The Global Microsurgery Market is expected to grow at a CAGR of 10.2% during the forecasted period 2018-2023.
Microsurgery is a procedure that combines magnification and specialized precision tools & techniques during the surgery. These techniques are majorly used for the treatment of cancer & congenital deficiencies. It helps to heal wounds and restore function after trauma & cancer. The first microsurgery was performed in 1960 by Jules Jacobson.
The major driving factor for the market is increasing prevalence of the cancer, ophthalmic diseases and other chronic diseases. According to Cancer Research UK, in 2012, 14.1 million people across the globe were suffering from cancer. Increasing number of organ transplantation, advances in the surgical procedures and adoption of microscope in surgeries have also driven the market growth. Moreover, high healthcare expenditure, increasing geriatric population, and growing need for the better treatment of the diseases have fueled the market growth. However, high cost of the treatment and poor reimbursement policies for the medical devices may slower the market growth.
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Data compiled by the international monetary fund from 2000-2015 reveals that the world GDP is growing faster than anticipated with, 9 of the 20 fastest growing economies being former Soviet republics. China has demonstrated sustained growth which has become the world largest economy. However, factors such as cost of Microsurgery and related complications and side effects are restraining the market growth. Average cost for Microsurgery is estimated to vary from USD 27,000 per patient to USD 37,400 depending on the type procedure in the U.S.
Global Microsurgery Market- Competitive Analysis
Some of the key players in Microsurgery market are AROSurgical Instruments (US), tisurg medical instruments Co., Ltd (China), Carl Zeiss Meditec AG (Germany), MicroSurgical Technology (US), SYNOVIS MICRO COMPANIES ALLIANCE, INC. (US), Peter LAZIC GmbH (Germany), BIONIKO (US), MICROSURGERY INSTRUMENTS, INC. (US).
In Nov, 2017 ZEISS announced introduced of VERACITY in the U.S. Surgical market, it proved to be a powerful, intuitive cloud-based platform and was extensively utilised for cataract surgery and planning followed by logistics, treatment and risk management along with analysis. The VERACITY cataract surgery platform was the first application which was introduced by the Medical Technology business group of the ZEISS. Since the company acquired Veracity Innovations LLC, founded by leading ophthalmologists, Kerry D. Solomon, MD and Kyle Smith, MD, the platform helped cataract surgeons to provide personalized technology for patient care and excellent results were abstained.
In November, 2016- Danaher Corporation announced that the company completed its acquisition of Cepheid. Copper Merger Sub, Inc., a California corporation, a wholly owned subsidiary of Danaher, merged with Cepheid. Thus, Cepheid became a subsidiary of Danaher. In this merger, each share of Cepheid stock was cancelled and was converted into the right to receive USd 53.00 per share without interest in cash.
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Geographically, the global microsurgery market is segmented into four major regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominate the global microsurgery market owing to the presence of huge cancer population and high healthcare spending. America is further segmented into North America and South America. North America holds the largest market owing to extensive use of advanced technology and developed healthcare sector. Europe commands the second largest market due to increasing funds and government support. Asia Pacific is the fastest growing market for the microsurgery, whose growth is attributed to rising geriatric population, rapidly developing economies and huge patient pool.
However, the Middle East & Africa is expected witness limited growth due to limited access to the healthcare resources and lack of advanced technology.
The Global Microsurgery Market is segmented on the basis of application, procedures, and end users. On the basis of applications the market is categorized into: general surgery, ophthalmology, plastic surgery, gynecological surgery, orthopedic surgery, oncology, neurosurgery, oral & maxillofacial surgery, podiatric surgery, and pediatric surgery.
On the basis of procedures the market is segmented into free tissue transfer, replantation, transplantation, and treatment of infertility. Replantation is further segmented into fingers & thumbs, ear, scalp, nose, and others. Treatment of infertility is further segmented into tubal obstructions, vas deferens obstructions and varicocele.
On the basis of end users the market is segmented into hospitals & clinics, research organizations and others.
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