Microsurgery Market Size, Share & Trends Analysis Report By Equipment (Operating Microscopes, Micro Sutures), By Application (Neurology, Oncology), By Procedure, By End-use, And Segment Forecasts, 2023 - 2030

Report Overview

The global microsurgery market size was valued at USD 2.2 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The industry growth is driven by the progression in the volume of surgical procedures, which is driven by the increased incidence of lifestyle disorders and the aging population across the globe and improving access to healthcare in developing economies. The COVID-19 pandemic has placed a massive strain on the global healthcare workforce, infrastructure, and supply chain.

This has led to policy action and increased government spending toward augmenting healthcare infrastructure as governments prepare for various influences of the virus in the short term, and place a better focus on public health beyond the pandemic. Furthermore, interruptions in the supply chain during the pandemic have also encouraged investments in expanding supply chains and decreasing dependence on a single nation. Asian countries with a sizable manufacturing base for medical devices are well-poised to help from diversification initiatives. The COVID-19 pandemic has led to a decrease in the volume of surgeries by 25%, resulting in a substantial surfeit of elective surgeries. Post-easing of COVID-19 limitations, there has been a rise in surgical volumes, and this trend is anticipated to continue over the next few years.

For instance, the volume of surgical procedures in India has increased from 1,500 per 100,000 people to 2,000 per 100,000 people from 2015 to 2019. The gap between India and other emerging economies has been reducing over the last few years as the Indian government has started several initiatives to increase access to healthcare in India. In the last decade, a handful of independent medical device companies have invested in R&D, manufacturing capabilities, and mergers & acquisitions to distinguish themselves and compete in the domestic and exports market against multinational companies and others. At present, there are around 5-6 such market participants, that are well placed to gain industry share.

Equipment Insights

On the basis of equipment, the industry has been further categorized into operating microscopes, micro sutures, micro forceps, microsurgery needle holders, and others. The operating microscopes segment dominated the industry in 2022 and accounted for the largest share of more than 30.55% of the overall revenue. Operating microscopes provide bright illumination, and adjustable magnification, along with clear visualization of the surgical field, and are progressively used in operating rooms.

These microscopes also allow healthcare professionals to perform complex procedures and improve surgical outcomes during neurosurgery, plastic & reconstructive surgeries, and ophthalmic procedures. The micro sutures segment also held a considerable revenue share in 2022 and is estimated to expand further at the fastest growth rate during the forecast period. The adoption of absorbable micro sutures is constantly rising, which can be accredited to their ability to degrade naturally. Owing to this, key players are participating in R&D activities, which may strengthen segment growth.

Application Insights

On the basis of applications, the industry has been further categorized into plastic & reconstructive, oncology, ophthalmic, orthopedic, neurology, gynecological & urological microsurgery, and others. The plastic and reconstructive surgeries application segment dominated the global industry in 2022 and accounted for the maximum share of more than 21.35% of the overall revenue. The segment is projected to expand further at a considerable growth rate maintaining its dominant position throughout the forecast period. Increasing awareness regarding cosmetic procedures will boost segment growth.

Moreover, the rising disposable income in developing economies is anticipated to boost the demand for plastic surgeries. The growing popularity of plastic & reconstructive surgeries and extensive usage of microsurgery equipment in such surgeries will foster the segment growth. The ophthalmic segment also accounted for a substantial share in 2022. An increasing number of ophthalmic procedures across the globe is likely to boost the demand for microsurgery equipment. Advancements in microsurgical technologies and the growing scope of application of surgical/operating microscopes in ophthalmology are expected to provide lucrative growth opportunities to the segment.

Procedure Insights

On the basis of procedures, the industry has been further categorized into free tissue transfer, transplantation, suture and grafting, and others. The free tissue transfer segment dominated the industry in 2022 and accounted for the maximum share of more than 30.30% of the overall revenue. Free tissue transfer procedure has the ability to reinstate appearance and function in larger areas. This procedure is done with accurate and fine sutures under a microscope. Hence, increasing usage of microsurgery equipment, such as microscopes, sutures, forceps, and others, is predicted to enhance market growth.

