Surgical Retractors Market Size

Surgical Retractors Market Analysis

The surgical retractors market is expected to register a CAGR of 7.1% over the forecast period.

The COVID-19 pandemic resulted in the cancellation of many surgeries, which had a temporary impact on the market. Surgical procedures were delayed, and the number of surgical procedures decreased. According to a study published in December 2021 by JAMA Network Open, the overall rate of surgical procedures decreased by 48.0% during the initial shutdown of elective procedures compared to the same period in 2019 in the United States. This decline in surgical procedures led to decreased demand for surgical retractors. The selection of patients for urgent surgery during the pandemic was vital to ensure that patients had post-operative reserves to combat any possibility of being infected with COVID-19. Thus, the reduction in the number of surgical procedures during the COVID-19 pandemic affected the market's growth. However, the postponed surgeries resumed worldwide, which has been driving the market's growth during the post-pandemic period.

The number of surgical procedures due to trauma, hip and knee replacements, and chronic diseases such as cardiovascular diseases where surgery is mandatory is growing. This is the primary growth factor for the surgical retractor market. For instance, as per the research study published in June 2021 by the Journal of Thoracic and Cardiovascular Surgery, a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340 in 2020. Hence, the high number of heart procedures and operations being performed is expected to boost the growth of the surgical retractors market during the forecast period.

The consistent rise in the geriatric population may boost the market's growth. According to the WHO updates from October 2022, one out of every six people on the planet will be 60 years of age or older by 2030. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and above will have doubled to reach 2.1 billion. During 2020-2050, the number of people aged 80 and above is expected to triple, reaching 426 million. Since this age group is more vulnerable to chronic disorders and surgeries, the growing geriatric populace across the world is expected to boost the market's growth. An increase in organ transplants may support the market's growth. According to the data published by the HSRA in March 2022, about 40,000 organ transplants were performed in the United States in 2021. In addition, 26,670 kidney transplants and 9,236 live transplants were performed in the United States in 2021.

Various initiatives taken by the key market players, such as product launches, mergers, acquisitions, and partnerships, are expected to boost the market's growth during the forecast period. In April 2021, Medtronic PLC formed a partnership to interface Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system. This collaboration will enable neurosurgeons to use AR technology in real-time to enhance visualization during complex cranial procedures and possibly the placement of retractors and other surgical instruments during surgeries.

The above-mentioned factors are expected to drive the market's growth across the world. However, the lack of sufficient reimbursement and the increasing preference for minimally invasive surgery are expected to hamper the growth of the surgical retractor market during the forecast period.