Microsurgery, a procedure that combines magnification and specialized precision tools & techniques is helpful in healing wounds caused in an accident (Trauma) and in restoring the function after the surgical procedures conducted in the treatment of chronic diseases. However, these surgeries are also predominantly used for the treatment of congenital deficiencies and cancer.
The microsurgery market is growing at the rapid pace on the global platform, owing to the increasing prevalence of cancer, ophthalmic diseases, and other chronic diseases. Rising uptake of these surgeries due to their efficacy is the key driving force escalating the market growth, garnering huge prominence for the market.
According to a recent study report published by Market Research Future (MRFR), the global microsurgery market is booming and is projected to grow at a CAGR of 10.2 % during 2017-2023.
Additional factors substantiating the market growth include the increasing number of organ transplantation, adoption of the microscopes in surgeries and advances in the surgical procedures. Furthermore, increasing healthcare expenditure backed by the improving economic conditions that allow access to the quality healthcare and quality of life especially in the developing countries is fuelling the market growth.
On the other hand, factors such as the high cost of the treatment and the poor reimbursement policies for the medical devices are impeding the market growth. Nevertheless, growing demand for the quality treatment of the diseases is expected to increase the market size over the forecast period.
Key Players:
Prominent players operating in the market include Tisurg Medical Instruments Co., Ltd (China), AROSurgical Instruments (US), Carl Zeiss Meditec AG (Germany), Synovis Micro Companies Alliance, Inc. (US), MicroSurgical Technology (US), Peter LAZIC GmbH (Germany), Microsurgery Instruments, Inc. (US) and BIONIKO (US). Profiling them in its analysis, MRFR explores strategies helping them to stay at the forefront of competition.
Global Microsurgery Market - Segments
The MRFR analysis is segmented into three key dynamics for an easy grasp and enhanced understanding.
By Application : General Surgery, Ophthalmology, Plastic Surgery, Gynaecological Surgery, Orthopaedic Surgery, Oncology, Neurosurgery, and Oral Surgery among others.
By Procedure : Free Tissue Transfer, Replantation (fingers & thumbs, ear, scalp, nose, and others.), Transplantation, and Treatment of Infertility (tubal obstructions, vas deferens obstructions and varicocele.) among others.
By End-User : Hospitals & Clinics, and Research Organizations.
By Region : North America, Europe, APAC and the Rest-of-the-World.
Global Microsurgery Market - Regional analysis
Globally, North America leads the global microsurgery market with the largest market share. The market is estimated to accrue exponentially by 2023, registering a phenomenal CAGR from 2017 to 2023. Factors supporting the market growth include favorable reimbursement scenarios and substantial healthcare expenditure. Also, wide uptake of new technologies in the US is also a key driver for the regional market growth.
Additionally, the increasing cancer population, along with the increasing prevalence of neurological diseases and deficiency diseases, drives the market growth in the region. Also, the rising government support for R&D is proving impetus to the market growth.
The Europe market is expected to be the second-largest market for microsurgery is expected to grow at a considerable CAGR. Undoubtedly, the resurging economy in the region is the major driving force acting as a tailwind to the market growth in the region.
Availability of funds for R&D activities, well-proliferated healthcare sector and the increasing awareness about the availability of these surgeries drives the market of microsurgery in the region.
The Asia Pacific market for the microsurgery is expected to emerge as the fastest growing market during the estimated period (2017 to 2023). The market growth is expected to be led by China and India owing to the huge population and the availability of low-cost procedures.
Moreover, the fastest growing healthcare sector coupled with the large unmet needs over the forecast period will foster the market growth. Vietnam, Thailand, and Malaysia among other South East Asian countries are projected to contribute significantly to the regional market growth. Besides, the growing penetration of healthcare insurance is expected to drive the microsurgery market in the Asia Pacific region.
Global Microsurgery Market - Competitive Analysis
The global market for Microsurgery appears to be fiercely competitive with the several well-established and small players operating in the market. These players incorporate collaboration, acquisition, expansion, strategic partnership, & technology launch. Substantial investments are transpired in clinical trials and development of effective surgeries.
These key players compete based upon pricing, technology, and services. The Microsurgery market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in intensified competition further with an increase in product/service extensions, technological innovations. Well established players are emphasizing upon expansion of their network and product distribution mainly into the developing economies.
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