly used for amputation surgery. Such instances are anticipated to drive the segment's growth over the forecast period.
The above-mentioned factors are anticipated to propel the demand for orthopedic surgical retractors, driving the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the market over the forecast period. In North America, the United States held a significant share of the market due to the increasing geriatric population, a large patient population, and a growing number of various surgical procedures. Growth in the number of surgeries, such as gynecological, abdominal, cardiothoracic, and orthopedic surgeries, is expected to boost the demand for surgical retractors during the forecast period.
According to the April 2021 data of the University of Alabama at Birmingham, every year, 350,000 CABG surgeries are performed in the United States. The rising prevalence of cardiovascular disorders and obesity rates is attributed to the market's growth in this region. For instance, according to the CDC's 2022 update, 18.2 million adults had coronary artery disease, and approximately 70% of these patients underwent surgery. The United States records nearly 35 million hospital stays each year. Hence, this rise in hospital stays and surgeries is expected to drive the market's growth. The increasing number of injuries due to road accidents in the United States resulted in increased surgical procedures, thereby increasing the usage of surgical retractors. According to the data published in March 2022 by ASIRT, annually, 4.4 million Americans are injured seriously enough to require medical attention in the United States.
According to a study published in November 2021 by Surgical Endoscopy, laparoscopic cholecystectomy is the most common abdominal surgical treatment in the United States, with over 750,000 procedures performed annually. These procedures use surgical retractors, which is expected to boost the market's growth in the country.
Thus, the aforementioned factors are expected to boost the market's growth in North America over the forecast period.
