Carpal Tunnel Release System Market

The Carpal Tunnel Release System Market By Type (Endoscopic Carpal Tunnel Release System And Open Carpal Tunnel Release System), By End-User (Hospitals, Ambulatory Surgical Centres, And Others), and by geography is estimated to register a growth at a remarkable CAGR forecast during 2024-2030 owing to rising cases of workplace associated carpal tunnel syndrome and increasing prevalence of carpal tunnel syndrome among women.

The global carpal tunnel release system market was valued at USD 514.97 million in 2021, growing at a CAGR of 4.83% during the forecast period from 2024 to 2030 to reach USD 681.21 million by 2030. The carpal tunnel release system market is slated to witness growth owing to factors such as the rising cases of workplace-associated carpal tunnel syndrome, the increasing prevalence of carpal tunnel syndrome among women, and the increasing prevalence of other associated risk factors such as diabetes and thyroid gland imbalance. Furthermore, the growing number of product approvals and technological advancement in the product arena are some of the factors contributing to the global carpal tunnel release system market growth during the forecast period (2024-2030).

Carpal Tunnel Release System Market Dynamics:

The rising cases of workplace-associated carpal tunnel syndrome is one of the noteworthy driver for the carpal tunnel release system market. According to the Centers for Disease Control and Prevention (CDC), the occurrence of carpal tunnel syndrome is often linked with workplace activities that involve forceful, repetitive tasks, vibrations, and prolonged use of wrists and hands. As per the National Institute of Health, physical job activities that involve the use of tools and hand-held vibrating equipment often lead to carpal tunnel syndrome. Individuals associated with industries such as food processing, manufacturing, textile industry, apparel manufacturing, and animal slaughtering and processing, among others are at a high risk of suffering from carpal tunnel syndrome.

Also, individuals who are musicians, carpenters, typists, movers and packers, electronics assembly workers, etc. are at high risk for carpal tunnel syndrome. Moreover, individuals involved in precision work such as gem and diamond processing and finishing, often face various symptoms of carpal tunnel syndrome including pain in the hand, unpleasant tingling, pain or numbness in the distal distribution of the median nerve, and a reduction in grip strength which hinders their working ability.

The majority of these workers undergo surgery to treat carpal tunnel syndrome so that they don’t face any major hindrances doing their jobs.

The surge in various market activities such as research and development, acquisitions, partnerships, and funding, among others in the landscape of carpal tunnel syndrome by many key players globally to expand their product portfolio for carpal tunnel release systems is expected to drive the market in the coming years. For example, In February 2019, Trice Medical acquired S.E.G-Way Orthopedics, to build a company that offers both diagnostic and surgical solutions for minimally invasive orthopedic procedures. S.E.G-Way brings its endoscopic carpal tunnel release device to the deal, which supports minimally invasive surgeries for carpal tunnel syndrome and others.

Thereby, the above-mentioned factors are expected to accelerate the growth of the carpal tunnel release system market.

However, complications associated with the carpal tunnel release system and lack of awareness of the condition, and high rate of relapse may act as restraining factors for the carpal tunnel release system market.

The COVID-19 pandemic had a slightly negative impact on the market growth of the carpal tunnel release system during the initial few months owing to the lockdown impositions, border closures, and others leading to the disruption in the manufacturing, supply, import, export, and other related activities of the carpal tunnel release system market. Furthermore, all non-elective surgery around the globe was suspended and most hospitals and clinics were overburdened in managing and treating patients affected by COVID-19. This caused a halt in major orthopedic services, thereby negatively affecting the carpal tunnel release system market growth. However, the resumption of activities across industries including the healthcare sector has been uplifting the carpal tunnel release system market and will drive growth during the forecast period from 2024-2030.

Carpal Tunnel Release System Market Segment Analysis:

Carpal Tunnel Release System Market by Type (Endoscopic Carpal Tunnel Release System and Open Carpal Tunnel Release System), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the type segment of the carpal tunnel release system market, the open carpal tunnel release system held the highest revenue share of 81.77% in 2021.

The open carpal tunnel release procedure is the standard and established surgical treatment for carpal tunnel syndrome. The open carpal tunnel release system allows the direct, reliable, and uninterrupted visualization of the flexor retinaculum. It also enables the surgeons to identify any kind of anatomical variations during the procedure and helps them to conduct a successful carpal tunnel release procedure. Moreover, the technique of the open carpal tunnel release system has been improved throughout time with the introduction of mini-open carpal tunnel release systems and ultrasound-guided carpal tunnel release.

