Carpal Tunnel Release Systems Market Projected to Grow at a CAGR of 5.1% During the Forecast Period 2021-2026
Carpal Tunnel Release Systems Market size is estimated at $654.3 million in 2020, projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. The Carpel Tunnel is a short, narrow tunnel that forms on the palm side of the wrist. If there is too much pressure on the wrist or the median nerve compression, the tunnel forms. On the basis of product form and end-users, there are various variations in the market for carpel tunnel release. Endoscopic CTR systems and open CTR systems are the other product types, while specialist clinics, ambulatory surgical centres, and hospitals are the end-users. The carpal bones, or tiny wrist bones, produce it, which is about an inch long. It is responsible for the bending function of the thumb and the rest of the finger, as well as protecting the flexor tendons and median nerve compression. The growth of the Carpal Tunnel Release Systems Industry owes towards the growing demand for minimally invasive endoscopic surgeries have been encouraged to develop innovative surgical technology by manufacturers of medical devices. Sonex Health, for instance, recently released the SX-One MicroKnife, which allows for ultrasound-guided carpal tunnel release through a single micro-incision. STRATOSTM is a new product from A.M. Surgical, Inc. that operates independently to validate key anatomy and is fully covered over the length of the cannula before being published. The global demand for carpal tunnel release (CTR) systems is expected to be driven by increased awareness among patients suffering from carpal tunnel syndrome about carpal tunnel surgeries.
Carpal Tunnel Release Systems Market Segment Analysis - By Product Type:
Based on Product Type, Carpal Tunnel Release Systems Market is segmented into Open Carpal Tunnel Release System and Endoscopic Carpal Tunnel Release System. Open Carpal Tunnel Release System accounted for the largest revenue market share in 2020. In patients with idiopathic CTS, open carpal tunnel release (CTR) has been considered the surgical treatment of choice for decompression of the median nerve at the wrist. The transverse carpal ligament is cut during open carpal tunnel release surgery, which relieves pressure on the median nerve compression and relieves carpal tunnel syndrome symptoms driving the Carpal Tunnel Release Systems Industry. Endoscopic Carpal Tunnel Release System segment is anticipated to grow with the fastest CAGR of 5.9% in the forecast period 2021-2026 owing to a minor incision, a shortened healing time, and a high degree of patient satisfaction, endoscopic carpal tunnel release (ECTR) is said to be associated with minimal pain and scarring. Endoscopic CTR seems to have the same long-term outcomes as open CTR, according to current literature drives the Carpal Tunnel Release Systems industry growth. Endoscopic CTR systems are expected to gain popularity in the near future, in response to the growing demand for minimally invasive endoscopic surgeries. For instance, In February, 2019, Trice Medical launched The Seg-WAY system, which is a minimally invasive approach to carpal tunnel release that can speed up recovery and enables to get back to normal activities sooner thereby driving the Carpal Tunnel Release Systems Industry.
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Carpal Tunnel Release Systems Market Segment Analysis – By End User:
Based on End User, Carpal Tunnel Release Systems Market is segmented into Hospitals, Ambulatory Surgical Centres and Specialty Clinics. Ambulatory Surgical Centers accounted for the largest revenue market share in 2020. Ambulatory care, also known as outpatient care, is medical care that is given outside of a hospital setting. Surgical procedures have become increasingly important to the global health community and governments in recent decades, including in low- and middle-income countries. As a result, the number of surgical procedures performed to resolve the global disease burden, including carpal tunnel syndrome, has increased dramatically, leading to an increase in the use and adoption of carpal tunnel release systems. Ambulatory surgery centres (ASCs) are gaining in popularity around the world because they offer both operational and economic efficiencies, allowing for easy patient access, very favourable pricing, and more opportunities for physician participation. As a result of the number of carpal tunnel release surgeries, the market is expanding. Hospital segment is anticipated to grow with the fastest CAGR of 5.2% during the forecast period 2021-2026 owing towards the lower procedure costs and improved medical reimbursement coverage for CT surgeries thus enhancing the Carpal Tunnel Release Systems Industry. Also, manufacturers are focusing more on collaborating with hospitals for promotion in order to expand their regional presence is driving the segment growth.
