In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
November 18, 2021: Thompson Surgical Instruments, Inc., announced that the Thompson retractor, a general table-mounted, self-retaining retractor, was declared as the most frequently used retractor in United States.
July 26, 2021: Aesculap Implant Systems, LLC, announced the successful outcome of its long term randomized controlled IDE trial to treat single-level degenerative disease.
The global cervical retractors market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Cervix is the connective tissue between vagina and the uterus, and cervical retractors are used to hold back the cervical tissues during a discectomy or surgical procedure. The growth of the market can be attributed to the increasing need for performing cervical or uterine surgeries, backed by the growing prevalence of cervical cancer. Cervical cancer, cervicitis, and cervical polyps are some of the most common disorders of the cervix. According to the data by the World Health Organization (WHO), in 2018, around 570,000 women were diagnosed with cervical cancer worldwide, and about 311,000 women died from the disease. Moreover, more and more women are opting hysterectomy, or the surgery to remove a part of the uterus, due to the rising incidences of polyps or tumors in the uterus. The growing adoption of invasive surgeries related to the reproductive system in women, is estimated to boost the market growth.
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The market is segmented by end-user into hospital, clinic, and others, out of which, the hospital segment is anticipated to hold a substantial share in the global cervical retractors market over the forecast period on account of the increasing patient pool in the hospitals, along with the higher popularity of hospitals amongst people.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global cervical retractors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing population of women in the region, along with the improving healthcare infrastructure.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing prevalence of cervical and vaginal cancers in the region. According to the data by the American Cancer Society (ACS), an estimated 14,100 women in the United States were diagnosed with invasive cervical cancer in 2021. Besides, higher healthcare expenditure in the region, and presence of patient-friendly reimbursement policies are anticipated to fuel the market growth.
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The global cervical retractors market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cervical retractors market includes the following segments:
Ans: Increasing prevalence of cervical cancer and other cervical disorders is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Ans: Lack of awareness amongst uneducated women is estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the high prevalence of cervical cancer in the region.
Ans: The major players in the market are TeDan Surgical Innovations, Inc., Medfix International, LLC, Globus Medical, Inc., Thompson Surgical Instruments, Inc., NSI Health Systems, Stryker Corporation, and Boston Scientific Corporation.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, and by region.
Ans: The hospital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.