The mini-open carpal tunnel release system offers a carpal tunnel release procedure to be performed in a minimally invasive manner with a small incision and thereby lessening the risk associated with open carpal tunnel release systems. The other advantages include less postoperative pain, shortened recovery time, and return to work time.

Ultrasound-guided open carpal tunnel release systems for example UltraGuideCTR have several advantages associated such as smaller surgical incisions, visualization of anatomic structures, predominantly variations in the median nerve, and realization of the procedure under local anesthesia. These advantages in turn lead to a reduction in postsurgical sequelae and a more rapid resumption of daily activities and work.

Hence, owing to the above-mentioned factors, the open carpal tunnel release system category is expected to witness substantial growth in the overall carpal tunnel release system market during the given forecast period.

North America is expected to dominate the overall Carpal Tunnel Release System Market:

Among all the regions, North America held the largest share of 48.58% in the Carpal Tunnel Release System market in 2021.

The rising prevalence of carpal tunnel syndrome, the growing working population, the introduction of new products, increasing healthcare expenditure, and the increase in research-related activities among others are the key factors contributing to the growth of the carpal tunnel release system market in the United States.

According to the American College of Rheumatology 2021, around 4 – 10 million, Americans suffer from carpal tunnel syndrome each year thereby leading to an increase in demand for carpal tunnel release systems.

The increasing number of innovative product launches and other strategic and research-pertaining activities in the region are likely to increase the demand for carpal tunnel release systems. For example, in April 2020, Trice Medical announced the launch of Seg-WAY ECTR-d in the United States. It is the world's first fully disposable endoscopic carpal tunnel release system.

In April 2020, PAVmed Inc., a highly differentiated, multiproduct medical device company, received 510(k) marketing clearance from the US Food and Drug Administration (FDA) for its CarpX minimally invasive carpal tunnel device. CarpX is a minimally invasive carpal tunnel release device used for invasive isolation and incision/division of ligaments, tendons, or fascia such as the transverse carpal ligament for the treatment of carpal tunnel syndrome.

In August 2022, Sonex Health and The Institute of Advanced Ultrasound Guided Procedures enrolled the first patient in the Trial of Ultrasound Guided Carpal Tunnel Release (CTR) Versus Traditional Open Release (TUTOR), the first multicenter randomized controlled trial in the United States to compare the efficacy and safety of traditional mini-open carpal tunnel release (mOCTR) and carpal tunnel release using the FDA-cleared UltraGuideCTR and real-time ultrasound guidance.

Thus, all the above-mentioned factors are anticipated to propel the market for carpal tunnel release systems in the United States during the forecast period.

Key Carpal Tunnel Release System Companies In The Market:

Some of the key carpal tunnel release system companies in the market include A.M. Surgical, Inc., Arthrex, Inc., Stryker, CONMED Corporation, Innomed Inc., Integra Lifesciences, Berkshire Hathaway Inc. (MicroAire Surgical Instruments, LLC), Smith+Nephew, Sonex Health Inc., Trice Medical, Medical Designs LLC, PAVmed Inc., LB Medical LLC, S2S Surgical LLC, Spirecut, and others.

Recent Developmental Activities in the Carpal Tunnel Release System Market:

• In May 2021, PAVmed Inc. announced that it has received CE Mark certification for its CarpX® minimally invasive carpal tunnel device.
• In January 2021, Smith+Nephew acquired Integra LifeScience’s orthopedic business focused on growing upper and lower extremity markets. Integra used to develop Safeguard Mini Carpal Tunnel Release System for carpal tunnel syndrome, which now comes under Smith+Nephew.
• In April 2020, Trice Medical announced the launch and immediate sale of Seg-WAY ECTR-d in the United States.

Key Takeaways from the Carpal Tunnel Release System Market Report Study

• Market size analysis for current carpal tunnel release system market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the carpal tunnel release system market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years.
• Key companies dominating the global carpal tunnel release system market.
• Various opportunities available for the other competitor in the carpal tunnel release system market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current carpal tunnel release system market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for carpal tunnel release system market growth in the coming future?

Target Audience who can be benefited from this Carpal Tunnel Release System Market Report Study

• Carpal Tunnel Release System providers
• Research organizations and consulting companies
• Carpal Tunnel Release System-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in carpal tunnel release system
• Various end users who want to know more about the carpal tunnel release system market and the latest technological developments in the carpal tunnel release system market.