Carpal Tunnel Release Systems Market Segment Analysis - By Geography:
Based on Geography, North America Carpal Tunnel Release Systems Market accounted for the 38% revenue share in 2020 is attributed towards the increasing healthcare awareness. Furthermore, the increasing prevalence of the disease and endoscopic surgery is accelerating market expansion across the region. The ageing population, along with the government investments and major market players rising healthcare investments is driving the Carpal Tunnel Release Systems Industry. According to a study released by the Louisiana State University Health Sciences Centre, carpal tunnel syndrome is the most prevalent entrapment neuropathy in the United States, affecting 3% to 6% of the adult population in the last decade. Trauma, repeated manoeuvres, certain conditions, and pregnancy are all possible causes, but they are seldom identified driving regional growth. Asia-Pacific is predicted to be the fastest-growing region during the forecast period 2021- 2026 owing towards government initiatives and an increase in the number of research partnerships.
Carpal Tunnel Release Systems Market Drivers
Increasing Prevalence Of Carpal Tunnel Syndrome (CTS):
According to a 2020 report titled Carpal Tunnel Syndrome, carpal tunnel syndrome affects 1 to 3 people per 1000 people per year in the United States, with a prevalence of 50 people per 1000, with equal incidence and prevalence in other developing countries (2018). It mostly affects whites, with a female predominance of up to 10 to 1, and a peak age of 46 to 60 has accelerated the industry's growth. Demand is largely emerging from the United States, Germany, the United Kingdom, and Australia. In Germany, for instance, approximately 5,00,000 carpal tunnel syndrome surgeries are performed each year. The rising number of carpal tunnel surgical procedures can be attributed to improved emergency rooms and lower costs aiding towards the Carpal Tunnel Release Systems Market.
The Surgical Procedures That Are Efficient And Evolved Adoption Of Carpal Tunnel Release Systems Is Gaining Traction:
Owing to the lower healthcare costs and improved medical reimbursement coverage, there has been a rise in outpatient carpal tunnel surgeries. The availability of safe and reliable products for CTR procedures has increased demand for carpal tunnel endoscopic surgeries. Carpal tunnel release device suppliers are working with contract manufacturing companies to produce effective goods that meet treatment needs. While open surgical procedures for carpal tunnel release were historically the most cost-effective, the reliability and lower risk associated with endoscopic procedures has led to increased investment in this process, with major players such as Stryker Corporation and Arthrex introducing their own endoscopic carpal tunnel release systems stimulated the growth of the market.
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Carpal Tunnel Release Systems Market Challenges
Stringent Regulation
Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected to stifle the target market's growth. Additionally, increasing research and development costs, as well as higher costs associated with product manufacturing and low knowledge among the elderly, all hinder Carpal Tunnel Release Systems industry.
Carpal Tunnel Release Systems Market Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Carpal Tunnel Release Systems Market. Carpal Tunnel Release Systems Market top 10 companies are Stryker Corporation, Medical Designs, LLC, MicroAire Surgical Instruments, LLC, Arthrex, Inc., Trice Medical, Smith & Nephew plc, Innomed, Inc., AM Surgical Inc., CONMED Corporation, and Integra LifeSciences Corporation.
Acquisitions/Product Launches:
In November, 2020, Stryker Corporation acquired Wright Medical Group N.V. This acquisition strengthens global market share in trauma and extremities, opening up new avenues for innovation and expanding our patient base.
Key Takeaways
The demand for carpal tunnel release systems is expected to increase as the number of carpal tunnel surgeries increases, particularly in developed countries.
Geographically, North America Carpal Tunnel Release Systems Market held the largest revenue share of 38% in 2020 owing to the involvement of potential players who are developing innovative therapies, and more government schemes and investments in healthcare. In the final report, the scope of the Carpal Tunnel Release Systems Market for various regions will be given.
Carpal tunnel syndrome (CTS) is becoming more prevalent among industrial workers, which is driving up sales of carpal tunnel release systems.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Carpal Tunnel Release Systems Market.
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