The global surgical devices market size was USD 9.72 billion in 2021 and is expected to register a revenue CAGR of 9.6% during the forecast period. Rising prevalence of chronic diseases, increase in number of surgical procedures, increasing demand for minimally invasive devices, increasing healthcare expenditures, and an increase in the number of accidents are expected to drive the market revenue growth during the forecast period. Chronic diseases including heart disease and stroke and chronic respiratory diseases are becoming more prevalent among the geriatric population. Obesity rates and cases of diseases like diabetes are rising as more people adopt sedentary lifestyles.
Around one-third of all individuals worldwide suffer from various chronic conditions. As per the World Health Organization, the prevalence of chronic diseases increased by 57.0% in 2020. Besides, an increase in the world’s ageing population is leading to increase in the prevalence of chronic diseases. Early diagnosis and testing for various disorders have resulted in an increase in the number of surgical procedures, which has increased the demand for surgical devices. These factors are expected to drive revenue growth of the market during the forecast period.
Request a Sample@ https://www.qyresearchmedical.com/sample/119124
Increased initiatives by private and governmental organizations to provide advanced and cost-effective treatment to individuals in low- and middle-income countries are expected to support market growth during the forecast period. World Health Organization (WHO) has set a target of achieving 80% universal health coverage by 2030. Two-thirds of the global population does not have access to safe surgical care. There is a significant shortage of Surgical, Obstetric, and Anaesthesia (SOA) care. Increasing initiatives to minimize the SOA gap are leading to increased investment in surgical technologies by both governmental and commercial organizations. Improving surgical care is projected to strengthen healthcare systems, improve population well-being, and create a productive workforce, all of which will boost economic growth and reduce poverty. Technological advancement of surgical devices and increasing usage in the healthcare industry are expected to boost the market’s growth during the forecast period. Clinicians and surgeons are rapidly using 3D monitoring and robotic tools, which is boosting precision and patient care. Robotic surgery has been rapidly adopted for use in the treatment of various diseases across hospitals in North America and Europe. The most widely used clinical surgical system consists of a camera arm and mechanical arms equipped with surgical devices. Fewer complications, pain and blood loss, fewer visible scars, and faster recovery are all benefits of robotic surgery. These benefits are increasing demand for medical robotics and computer-assisted devices. However, the Covid-19 outbreak, unfavourable reimbursement policies for surgical devices in developing countries and stringent government regulations for product approval are expected to restrain the market growth during the forecast period.
Driver: Rising demand for minimally invasive devices is a key revenue growth driving factor
Demand for advanced surgical devices is being driven by a rise in the number of surgical procedures performed throughout the world. The increasing elderly population, along with an increasing prevalence of chronic diseases, has resulted in an increase in the number of surgical procedures. The introduction of technologically advanced and minimally invasive surgical procedures is projected to boost demand for minimally invasive devices. The minimally invasive surgeries have become more acceptable than open surgical techniques because of their added advantages. Advanced robotic systems provide surgeons with better control and vision during surgery, allowing them to execute safer, less invasive, and more precise surgeries. Minimally invasive robotic surgery has several advantages, including a lower risk of infection, minimal incisions, less pain, a shorter hospital stay, less scarring, a faster recovery time, and less blood loss. Robotic surgery, which is generally related to minimally invasive surgery, has been rapidly adopted by healthcare facilities in the United States for use in the treatment of various diseases.
Restraint: Negative influence of COVID-19 on device manufacturing companies is a key growth restraining factor
The surgical device industry was hampered as a result of a delay of elective procedures caused by the COVID-19 outbreak. The pandemic resulted in an unprecedented number of delayed and postponed elective surgical procedures in 2020, having a significant negative impact on the general surgery industry. The pandemic’s impact on healthcare systems is different depending on country and location. The first wave of the pandemic hit the United States in April 2020, resulting in a nearly 50% year-over-year drop in sales of laparoscopic access equipment including retractors and trocars, which are often used in general surgeries. Revenue from the surgical devices market is expected to increase over time as the number of general surgeries performed increases.
Device Type Outlook:
Based on device type, the surgical devices market has been segmented into the disposable surgical device, reusable surgical devices, and medical robotics & computer-assisted devices. Disposable surgical devices segment is expected to account for largest market share in the global surgical devices market over the forecast period. Most healthcare professionals are shifting from reusable devices to disposable devices. Patients are at increased risk of Surgical Site Infections (SSI), Healthcare-associated Infections (HAI), and cross-contamination if reusable surgical instruments are not properly sterilized. Increasing concerns regarding infections transmitted by surgical devices, as well as government legislation ensuring patient safety during surgical operations, are boosting demand for disposable surgical devices. Disposable surgical devices are sanitized and separately packed and are designed for single-use before being discarded. The increasing inclination towards disposable devices including needles, catheters, and syringes is expected to boost revenue growth of the segment during the forecast period. Because of the low risk of contamination and cost-effectiveness, disposable surgical devices are rapidly used in various healthcare settings and ambulatory surgical centers. Disposable surgical devices are rapidly being used in a wide range of procedures, including orthopedic surgery, laparoscopy, wound closure, and plastic or reconstructive surgery.
