VALLEY COTTAGE, New York, August 23, 2018 /PRNewswire/ --
Increased awareness among patients suffering from carpal tunnel syndrome, apropos of carpal tunnel surgeries is projected to drive the global market for carpal tunnel release (CTR) systems, over the forecast period of 2018-2028. Moreover, the success rate of carpal tunnel release procedures would also fuel the demand for carpal tunnel release systems through 2028. Future Market Insights (FMI), in its recently released intelligence outlook on the global market for carpal tunnel release systems, forecasts steady growth for the market over the next 10 years.
During 2018-2028, the global revenue of carpal tunnel release systems market is anticipated to expand at a steady CAGR of 5.5% and reach a market valuation worth US$ 839.1 Mn by the end of 2028. The Endoscopic CTR systems segment is expected to grow at a high CAGR compared to open CTR systems throughout the forecast period. The demand for carpal tunnel release systems is primarily emanating from North America, followed by Western Europe-both also holding the maximum revenue share in the global CTR systems market. Affordable and better equipped emergency rooms are contributing to the growing demand for better quality surgical procedures. Increasing geriatric population in China and Japan would open new market opportunities for carpal tunnel release system manufacturers looking to expand their business footprint.
Efficient, Evolved Surgery Procedures Fuelling Carpal Tunnel Release Systems Adoption
In the last few years, there has been an increase in carpal tunnel surgeries performed on out-patient surgeries owing to lower healthcare expenditure and better medical reimbursement coverage. This demand for carpal tunnel surgeries is attributable to the availability of effective and efficient products meant for CTR procedures. Key manufacturers of carpal tunnel release systems are collaborating with contract manufacturing organizations for developing efficient products according to treatment requirements. In terms of surgery methods, although cost-effective open surgical procedure for carpal tunnel release was previously the most preferred, efficiency and less risk associated with endoscopic procedures has led to an increased investment in this method, with key players like Stryker Corporation and Arthrex launching their range of endoscopic carpal tunnel release systems. Evolution of CTR surgeries with endoscopic methods has boosted the overall growth of carpal tunnel release systems market.
"Risks associated with carpal tunnel release surgeries could inhibit the growth of CTR systems to some extent. Nerve injury is the major risk associated with open surgery. Moreover, both, open and endoscopic methods have technical limitations. The invasive nature of both these methods and emergence of alternatives which do not require any incision would result in sluggish adoption of carpal tunnel release systems in the coming years", Analyst, Healthcare Industry, Future Market Insights
Acquisition, Product Innovation: Key Forward Strategy to Define Future Market Positions of Manufacturers
Leading manufacturers in the carpal tunnel release systems market are focusing on acquiring local manufacturers to expand their product portfolio and increase market share, developed and emerging markets. Manufacturers are also collaborating with hospitals and distributors to promote their CTR systems and expand regional presence, respectively. Increased research and development for a more focused product innovation and product enhancement would also drive the global carpal tunnel release systems market over the forecast period. Key manufacturer in the carpal tunnel release systems market are Arthrex, Smith & Nephew, CONMED Corporation, Integra LifeSciences Corporation, MicroAire Surgical Instruments, S.E.G-WAY Orthopaedics, Thayer Intellectual Property, and Sonex Health, LLC
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.