Global Microsurgery Market – Overview
The global microsurgery market is expected to grow at a CAGR of 10.2% during the forecast period of 2017-2023. A microsurgery is surgical procedure on fine blood vessels and nerves generally smaller than 1 mm with the aid of an operating microscope. Ophthalmology was the first medical field to use microscopes in surgery and continues to possess the largest market share even today.
According to a recent study report published by the Market Research Future, the Global Microsurgery Market is growing and is expected to gain prominence over the forecast period, from 2017-2023.
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The microsurgery market is a technology driven market where microscopes underwent rapid development from being large, heavy, to smaller and lighter scopes mounted on a moveable base. Microsurgery are chiefly classified into products, diseases indications and end users. Products are further sub segmented into microscopes, microsurgical instruments, consumables and others. Diseases indications segment is sub-segmented into ophthalmology, ear, nose & throat (ENT), reconstructive and plastic surgery, cancer, orthopaedic, neurosurgery, and other.
Growing demand and cases of microsurgery, increase in the prevalence of certain conditions needing microsurgery are the major drivers for the market growth. According to American Cancer Society, 231,840 new cases of invasive breast cancer were diagnosed in women in 2015 in the U.S. Additionally, increasing acceptance of minimal invasive surgeries and growing per capita income boosts the growth of the market. • 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.
Carl Zeiss Meditec AG, Peter LAZIC GmbH, Microsurgery Instruments, Inc., Leica Microsystems (Danaher), HAAG-STREIT GROUP, Seiler Instrument Inc., (Alcon) Novartis, Sklar Surgical Instruments and others are some of the prominent players at the forefront of competition in the Global Microsurgery Market and are profiled in MRFR Analysis.
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Global Microsurgery Market- Competitive Analysis
Degree of competition is considered to have a medium impact on the market. The intensity of competitive rivalry evaluates the capability and the level of rivalry among competitors in the market. It also refers to the extent to which firms within a market put pressure on one another and limit each other’s profit potential. Industries strive for competitive advantage over their rivals and the intensity or rivalry varies across industries. Rivalry among market players can affect market profits through downward pressure on prices, increased innovation, increased advertising, and increased service/product improvements, among others.
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.
Global Microsurgery Market – Regional Analysis
The Americas holds the largest market share owing to a well-developed healthcare sector, increasing healthcare expenditure, and presence of the developed economies like the Canada and the U.S. Following the similar trends Europe held the second largest market for microsurgery market. On regional basis Europe is divided into Western Europe and Eastern Europe. Western Europe leads the market due to the presence of the developed economies like Germany, Italy, France, and others. Asia Pacific, is the fastest growing region in the market. On the other hand, the Middle East & Africa holds the least market share, mainly due to the presence of low income countries within the African region.
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