Market Trends of Global Microsurgical Instruments Industry
This section covers the major market trends shaping the Microsurgical Instruments Market according to our research experts:
Plastic & Reconstructive Microsurgery is Expected to Hold Significant Market Share in the Microsurgical Instruments Market Over Forecast Period
The plastic and reconstructive microsurgery segment is expected to hold the largest share in this market segment, owing to the factors such as the growing demand for reconstructive and plastic surgery due to the rise in the aesthetics industry and greater self-awareness among people about their looks. For instance, in April 2022, the Aesthetic Society released its annual Aesthetic Plastic Surgery Statistics, which stated that surgical procedures increased by 54% and non-surgical procedures were up by 44%. The average plastic surgeon performed 320 surgical procedures, and the cost of a surgical procedure increased by 6% non-surgical procedures increased by 1% in 2021. Further, it stated that women accounted for approximately 94% of all procedures, with 365,000 breast augmentations performed in 2021. Hence, the high number of plastic and reconstructive surgeries being performed worldwide is expected to boost the segment's growth.
Additionally, technological advancement in the microsurgery instruments by the players in the market, along with other business expansion initiatives such as product launches, mergers, acquisitions, and collaboration, among others, are further expected to augment growth in the plastic and reconstructive microsurgery segment over the forecast period. For instance, in September 2022, Medical Microinstruments launched its new super micro NanoWrist instruments, which access and suture small and delicate veins for its Symani surgical robot.
Therefore, due to the above-mentioned factors, the plastic and reconstructive microsurgery segment is expected to have a significant market share over the forecast period.
North America Region is Expected to Hold Significant Market Share in the Microsurgical Instruments Market Over Forecast Period
North America region is expected to hold a significant share in the microsurgical instruments market over the forecast period due to factors such as the rising prevalence of chronic disorders such as orthopedic disorders, and neurological disorders, the increasing geriatric population, and growing demand for plastic and reconstructive surgeries in the region. For instance, as per the June 2021 report of the Canadian Institute of Health Information, 63,496 hip replacements and 75,073 knee replacements were performed from 2019 to 2020 in Canada, and there was an average increase of about 5% in recent years in the knee and hip replacement procedures in the country. Also, as per the 2020 report of the International Society for Aesthetic Plastic Surgery (ISAPS) published in December 2021, the United States and Mexico were the top ten destinations with the highest number of cosmetic surgeries and hence, the demand for microsurgical instruments is expected to be high in the North America region over the forecast period.
Furthermore, the company activities such as product launches, mergers and acquisitions, and collaboration to acquire a more significant market in the region are further expected to have a significant impact on the market. For instance, in February 2022, Swedish medical device company Stille AB signed an exclusive distribution agreement with Synovis Micro Companies Alliance, Inc, as its exclusive distributor of surgical instruments in the United States.
Therefore, due to the above-mentioned factors, the North American region is expected to hold a significant market share in the microsurgery instruments market during the forecast period.
