Asia Pacific Cervical Retractors Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Transverse Retractors and Longitudinal Retractors) and End User (Hospital, Clinic, and Others)
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.
Key factors that are driving the growth of this market are growing prevalence of age-related cervical conditions, surging geriatric population and rise in number of cervical spine surgeries across globe. However, availability of alternative therapies like manual manipulation and physical therapy is likely to restrain the market growth in the future years to some extent.
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.
Based on product, the Asia Pacific cervical retractors market is segmented into transverse retractors, and longitudinal retractors. In 2020, the transverse retractors segment held the largest share of the market and is estimated to grow at significant CAGR during the forecast period due to growing numbers of endoscopy procedures, increasing product developments, and product launches.
Based on end user, the Asia Pacific cervical retractors market is segmented into hospital, clinic, and others. In 2020, the hospital segment held the largest share of the market and is estimated to grow at significant CAGR during the forecast period due to growing numbers of minimally invasive procedures, awareness of among the patients and healthcare service providers about the endoscopy products.
A few of the primary and secondary sources associated with this report on the Asia Pacific cervical retractors market are the All-India Institute of Medical Sciences (AIIMS), China Food and Drug Administration (CFDA), and Australian Bureau of Statistics (ABS).
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