Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The microsurgery market size is expected to be worth USD 2.34 billion in 2023 and projected to reach USD 3.33 billion by 2030, recording a CAGR of 5.2% during forecast period. The growing prevalence of chronic medical conditions has increased the demand for these surgeries, thereby boosting the microsurgery market growth.
Fortune Business Insights displays this information in a report titled, "Microsurgery Market, 2023-2030."
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Key Industry Development:
October 2022 - Leica Microsystems Inc. signed an exclusive distribution deal with S3 Medical Solutions to introduce the former’s new market representation for its spine, ophthalmic, otolaryngologic, and neurosurgical microscope sales and services in the North-west part of the U.S.
Key Takeaways:
- In April 2022, an article from the Aesthetic Plastic Surgery National Databank reported a 54% increase in the number of cosmetic surgeries in 2021 compared to 2020.
- In May 2022, MMI announced the launch of its Symani Surgical System Simulator developed by VirtaMed.
- In June 2022, the World Health Organization (WHO) reported that 20 to 50 million people experienced non-fatal injuries in accidents.
- The market is divided into microsurgical instruments and operating microscopes based on product type.
Discover the Leading Players Featured in the Report:
Carl Zeiss Meditech AG (Germany),Leica Microsystems (Germany),Santen Pharmaceutical Co. Ltd. (Japan),Baxter (U.S.),Halma PLC (U.K.),Stryker (U.S.),Alcon (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.2% |
| 2030 Value Projection | USD 3.33 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 2.34 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 120 |
| Segments covered | By Product Type, By Application, By End-user, By Region |
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Segmentation:
Growing Research & Development Activities to Boost Use of Operating Microscopes
By product type, the market is segmented into microsurgical instruments and operating microscopes. The microsurgical instrument segment is expected to register the highest CAGR during the forecast period as these surgical devices offer various benefits, such as minimal tissue trauma, force-free incisions, and enhanced patient outcomes.
Growing Need for Microsurgical Instruments to Conduct Eye Surgeries to Fuel Product Use in Ophthalmology
Based on application, the market is segmented into neuro & spine surgery, plastic surgery, otolaryngology surgery, ophthalmology surgery, and others. The ophthalmology surgery segment captured the largest microsurgery market share as there is a high demand for microsurgical instruments to carry out eye surgeries.
Growing Patient Visits for Various Microsurgeries to Bolster Product Use in Hospitals & ASCs
Based on end-user, the market is segmented into hospitals & ASCs, specialty clinics, and others. The hospitals & ASCs segment dominated the market in 2022 due to the increasing volume of patients visiting these medical centers to undergo microsurgery.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
By Product Type
- Operating Microscopes
- Other Microsurgical Instruments
By Application
- Spine & Neuro Surgery
- Ophthalmology Surgery
- Plastic Surgery
- Otolaryngology Surgery
- Other Surgery
By End-user
- Hospitals and ASCs
- Specialty Clinics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Driving factor:
Increasing Number of Accidents to Fuel Market Progress
The annual rate of accidents is increasing at a worrying rate across the world, which has also increased the number of trauma cases and people suffering from fatal injuries. Growing number of people suffering from upper extremity and soft tissue injuries is one of the major factors that will fuel the demand for micro surgeries.
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Regional insights:
North America to Dominate Market Due to Increasing Rate of Microsurgeries
North America captured the largest global market share and might retain this position in the future as well due to the growing number of surgeries that use microsurgical instruments. Moreover, the number of surgical procedures, such as nerve grafting, nerve repair, and free tissue transfer is increasing, which will further accelerate the regional market growth.
Europe captured a major share of this market due to the growing demand for minimally invasive surgeries, which can increase the use of microsurgical devices.
Competitive Landscape
Carl Zeiss Meditech and Baxter to Introduce Innovative Microscopes to Dominate Market
Baxter and Carl Zeiss Meditech AG are some of the key market players that have a strong geographical footprint and brand value. These companies are increasingly investing in research & development programs to develop and introduce technologically advanced microscopes to carry out microsurgery. They are also entering mergers, partnerships, and acquisitions, which will help them dominate the market.
FAQs
How big is the Microsurgery Market?
Microsurgery Market size is USD 2.34 billion in 2023.
How fast is the Microsurgery Market growing?
The Microsurgery Market will exhibit a CAGR of 5.2% during the forecast period, 2023-2030
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Related Links:
Cosmetic Surgery Market Size, Share, Growth Industry Report.
Surgical Robots Market Share, Size, Demand, and Forecast.
Medical Robotic Systems Market Size, Share, Growth Industry Report.
Bariatric Surgery Devices Market Share, Size, Demand, and Forecast.
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