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).
Microsurgery Market – Market Synopsis
Rapid technological advancement in the healthcare sector is leading to the development of sophisticated tools and techniques that have optimized the procedures involved in treatment of various medical conditions and diseases. Increasing geriatric population, rise in prevalence of diseases that require microsurgery for their effective treatment such as cataract, arthritis, cancer, dental caries, periodontal diseases, and others are inducing high demand for Microsurgery Market, leading to the significant expansion of the global microsurgery market.
Rising popularity of aesthetic and cosmetic surgeries along with high healthcare expenditure by the population of developed and developing regions and increasing preference for minimally invasive surgeries are some other factors that are driving the global microsurgery market towards higher verticals. However, complexities caused due to anatomical conditions of an individual, high cost of procedure and lack of trained professionals are likely to act as restraining factors on the expansion of the global market for microsurgery. Whereas, introduction of new and advanced technologies as a result of increased research and development activities have created multiple growth opportunities for the global microsurgery market.
The major players profiled by MRFR that are operating in the global microsurgery market are S&T AG, Aesculap, Inc., a B. Braun Company, Synovis Micro Companies Alliance, Inc., Ethicon Inc., Stryker Corporation, Smith & Nephew, Alcon (Novartis), Zimmer Biomet Holdings, Medtronic Plc, Carl Zeiss Meditec AG, Peter Lazic GmbH, Microsurgery Instruments, Inc., Tisurg Medical Instruments Co., Ltd., Microline Surgical, AROSurgical Instruments, and Halma Plc. Strategic initiatives such as mergers and acquisitions, advanced product launch, and increased research and development activities are aiding the players for the expansion of their businesses in the competitive environment of the global microsurgery market.
Microsurgery Market – Segmentation
The global microsurgery market has been segmented on the basis of procedure, application, equipment, and end-user. Based on procedure, the microsurgery market has been segmented into transplantation, replantation, free flap tissue transfer, and vascular anastomoses. The transplantation segment is leading the market with the largest share in the global microsurgery market.
The replantation segment is projecting fastest growth in the global microsurgery market at a CAGR of 7.14 percent during the forecast period. Based on application, the global microsurgery market has been segmented into ophthalmology, plastic surgery, gynecological surgery, neurosurgery, oral and maxillofacial surgery, and others. Among these, the general surgery segment is touted to account for the largest share of the global microsurgery market. Whereas, the neurosurgery segment is anticipated to project fastest growth at a CAGR of 7.2% in the global microsurgery market.
Based on equipment, the global microsurgery market has been segmented into microscopes, microsurgical instruments, suture materials, and others. The microsurgical instruments segment is leading the global market, and the microscope segment is projecting fastest growth at a CAGR of 7.21% in the global microsurgery market during the assessment period. Based on end-user, the global microsurgery market has been segmented into hospitals and clinics, ambulatory surgical centers, and research organizations. Among these, the ambulatory surgical centers segment is projecting fastest growth at a CAGR of 7.3 percent in the global microsurgery market.
Microsurgery Market – Detailed Regional Analysis
Geographically, the global microsurgery market has been segmented into four major regions such as Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is leading the global microsurgery market with the highest market share during the assessment period. Rapid technological advancement, presence of well-developed healthcare infrastructure, high prevalence of periodontal diseases, cataract, arthritis, and cancer, are majorly driving the growth of the microsurgery market in this region. The microsurgery market in the Asia Pacific region is expanding at the fastest rate at a CAGR of 6.91 percent during the forecast period. Increasing geriatric population, high healthcare expenditure and demand for minimally invasive surgical treatment procedures are contributing to the fastest growth of the microsurgery market in the Asia Pacific region.
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