Factors such as the benefits of microsurgery over traditional surgery; the increasing number of surgeries among the geriatric population & growing popularity of plastic and reconstructive surgeries; and the increasing prevalence of chronic diseases, lifestyle disorders, and cancer are driving the growth of the microsurgical instruments market.
The microsurgical instruments market is estimated to grow from $1.7 billion in 2019 to $2.2 billion by 2024, at a CAGR of 5.2%.
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Plastic and Reconstructive Microsurgeries Driving Demand of Microsurgical Instruments:
The plastic & reconstructive microsurgeries segment accounted for the largest share of the microsurgery instruments market. Increasing awareness about cosmetic procedures, coupled with growing disposable incomes, is a major factor driving the demand for cosmetic treatments via microsurgeries. Additionally, the significant growth in the number of cosmetic and reconstructive microsurgeries performed and the extensive use of microsurgical instruments in plastic & reconstructive surgeries are also expected to support market growth in the coming years.
Increasing Demand of Operating Microscopes in Microsurgical Instruments:
The operating microscopes segment accounted for the largest share of the microsurgery instruments market. The increasing number of ophthalmic surgeries performed have driven the adoption of operating microscopes as these are commonly used in glaucoma and cataract procedures.
North America Dominating The Global Market:
On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market. This can primarily be attributed to the large pool of patients, rising geriatric population, increasing preference for minimally invasive surgeries, growing demand for surgical/operating microscopes.
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Key Market Players:
B. Braun Melsungen AG (Germany), ZEISS International (Germany), Danaher Corporation (US), Beaver-Visitec International Inc. (US), Global Surgical Corporation (US), Haag-Streit Surgical (Germany), KLS Martin Group (Germany), Microsurgery Instruments (US), Novartis AG (Switzerland), Olympus Corporation (Japan), Scanlan International (US), Stille (Sweden), and Topcon Corporation (Japan) are the major players operating in the microsurgical instruments market.
ZEISS is a prominent player in the microsurgery instruments market. The company’s products are used in dental, neuro, ENT, ophthalmic, spine, plastic & reconstructive, and gynecological microsurgeries. In order to further strengthen its position in the market, ZEISS focuses on the strategy of product launch. For instance, in October 2018, the company launched the EXTARO 300 dental microscope, which provides breakthrough visualization modes and enables efficient caries detection.