The microsurgical instruments market is projected to grow at a CAGR of 5.2%
Oct 21, 2019, 12:20 ET
NEW YORK, Oct. 21, 2019 /PRNewswire/ -- The microsurgical instruments market is projected to grow at a CAGR of 5.2%.
The microsurgical 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%. The increasing prevalence of chronic diseases, lifestyle disorders, and cancer; benefits of microsurgeries over traditional surgeries; and the increasing number of surgeries among the geriatric population & growing popularity of plastic and reconstructive surgeries are driving the growth of the microsurgical instruments market.
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Ophthalmic microsurgeries segment to witness the highest growth in the microsurgical instruments market during the forecast period.
On the basis of the type of microsurgery, the microsurgical instruments market is segmented into orthopedic, neurological, ENT, ophthalmic, dental, gynecological & urological, plastic & reconstructive, and other microsurgeries. The ophthalmic microsurgeries segment is expected to witness the highest growth during the forecast period due to the high number of ophthalmic procedures performed across the globe, coupled with the high prevalence of eye diseases, and implementation of favorable initiatives.
Hospitals are the largest end users of microsurgical instruments.
On the basis of end user, the microsurgical instruments market is segmented into hospitals, ambulatory surgery centers, and academic & research centers.The hospitals segment accounted for the largest share of the microsurgical instruments market in 2018 as most surgeries involving the use of microsurgical instruments are carried out in hospitals.
The increasing availability of cutting-edge instruments in hospitals owing to fewer budgetary constraints, the growing number of surgeries performed in these end-user settings, and increasing reimbursements for inpatient procedures are also key factors contributing to the large share of this end-user segment.
The Asia Pacific market is expected to witness the highest CAGR during the forecast period.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the rising prevalence of lifestyle disorders, growing geriatric population, increasing investments for the improvement of the healthcare infrastructure, and rising medical tourism.
Breakdown of supply-side primary interviews:
• By Company Type: Tier 1: 45%, Tier 2: 34%, and Tier 3: 21%
• By Designation: C-level: 47%, Director-level: 33%, and Others: 20%
• By Region: North America: 35%, Europe: 32%, APAC: 25%, and the RoW: 8%
The major players operating in the microsurgical instruments market are B. Braun Melsungen AG (Germany), ZEISS International (Germany), Danaher Corporation (US), Beaver-Visitec International (US), Global Surgical Corporation (US), Haag-Streit Surgical (Germany), KLS Martin Group (Germany), Novartis AG (Switzerland), Olympus Corporation (Japan), Scanlan International (US), Stille (Sweden), and Topcon Corporation (Japan)
Research Coverage
This report studies the microsurgical instruments market based on type, microsurgery type, end user, and region.It also covers factors affecting market growth, analyzes various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders.
Furthermore, the study analyzes micromarkets with respect to their growth trends and forecasts the size of market segments with respect to key regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa (and the respective countries in these regions).
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis—market ranking analysis of the top players and their company profiles, which together comprise and discuss basic views on the competitive landscape, emerging segments of the microsurgical instruments market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help firms garner greater market shares.
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