Global Microsurgery Market Size to Exceed USD 3.6 Billion by 2032 | CAGR Of 5.5%
Category: HealthcareGlobal Microsurgery Market Size To Exceed USD 3.6 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Microsurgery Market Size is to grow from USD 2.1 billion in 2022 to 3.6 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.5% during the projected period.
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Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Microsurgery Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Operating Microscopes, Microsurgical Instruments), By Application (Spinal & Neuro Surgery, Ophthalmology Surgery, Otolaryngology Surgery, Plastic Surgery, Others), By End-user (Hospital, Ambulatory Surgical Centers (ASCs), Specialty Clinics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here : https://www.sphericalinsights.com/reports/microsurgery-market
Microsurgery is a cutting-edge surgical technique that allows for a less invasive procedure. The technique enables unrestricted tissue transfer, resulting in the best cosmetic and functional recovery from many kinds of complex tissue defects. One of the primary causes of the world's growing patient population is the increasing number of accident cases and other fatal injuries. Injuries to the hand and upper extremities that necessitate reconstructive microsurgery are major factors contributing to a global increase in demand for microsurgical devices. Furthermore, as the frequency of such accidents has increased, so has the number of patients undergoing microsurgical procedures. One of the key factors contributing to the growing demand for microsurgeries is the rising number of major injuries worldwide. Healthcare providers' increasing demand for microsurgical devices has shifted market players' focus to developing innovative microsurgical instruments and operating microscopes to treat such conditions through surgeries. However, operating microscope’s high cost limits their use in healthcare facilities, particularly in developing countries. A lack of reimbursement policies also hinder’s patients adoption of high-cost surgical procedures. As a result of the growing gap between the patient and microsurgery, as well as higher out-of-pocket expenses, global adoption of microsurgeries is expected to reduce.
COVID-19 Impact
The COVID-19 pandemic had a negative impact on the market. The temporary closure of plastic surgery clinics and other non-emergency surgery clinics, as well as a greater focus on COVID-19 patients by healthcare providers, were responsible for the market's slow growth during this period. Government-imposed lockdown restrictions in various regions resulted in the cancellation or postponement of non-emergency surgical procedures, as well as a reduction in the number of patient visits to hospitals and clinics. This scenario reduced the patient population demand for microsurgeries globally.
The operating microscopes segment is expected to hold the largest share of the global microsurgery market during the forecast period.
Based on the product, the global microsurgery market is classified into operating microscopes and microsurgical instruments. Among these, the operating microscopes segment is expected to hold the largest share of the microsurgery market during the forecast period. The growth can be attributed to the increasing number of surgeons conducting microsurgeries using microscopes for better and more effective visualization during surgeries.
The plastic surgery segment is witnessing significant CAGR growth over the forecast period.
Based on the application, the Microsurgery market is segmented into spinal & neuro surgery, ophthalmology surgery, otolaryngology surgery, plastic surgery, and others. Among these, the plastic surgery segment holds the significant CAGR growth over the forecast period. The growth can be attributed to the increasing awareness regarding cosmetic procedures. Additionally, rising disposable income in developing economies is expected to increase demand for plastic surgeries.
The hospital segment is witnessing substantial CAGR growth over the forecast period.
Based on the end user, the microsurgery market is segmented into hospital, ambulatory surgical centers (ASCs), specialty clinics, and others. Among these, the hospitals segment holds the market with substantial CAGR growth over the forecast period. The growth can be attributed to the rising frequency of patient visits to hospitals and specialty clinics for various microsurgeries. As hospitals are available for primary care in several developing countries and have favorable reimbursement scenarios, the number of surgeries performed in hospitals is higher than in any other healthcare facility.
North America accounted for the highest market share over the forecast period.
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North America accounted for the highest market share over the forecast period. This can be attributed to improved and earlier access to highly advanced microsurgical equipment, a well-established healthcare infrastructure, and a growing preference for minimally invasive surgeries. Rising investments in the development of high-quality microsurgical technologies and equipment for surgical operations and cancer treatments, among other things, are increasing demand for surgical and operating microscopes, driving revenue growth in the North American microsurgery market.
Asia Pacific microsurgery market is expected to record a significant CAGR during the forecast period. Several senior citizens in this community suffer from conditions such as glaucoma, cataracts, and arthritis. As a result, microsurgical treatments are required to correct and treat them, which is driving market revenue growth in the APAC region. Furthermore, an increase in the number of microsurgery-related conferences and events, as well as an increase in demand for advanced technologies for the treatment of chronic ailments, are expected to drive revenue growth in the APAC region microsurgery market during the forecast period.
Major vendors in the global Microsurgery market include Carl Zeiss Meditech AG, Leica Microsystems, Santen Pharmaceutical Co. Ltd., Baxter, Halma PLC, Stryker, Alcon, HAAG-STREIT GROUP, Olympus Corp., B. Braun Melsungen Inc., Accurate Surgical & Scientific Instruments Corp., Surtex Instruments Ltd., Scanlan International, KLS Martin Group, Topcon Corp., and among others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In September 2022, Medical Microinstruments Inc. (MMI) introduced new Super micro NanoWrist instruments for use with the Symani Surgical System. The tools were designed specifically to address the challenges of microsurgery. The new supermicro needle holder and dilator were used in a recent clinical procedure in Zürich, Florence, and Salzburg, with positive results for the patients.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global microsurgery market based on the below-mentioned segments:
Microsurgery Market, Product Analysis
- Operating Microscopes
- Microsurgical Instruments
Microsurgery Market, Application Analysis
- Spinal & Neuro Surgery
- Ophthalmology Surgery
- Otolaryngology Surgery
- Plastic Surgery
- Others
Microsurgery Market, End User Analysis
- Hospital
- Ambulatory Surgical Centers (ASCs)
- Specialty Clinics
- Others
Microsurgery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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