Favorable reimbursements provided by the government and insurance companies and the rise in the number of novel treatment procedures play an important part in providing growth opportunities to the global surgical retractor market. Surgical retractors are used primarily for cosmetic surgery worldwide. Other factors contributing to the growth of the surgical retractors market include the rise in trauma surgery, hip and knee replacements, and cardiovascular diseases that require surgical procedures. Furthermore, the growing research and development initiatives by the major manufacturing companies are estimated to drive the growth of the global surgical retractor market.
The global surgical retractor market was worth USD 1,623.8 million in 2020 and is further projected to reach USD 2,297.7 million by 2027, at a CAGR of 5.6% during the forecast period (2021-2027).
The growing cases of lifestyle disorders, such as ischemic heart disease, stroke, and peripheral arterial disease have led to the rising number of surgical procedures, thus boosting the growth of the global surgical retractor market. Lifestyle diseases, such as obesity leads to a multitude of disorders like high blood pressure (hypertension), high LDL cholesterol, low HDL cholesterol, type 2 diabetes, coronary heart disease, gallbladder disease, osteoarthritis, and so on, which require patients to undergo surgeries.
North America owns the largest share in terms of revenue in the global surgical retractor market due to certain factors like a surge in the adoption of robot-assisted minimally invasive surgeries and the continuous efforts by key market players to improve their R&D proficiencies to ensure patient and surgeon compliance. These are the major factors driving the global surgical retractor market in North America. Moreover, the presence of major global players locally like Baxter International Inc, The Cooper Companies, Inc., JOHNSON & JOHNSON, etc., have made the surgical retractors very easily and conveniently available to the surgeons and hospitals, which has further driven the growth of the North America surgical retractor market.
Some of the major players in the surgical retractor market are- Baxter International Inc., B. Braun Melsungen AG, The Cooper Companies, Inc., Terumo Corporation, Teleflex Incorporated, Medtronic Plc., MEDLINE INDUSTRIES, INC., JOHNSON & JOHNSON, NOVO NORDISK, Integra Lifesciences Holdings Corporation, HENKE-SASS WOLF, Henry Schein, Inc., Dickinson and Company, CONMED CORPORATION., SKLAR Surgical Instruments., Teleflex Incorporated., Olympus Corporation, Thompson Surgical, Arthrex, Inc., Microsurgical Technology, and other prominent players..