Based on product, the surgical devices market has been segmented into surgical sutures and staples, auxiliary instruments, energy-based & powered instruments, and others. Surgical sutures and staples segment is expected to account for a considerable revenue share in the global surgical devices market. Increase in the number of surgical procedures coupled with the rising incidence of surgical wounds is increasing demand for surgical sutures and staples. The increasing use of surgical sutures and staples in wound closure procedures is expected to boost revenue growth of the segment. Surgical sutures are widely used in the skin closure of surgical wounds. Sutures’ key benefits are flexibility, strength, non-toxicity, and in vivo degradation properties. Staples, which are mostly manufactured of stainless steel, are a viable alternative to sutures. The benefits of staplers over sutures, including faster wound healing and a decreased risk of infection, are boosting demand for staplers. The low level of tissue reactivity of staples provides a significant benefit in surgical wound closure. This increases infection resistance in contaminated wounds. Additionally, using staples minimizes the local inflammatory response, duration of wound closure, and residual cross marks.
Based on application, the surgical devices market has been segmented into orthopedic surgery, laparoscopy, neurosurgery, wound closure, and others. Orthopedic surgery segment is expected to register significant revenue growth over the forecast period. Increasing geriatric population, increasing prevalence of bone disorders, and increase in the number of accident cases are all leading to an increase in the number of orthopedic surgeries. The advancement of imaging technology in orthopedic surgery, faster diagnosis techniques, the introduction of new products, and favorable reimbursement scenarios in developed countries are projected to drive revenue growth of the segment. In North America and Europe, the number of orthopedic procedures including ACL reconstruction, hip or knee replacements, and arthroscopic is rising. Increasing prevalence of osteoporosis, which subsequently increases bone fragility and fracture susceptibility, is leading to rise in the use of orthopedic devices for treatment.
Based on regional analysis, the market in North America is expected to account for largest revenue share in the global market. Increasing introduction of technologically sophisticated surgical devices and the availability of attractive reimbursement policies are projected to drive market growth in the region over the forecast period. Government initiatives in countries such as the United States and Canada enable easy access to advanced products for general surgery and also physician training sessions. The presence of well-established hospital infrastructure is boosting demand for surgical devices. As the number of cases of bone disorders rises, the need for orthopedic surgery and the devices related to surgery is also rising. The cost and number of planned knee and hip replacement surgeries continue to rise, especially among young Americans. Additionally, the increase in surgical procedures as a result of the incidence of chronic disease among the geriatric population is a key factor boosting the use of advanced surgical devices for various surgeries.
The market in Asia Pacific is expected to register steady revenue CAGR over the forecast period. Population increase and developing healthcare infrastructure are driving the market growth. The increased demand for advanced surgical devices in the region is expected to be driven by an increasing number of plastic surgeries performed as a result of medical tourism in countries such as Japan, China, India, and others. Increasing government investment in healthcare infrastructure in order to meet the rising demand for improved healthcare services and surgical procedures is expected to boost the adoption of surgical devices.
Competitive landscape of the global surgical devices market is moderately fragmented with a number of key players operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major companies in the market include Smith & Nephew plc, Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Medtronic plc, Stryker Corporation, Ethicon, Inc. (Johnson & Johnson Medical Devices), Aspen Surgical Products, Inc., CONMED Corporation, Cadence Inc., and Becton, Dickinson and Company.
- In December 2020, Zimmer Biomet announced acquisition of A&E Medical Corporation and its full product line, such as cable systems, sternal sutures, and rigid fixation. The acquisition is aligned with Zimmer Biomet’s active portfolio management strategy and continuing corporate transformation, which will position the company for long-term growth.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For the purpose of this report, has segmented the global surgical devices market based on device type, product, application, and region:
Surgical Devices Market Report Scope
Segments covered By Device Type Outlook, Product Outlook, Application Outlook, Regional Outlook
By Device Type Outlook
Disposable Surgical Device
Reusable Surgical Device
Medical robotics & computer-assisted devices
By Product Outlook
Surgical Sutures and Staples
Energy-based & Powered Instruments
By Application Outlook
Middle East & Africa
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119124/1500
You can place an order or ask any questions, please feel free to contact [email protected] | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/