The microsurgical instruments market is projected to reach USD 2.2 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 5.2%. The growth in this market is attributed to factors such as the benefits of microsurgery over traditional surgery; the increasing number of surgeries among the geriatric population and the growing popularity of plastic & reconstructive surgeries; and the growing prevalence of chronic diseases, lifestyle disorders, and cancer.
An analysis of market developments between 2015 and 2019 revealed that growth strategies such as product launches, product approvals, acquisitions, expansions, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the microsurgical instruments market. Product launch was the most widely adopted growth strategy by market players in the last four years.
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B. Braun Melsungen (Germany)
B. Braun Melsungen is the largest player in the microsurgical instruments market. The company’s product portfolio comprises forceps, sutures, scissors, tissue grasping forceps, and needle holders, which find applications in various microsurgeries. The company operates in the microsurgical instruments market through Aesculap. The company’s robust geographic reach has enabled it to maintain its leading position in the market.
ZEISS International (Germany)
ZEISS is a prominent player in the microsurgical instruments market. The company’s products are used in dental, neuro, ENT, ophthalmic, spine, plastic & reconstructive, and gynecological microsurgeries. In order to further strengthen its position in the market, ZEISS focuses on the strategy of product launch. For instance, in October 2018, the company launched the EXTARO 300 dental microscope, which provides breakthrough visualization modes and enables efficient caries detection.
Danaher Corporation (US)
Danaher is one of the leading players in the microsurgical instruments market. The company offers light, operating, and surgical microscopes. The company has strengthened its presence in the microsurgical instruments market with the acquisition of Leica Microsystems. In addition to the company’s wide geographical reach and extensive product offerings, Danaher focuses on inorganic growth strategies to maintain its position in the market. For instance, in October 2018, Leica Microsystems (US) (a part of Danaher) and Polytech Domilens (Germany) entered into a partnership agreement, under which Polytech Domilens will market Leica’s ophthalmologic surgical microscopes in Germany, exclusively within the private outpatient clinic segment.
Microsurgical Instruments Market by Type (Operating Microscopes, Micro Sutures (Non-Absorbable & Absorbable), Forceps, Needle Holder), Microsurgery (Plastic, Ophthal, ENT, Orthopedic, GYN), End User (Hospitals, ASCs, Academia) - Global Forecast to 2024
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