Asia Pacific Cervical Retractors Market is expected to reach US$ 86.78 Mn by 2028

PRESS RELEASE BY The Insight Partners 02 Aug 2021

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The transverse retractors segment by product is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “Asia Pacific Cervical Retractors Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, End User and Country.” The Asia Pacific cervical retractors market is expected to reach US$ 86.78 million by 2028 from US$ 47.23 million in 2021; it is estimated to grow at a CAGR of 9.1% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific cervical retractors market and the factors driving market along with those that act as hindrances.

In 2020, the transverse retractors segment held the largest share of the market, by product. And the same segment is estimated to grow at significant CAGR during the forecast period due to growing numbers of endoscopy procedures, increasing product developments, and product launches.

Surge in aging population is poised to one of the most significant causes of social transformations in the 21st century. As per the data published by the United Nations, the world had ~962 million people with age 60 or above in 2017, which was 13% of the global population in that year. Further, this population is estimated to grow at a rate of 3% every year. Spinal conditions are the most common conditions observed in older adults, affecting 5–55% of people with age 55 and above. These medical conditions are associated with a high risk for adverse outcomes such as mortality, disability, institutionalization, and hospitalization. Hence, with the growing geriatric population and rise in prevalence of associated cervical pain, the cervical retractors market is witnessing significant growth. Different studies suggest that many adults show no symptoms of degenerative disc disease, even though a high percentage of them still experience the signs of disc degeneration on the spine, in on an MRI. According to one of the studies, ~50% of people start showing some signs of disc degeneration in an MRI by their early 20s. While nearly everyone eventually gets cervical degenerative disc disease with age, and factors such as genetics, obesity, and smoking accelerate the process of developing this disease, so that the people become symptomatic sooner. Hence such rising incidences in cervical disc degeneration and higher number of cervical spine surgeries across globe also boosts the market growth.

Countries in Asia Pacific are expecting to witness a considerable challenge due to growing COVID-19. Considering the economic operations and geographic condition, the disease outbreak has affected medical tourism, the manufacturer of medical equipment, accessories, and other problems posed by the shortage of healthcare infrastructure in Asia Pacific low-income countries. The medical device manufacturers are operating at a slower pace as compared to the pre-pandemic time. The reduction in supplies is expected to have an impact on the market in the market. Moreover, reduction or delay of the surgical procedures is also likely to have a negative effect on the cervical retractors market in the region.

The Asia Pacific cervical retractors market, by product, is segmented into transverse retractors, and longitudinal retractors. Based on end user, the Asia Pacific cervical retractors market is segmented into hospital, clinic, and others. Geographically, the Asia Pacific cervical retractors market can be sub-segmented into China, Japan, India, Australia, South Korea and Rest of Asia Pacific.

Aesculap Implant Systems, LLC, TeDan Surgical Innovations, Globus Medical, Inc, NSI Health Systems, Thompson Surgical, Novo Surgical, Inc, Life Spine and Rudolf Storz GmbH are among the leading companies operating in the Asia Pacific cervical retractors market.

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