The transplantation also accounted for a significant revenue share in 2022. An increasing number of kidney and heart transplant surgeries performed along with the rising awareness levels about the advantages of the transplantation process, such as increased energy levels, increased lifespan, a better quality of life, and others, are the major factors predicted to augment the growth of this segment. The neurology segment, on the other hand, is estimated to register the fastest growth rate during the forecast period.

End-use Insights

On the basis of end-uses, the industry has been further categorized into hospitals & clinics, Ambulatory Surgical Centers (ASCs), academics and research institutes, and others. The hospitals & clinics end-use segment dominated the industry in 2022 and accounted for the maximum share of more than 32.40% of the overall revenue. The number of surgeries performed in hospitals is higher than in any other healthcare facility on account of the availability of hospitals for primary care in several developing countries and favorable reimbursement scenarios.

Increasing usage of microsurgery equipment in hospital settings for several surgical procedures is estimated to drive segment growth. On the other hand, the ASCs end-use segment is projected to register the fastest growth rate during the forecast period. An increase in the preference for same-day surgery due to benefits, such as a reduction in momentous cost savings & wait times, is the key factor that is expected to augment the demand for microsurgery equipment in ASCs. This, in turn, is expected to aid in the growth of the ASC segment.

Regional Insights

North America dominated the global industry in 2022 and 35.35% of the overall revenue. This was owing to the presence of major market players in the U.S. along with the high incidence of chronic & lifestyle-associated diseases. In addition, manufacturers are focusing on the commercialization, development, and distribution of advanced products including microsurgery equipment, which will help cater to the need of healthcare professionals and surgeons. The Europe region accounted for the second-highest revenue share in 2022 and is expected to grow at a substantial CAGR during the forecast period.

The growth is driven by a rise in the elderly population, who have increasingly prevalent chronic disorders-associated problems. The market has seen minimal innovation from the existing players, resulting in the entry of new independent companies providing competitively priced high-quality products. The APAC region is estimated to register the fastest CAGR from 2023 to 2030 due to increasing disposable income, higher GDP growth, and rising access to healthcare. However, lower value contribution due to lower product pricing may restrain the market growth.

Key Companies & Market Share Insights

Key companies operating in the industry are adopting various business strategies, such as mergers & acquisitions, partnerships & collaboration, and product launches & approvals to maintain a strong industry position. For instance, Haag-Streit declared that from now onwards it will focus its business on surgical microscopes in ophthalmology, and discontinue its surgical product portfolio in spine surgery, ENT, plastic-reconstructive surgery, and neurosurgery. Some of the key players in the global microsurgery market are:

• HAAG-STREIT GROUP

• Olympus Corp.

• Leica Microsystems

• B. Braun Melsungen Inc.

• Accurate Surgical & Scientific Instruments Corp.

• Surtex Instruments Ltd.

• Scanlan International

• Carl Zeiss AG

• KLS Martin Group

• Topcon Corp.

• Integra LifeSciences

Microsurgery Market Report Scope

Global Microsurgery Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global microsurgery market report on the basis of equipment, procedure, application, end-use, and region:

• Equipment Outlook (Revenue, USD Million, 2018 - 2030)

  • Operating Microscopes

  • Micro Sutures

  • Micro Forceps

  • Microsurgery Needle Holder

  • Others

• Procedure Outlook (Revenue, USD Million, 2018 - 2030)

  • Transplantation

  • Suture and Grafting

  • Free Tissue Transfer

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Orthopedic

  • Neurology

  • Gynecological & Urological Microsurgery

  • Ophthalmic

  • Plastic & Reconstructive

  • Oncology

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Clinics

  • Ambulatory Surgical Centers

  • Academics and Research Institutes

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Norway

    • Denmark

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait