Microsurgical Instruments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The microsurgical instruments market is expected to register a CAGR of 5.1% during the forecast period.

The COVID-19 pandemic had a significant impact on the microsurgical instruments market. Due to regulatory authorities' strict guidance to prevent any non-emergent surgeries, the volume of surgeries has drastically decreased throughout the pandemic. According to the study published in October 2021 by the National Library of Medicine globally, there has been a 42.8% decrease in general surgery admissions. Thus, the reduction in surgical procedures during the COVID-19 pandemic affected the market's growth. However, the postponed surgeries resumed worldwide, driving the market's growth during the post-pandemic period. The number of surgical procedures and chronic diseases, such as cardiovascular diseases, where surgery is mandatory is growing. This is the primary growth factor for the microsurgical instruments market. For instance, as per the research study published in June 2021 by the Journal of Thoracic and Cardiovascular Surgery, a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340. Hence, the high number of heart procedures and operations being performed is expected to boost the growth of the microsurgical instruments market during the forecast period.

The significant advantage of microsurgery over conventional surgical procedures and an increasing number of surgeries, and the rising incidence of lifestyle and chronic diseases are the major factors why the number of microsurgical procedures is increasing around the world. For instance, according to a research study published by the National Library of Medicine in June 2021, under magnification, the microsurgical method for root coverage was found to be superior to the traditional microsurgical approach, and in addition to enhanced gingival thickness and patient satisfaction ratings, neovascularization at the microsurgical sites healed more quickly. Similarly, a research study published by the National Library of Medicine in May 2022, it was reported that the high-definition 3-dimensional (3D) exoscope (EX) offers the unique benefit of good comfort and appears to be a secure substitute for conventional anterior cervical discectomy and fusion (ACDF). It also benefits the surgical team as a valuable educational tool. Hence, owing to the many advantages of microsurgical procedures over conventional procedures, the adoption of microsurgical procedures is expected to increase, which is expected to increase the demand for microsurgical instruments, and thus, the market is expected to grow over the forecast period.

Furthermore, the increasing number of surgeries worldwide owing to the growing burden of chronic diseases is expected to augment the growth of the microsurgical instruments market during the forecast period. For instance, the data published by the European Heart network in 2021 reported that in the European Union, more than 60 million people live with cardiovascular disease, and close to 13 million new cases of cardiovascular diseases are diagnosed every year. Such increasing prevalence of cardiovascular diseases, which led to an increasing need for surgical procedures and treatment, is expected to drive the growth of the microsurgical instruments market.

Hence, owing to the above-mentioned factors, the microsurgical instruments market is expected to grow over the forecast period. However, the high cost associated with the surgery is expected to restrain the growth of the microsurgery instruments market during the forecast period.

Microsurgical Instruments Market Trends

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.

Microsurgical Instruments Industry Overview

The microsurgical instruments market is moderately competitive and consists of a few major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and new product launches with other companies to consolidate their market positions across the globe. Some of the key players are Olympus Corporation, KLS Martin Group, Global Surgical Corporation, ZEISS International, and Karl Kaps GmbH & Co., among others.

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