The global surgical retractors market size is expected to reach $3,088.8 million revenue by 2030, advancing at a CAGR of 6.7% during 2021–2030. This can be attributed to the increasing cases of chronic diseases such as cardiovascular diseases and cancer, and the rising percentage of the older population all around the world.
Moreover, surgical retractors are frequently used in open, ophthalmology, endoscopy, dentistry, and dermatology surgeries. The accessibility and affordability of surgical treatments have enhanced in recent times, which has led to the rapid rise in the number of surgeries involving retractors. Moreover, the need for cutting-edge surgical tools, including surgical retractors, is rising due to the increasing incidence of chronic diseases across the world.
The orthopedic retractor category is the largest shareholder in the market, based on product. Since there are a large number of accidents and hip and knee replacement surgeries performed globally, and as a result, the number of orthopedic surgeries is surging. Additionally, 20–50 million additional people have non-fatal injuries, many of which leave them disabled.
The market growth in this category is also expected to rise in the near future, due to improvements in product technologies, companies' efforts to improve product quality, and an increase in usage of such retractors. Also, players offering various retractors facilitate the convenience to surgeons and improve the efficiency of orthopedic surgeries. Thus, these factors are propelling the surgical retractors market size.
The market for surgical retractors in the APAC region stood at $374.6 million in 2021, and it is projected to grow at a CAGR of 7.3% during the forecast period. This can be ascribed to the improving healthcare infrastructure, ongoing development projects in India and China, and rising medical tourism. Additionally, factors, such as the number of trained surgeons is surging and target surgical procedures have increased dramatically, are driving the regional market.
The majority of nations in the region have emerging economies and are accelerating the adoption of cutting-edge technologies. Other main factors influencing the market growth in the region include large multinational corporations investing in R&D in nations like China and India and increasing public and private healthcare spending. For instance, the healthcare expenditure in China stood at $1.04 trillion in 2020, which included government spending and private healthcare expenditure.
Key players in the surgical retractors market have been involved in product launches to remain competitive. For instance:
Some of the major players in the market include Medtronic plc, Terumo Corporation, Medline Industries Inc., Globus Medical Inc., Stryker Corporation, Lina Medical Aps, and Applied Medical Resources Corporation.