According to the new market research report "Microsurgical Instruments Market by Type (Operating Microscopes, Micro Sutures (Non-Absorbable & Absorbable), Forceps, Needle Holder), Microsurgery (Plastic, Ophthal, ENT, Orthopedic, GYN), End User (Hospitals, ASCs, Academia) - Global Forecast to 2024", published by MarketsandMarkets™, the Surgical Instruments Market is projected to reach USD 2.2 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 5.2% during the forecast period.
The adoption of surgical instruments is growing across major regions majorly due to the benefits of microsurgeries over traditional surgeries; 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.
The plastic & reconstructive microsurgeries segment accounted for the largest share of the microsurgical instruments market, by microsurgery type, in 2018
On the basis of microsurgery type, the surgical instruments market is segmented into orthopedic, neurological, ENT, ophthalmic, dental, gynecological & urological, plastic & reconstructive, and other microsurgeries. Among these, the plastic & reconstructive microsurgeries segment accounted for the largest share of the microsurgical instruments industry in 2018. 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.
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The operating microscopes segment is expected to register the highest growth in the microsurgical instruments market, by type, during the forecast period
On the basis of type, the surgical instruments market is segmented into micro forceps, micro scissors, microsurgery needle holders, micro sutures, operating microscopes, and other microsurgical instruments. The operating microscopes segment is expected to register the highest growth during the forecast period. 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 dominates the microsurgical instruments market
North America accounted for the largest share of the surgical instruments market in 2018. The large share of this region is attributed to the large patient pool, rising geriatric population, increasing preference for minimally invasive surgeries, growing demand for surgical/operating microscopes, increase in healthcare expenditure, and growing awareness of microsurgical techniques among surgeons.
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B. Braun Melsungen AG (Germany), ZEISS International (Germany), Danaher Corporation (US), Olympus Corporation (Japan), Novartis AG (Switzerland), Karl Kaps GmbH & Co. KG (Germany), Scanlan International (US), Topcon Corporation (Japan), Global Surgical Corporation (US), Haag-Streit Surgical (Germany), Accurate Surgical & Scientific Instruments (US), and Stille (Sweden) are some of the key players in the microsurgical instruments Industry.
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.