Microsurgery Market Profiles, Trend Analytics, Growth Values and Forecast to 2023
Market Overview:
Microsurgery is a procedure in which specialized precision tools & techniques are combined to achieve high-quality magnification to operate delicate body parts such as blood vessels, soft tissues, nerves, cornea, retina, veins, and arteries. Microsurgery is typically performed on the areas around ENT, i.e., ear, nose, and throat where the structure is small and delicate.
Usually, microsurgery is not the first option for the treatment of reconstructive problems, but it can be used to fix complex reconstructive issues in place of other procedures such as primary closure, skin grafting, and in healing wounds caused in an accident (Trauma) and in restoring the function after the surgical procedures conducted in the treatment of chronic diseases.
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However, these surgeries are also predominantly used for the treatment of congenital deficiencies and cancer. The microsurgery market is growing at a rapid pace mainly due to the increasing prevalence of cancer, ophthalmic diseases, and other chronic diseases. Moreover, the rising uptake of these surgeries in secondary intention or local and regional flap transfer is accelerating the market on the global platform.
Acknowledging the exponential growth, the market is witnessing at present, Market Research Future (MRFR) in its recently published analysis asserts that the global Microsurgery Market will reach the valuation of USD 2688 MN by 2023, registering CAGR of 6.70% through the assessment period (2018-2023).
Global Microsurgery Market - Segments
For ease of understanding, the market has been segmented into four key dynamics: -
By Application : Ophthalmology, General Surgery, Plastic Surgery, Orthopaedic Surgery, Gynaecological Surgery, Oncology, Oral Surgery, and Neurosurgery among others.
By Procedure :Replantation (fingers & thumbs, ear, scalp, nose, and others.), Treatment of Infertility (tubal obstructions, vas deferens obstructions, and varicocele.), Free Tissue Transfer, and Transplantation among others.
By End-users : Research Organizationsand Hospitals & Clinics among others.
By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.
Global Microsurgery Market - Regional analysis
The North American region, heading with the favorable reimbursement scenarios practiced in the region, will continue with its dominance over the global microsurgery market. Moreover, the quadrupling number of cancer population and increasing prevalence of neurological diseases & deficiency diseases along with the high healthcare expenditures, drive the growth of the microsurgery market in the region.
The US, backed with the wide uptake of advanced technologies accounts for the key contributor for the growth of the regional market. Owing to the rising government support for R&D the region is estimated to accrue exponentially by 2023, registering a phenomenal CAGR from 2018 to 2023.
The microsurgery market in the European region accounts for the second-largest market, globally. Factors such as the availability of funds for R&D activities, well-proliferated healthcare sector, and the increasing awareness towards the accessibility to these surgeries, drive the growth of the microsurgery market in the region. Undoubtedly, the resurging economy in Europe is playing a vital role in the growth of the market, acting as a major tailwind.
The Asia Pacific microsurgery market has emerged as a profitable market, globally. Rapidly developing countries such as China and India, backed by the vast patient population and the availability of low-cost procedures are expected to lead the microsurgery market in the region. Moreover, factors such as a rapidly growing healthcare sector will foster the market growth, meeting to a large number of unmet needs over the forecast period.
Some of the Asian countries such as Vietnam, Thailand, and Malaysia are also expected to contribute significantly to the growth of the regional market. Furthermore, the growing penetration of healthcare insurance is expected to drive the microsurgery market in the APAC region.
Global Microsurgery Market - Competitive Analysis
Fiercely competitive, the global Microsurgery market appears to be highly fragmented due to the presence of several well-established, small players as well as new entrants. These players incorporate strategic initiatives such as collaboration, acquisition, expansion, strategic partnership, and technology launch. Heavy investments are transpired in clinical trials and the development of effective surgeries.
Well-established players are emphasizing upon expansion of their network and product distribution mainly into the developing economies. High growth potential demonstrated by this market is likely to attract many entrants encouraging them to join the market which as a result, will intensify the competition in the market, further. The market is expected to witness the increasing number of product/service extensions and technological innovations.
Major Players:
Key players leading the global microsurgery market include Aesculap, Inc., S&T AG, Synovis Micro Companies Alliance, Inc., B. Braun Company, Ethicon Inc., Smith & Nephew, Stryker Corporation, Alcon (Novartis), Medtronic Plc, Zimmer Biomet Holdings, Carl Zeiss Meditec AG, Microsurgery Instruments, Inc., Peter Lazic GmbH, Tisurg Medical Instruments Co., Ltd., AROSurgical Instruments, Microline Surgical, and Halma Plc. Among others.
Industry/Innovation/ Related News:
March 14, 2019 ---- SM Health Saint Louis University Hospital (the US), a renowned academic medical center announced the availability of two microsurgical options that have emerged recently - Vascularized lymph node transfer surgery and Lymphaticovenular bypass surgery to treat lymphedema patients offering them a permanent solution for their severe problems.
A SLUCare plastic surgeon - Dr. Xu who performs these microsurgeries Vascularized lymph node transfer surgery and Lymphaticovenular bypass surgery at the SM HSLU Hospital, also confirms that although there is no cure for lymphedema, these two microsurgeries can help restore function and quality of life.