With 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.
In addition, the success rate of CTR procedures would also fuel the demand for CTR systems through 2028.
In its recently released intelligence outlook on the global market for CTR systems, Future Market Insights (FMI) forecasts steady growth for the market over the next ten years.
During the 2018-2028 period, the global revenue of CTR systems market is anticipated to expand at a steady compound annual growth rate (CAGR) of 5.5% and reach a market valuation worth $839m by the end of 2028.
The endoscopic CTR systems segment is expected to grow at a high CAGR compared with open CTR systems throughout the forecast period. The demand for CTR systems is primarily emanating from North America, followed by Western Europe. Both also hold the maximum revenue share in the global CTR systems market.
Affordable and better-equipped emergency rooms are contributing to the growing demand for higher quality surgical procedures. An increasing geriatric population in China and Japan would also open new market opportunities for CTR system manufacturers looking to expand their business footprint.
Efficient, evolved surgery procedures fuelling CTR system adoption
In the last few years, there has been an increase in carpal tunnel surgeries performed on out-patient surgeries due 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 CTR systems are collaborating with contract manufacturing organisations for developing efficient products according to treatment requirements.
Although the cost-effective open surgical procedure for CTR 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 CTR systems. Evolution of CTR surgeries with endoscopic methods has boosted the overall growth of CTR systems market.
A healthcare industry analyst at Future Market Insights said: “Risks associated with CTR 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 that do not require any incision would result in the sluggish adoption of CTR systems in the coming years”
Acquisition of product innovation – key forward strategies to define future market positions of manufacturers
Leading manufacturers in the CTR 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 (R&D) for a more focused product innovation and product enhancement would also drive the global CTR systems market over the forecast period.
Key manufacturers in the CTR systems market include Arthrex, Smith & Nephew, CONMED Corporation, Integra LifeSciences Corporation, MicroAire Surgical Instruments, S.E.G-WAY Orthopaedics, Thayer Intellectual Property and Sonex Health.