The surgical retractors industry has garnered $1,719.2 million revenue in 2021, and it is projected to generate $3,088.8 million in 2030, advancing at a rate of 6.7% from 2021 to 2030. It is ascribed to increasing incidences of chronic diseases, a rising geriatric population, and a worldwide growing preference toward minimally invasive surgeries.
For instance, heart and lung diseases are the major areas of health concern in India, which results in millions of deaths in India each year. Thus, there is a massive demand for surgical procedures to treat various diseases.
The growing preference for minimally invasive surgeries leads to rising demand for self-retaining retractors. These retractors help in maintaining hygiene and cleanliness during operations and are utilized for performing numerous complex surgeries, including spinal tumor surgeries.
The self-retaining retractors can help surgeons to perform various operations efficiently and retain the tissues without utilizing the hands. It can also prevent pressure on the spinal cord. Therefore, it is projected to witness the fastest growth, accounting for 7.1%, in the coming years.
North America captures the largest industry share, accounting for 30%. It is ascribed to rising incidences of chronic diseases with shifting lifestyles, an increasing elderly population, and technological advancements in the healthcare sector.
In addition, the demand for home healthcare services is rising, led by the increasing elderly population in the U.S. It is estimated that, the elderly population aged around 65 years or more will reach 90 million.
Moreover, Canada is focusing on developing the healthcare infrastructure to fulfill the rising healthcare requirements. The majority of surgeries conducted in Canada include hip and knee replacement surgeries, cesarean-section deliveries, and others, that need a large number of surgical retractors.
Furthermore, the rising number of industry players resulted in a growing focus on rolling out new versions and enhancing the product line to stay on the competitive edge. Thus, it is projected to drive industry growth.