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The carpal tunnel release systems market share is expected to increase by USD 441.86 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.04%.
This carpal tunnel release systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers carpal tunnel release systems market segmentation by product (open carpal tunnel release system and endoscopic carpal tunnel release system) and geography (North America, Europe, Asia, and Rest of World (ROW)). The carpal tunnel release systems market report also offers information on several market vendors, including A.M. Surgical Inc., Arthrex Inc., Conmed Corp., Innomed Inc., Integra LifeSciences Corp., LB Medical LLC, Medical Designs LLC, MicroAire Surgical Instruments LLC, Nordson Corp., S2S Surgical LLC, Smith and Nephew plc, Sonex Health Inc., Stryker Corp., and Trice Medical among others.
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The increasing prevalence of carpal tunnel syndrome (CTS) is notably driving the carpal tunnel release systems market growth, although factors such as stringent regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the carpal tunnel release systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Carpal Tunnel Release Systems Market Driver
One of the key factors driving the global carpal tunnel release systems industry growth is the increasing prevalence of carpal tunnel syndrome (CTS). For instance, according to a report on Carpal Tunnel Syndrome 2020, in 2018, carpal tunnel syndrome affected 1 to 3 people per 1000 people per year in the US, with a prevalence of 50 people per 1000, with equal incidence, and prevalence in other developing countries such as India. It mostly affects whites, with a female predominance of up to 10 to 1 and a peak at the age of 46 to 60. Furthermore, demand is largely emerging from the North American region, especially the US., along with Germany, the UK, and Australia. For instance, in Germany, approximately 5,00,000 carpal tunnel syndrome surgeries are performed each year, which can be attributed to improved emergency rooms and lower costs aiding the carpal tunnel release systems market. Such factors will boost the market growth in the forecast period.
Key Carpal Tunnel Release Systems Market Trend
Increasing merger and acquisition (M and A) and new product launches is one of the key carpal tunnel release systems market trends that is expected to impact the industry positively in the forecast period. For instance, in September 2021, Stryker Corp. Trauma & Extremities division launched its Citrelock tendon fixation device system, which benefited the company's orthopedic segment. In January 2021, Stryker Corp. acquired OrthoSensor, Inc., which is a privately held company headquartered in Dania Beach, FL. OrthoSensor, Inc. is into the digital evolution of musculoskeletal care and sensor technology for total joint replacement. In November 2020, Stryker Corp. acquired Wright Medical Group N.V. This will strengthen the global market share in trauma and extremities and open up new avenues for innovation and expanding patient base. Thus, such M and A and new product launches would further drive the market growth during the forecast years.
Key Carpal Tunnel Release Systems Market Challenge
One of the key challenges to the global carpal tunnel release systems industry growth is the stringent regulations. For instance, in the US, under the Federal Food, Drug, and Cosmetic Act (FFDCA) of 1938, medical devices are classified into Class I, Class II, and Class III depending on the degree of risks associated with the use of the device. Carpal tunnel release systems are classified under Class II devices with low-to-moderate risks. Hence, vendors must obtain premarket notification 510(k) before marketing such devices. In Japan, medical devices are regulated by the Pharmaceutical and Medical Device Agency (PMDA) and the Ministry of Health, Labor, and Welfare (MHLW), which ensure the quality, safety, and efficacy of medical devices. Thus, manufacturers have to obtain regulatory approval to market their products, which causes a delay in the launch of products, thereby affecting the sales and revenues of manufacturers, which will hinder the growth of the global carpal tunnel release systems market.
This carpal tunnel release systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global carpal tunnel release systems market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the carpal tunnel release systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the carpal tunnel release systems market encompasses successful business strategies deployed by the key vendors. The carpal tunnel release systems market is fragmented and the vendors are deploying growth strategies such as increasing merger and acquisition (M&A) and new product launch to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The carpal tunnel release systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the carpal tunnel release systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the carpal tunnel release systems in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).
The growing aging population, along with the government initiatives and high investment in the development of new products by key vendors will facilitate the carpal tunnel release systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the healthcare sector of various countries in the region. Governments in the region imposed a nationwide lockdown to control the spread of the disease. Moreover, due to the high number of COVID-19 cases in the world, the hospitals in the region were running out of space, which significantly reduced the number of other non-emergency healthcare services such as median nerve treatments. From Q3 2021, the market has been gaining its pace due to the hefty investment of the regional government in developing the medical infrastructure and allowing the medical industry to work with the full workforce to cater to the surging demand for several medical-related issues. Thus, post COVID-19 pandemic, the piled-up medical services such as bone problems would be addressed, which will further drive the regional market for carpal tunnel release systems during the forecast period.
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The carpal tunnel release systems market share growth by the open carpal tunnel release systems segment will be significant during the forecast period. Open carpal tunnel release systems are procedures to treat symptoms of carpal tunnel syndrome. The procedure is done by creating an incision in the wrist that allows ligaments around the nerve canal opening to be moved out of the way and relieves pressure on the median nerve. The preference for open carpal tunnel release systems will drive the segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the carpal tunnel release systems market size and actionable market insights on post COVID-19 impact on each segment.
Carpal Tunnel Release Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.04% |
Market growth 2022-2026 |
$ 441.86 million |
Market structure |
Fragmented |
YoY growth (%) |
5.54 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
A.M. Surgical Inc., Arthrex Inc., Conmed Corp., Innomed Inc., Integra LifeSciences Corp., LB Medical LLC, Medical Designs LLC, MicroAire Surgical Instruments LLC, Nordson Corp., S2S Surgical LLC, Smith and Nephew plc, Sonex Health Inc., Stryker Corp., and Trice Medical |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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