Increasing number of accidents and rising demand for minimally invasive devices, and rising healthcare expenditures are some of the key factors driving market revenue growth.
Increasing number of accidents and rising demand for minimally invasive devices, and rising healthcare expenditures are some of the key factors driving market revenue growth
The global surgical devices market size is expected to reach USD 20.20 Billion in 2028 and register a revenue CAGR of 9.6% during the forecast period, according to a latest report by Reports and Data. Increasing number of accidents and rising demand for minimally invasive devices, and increasing healthcare expenditures are key factors expected to drive market revenue growth during the forecast period. Increasing geriatric population is expected to boost revenue growth of the market between 2021 and 2028. Annually, around 1.3 million people die prematurely as a result of a road accident. Non-fatal injuries affect between 20 and 50 million more individuals, with many becoming disabled as a result of the injury. Over 90% of road traffic fatalities occur in low- and middle-income countries. In countries in the Africa road traffic fatalities rate is the highest. Individuals from lower socioeconomic backgrounds are more prone to be involved in road traffic accidents, even in high-income countries.
Yearly, Americans spend a significant amount of money on healthcare, and the cost continues to rise. This rise is attributable to government policy and the implementation of national programs such as Medicare and Medicaid. Besides, rising government funding for the improvement of healthcare infrastructure is expected to propel market growth over the forecast period. However, unfavorable reimbursement policies for surgical devices in developing countries are expected to restrain the market growth to some extent over the forecast period.
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Some Key Highlights in the Report
- Disposable surgical device segment is expected to account for largest market share over the forecast period as infection control of surgical devices is becoming highly important. Whenever an instrument is used only once, it cannot spread infectious agents to patients. Disposable surgical devices are sanitized before departing the production plant, as compared to reusable equipment, which is often sterilized at the healthcare facility.
- Energy-based & powered instruments segment is expected to register a significantly steady revenue growth rate over the forecast period due to rising demand for Energy-based & powered instruments among healthcare professionals to seal blood arteries, cut tissue, and control bleeding.
- Laparoscopy segment is expected to register a significantly high revenue growth rate over the forecast period due to rising demand for surgical devices during laparoscopic surgeries.
- The market in Asia Pacific is expected to register considerable revenue CAGR over the forecast period. Growth of the market in the region is expected to be driven by increasing healthcare tourism in countries in the region. In addition, rising number of hospitals in countries like China and India is expected to boost revenue growth of the segment. Furthermore, increasing government initiatives to improve healthcare infrastructure are expected to propel the market growth during the forecast period.
- Companies profiled in the global market report 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 January 2020, Smith+Nephew, the worldwide medical technology company, announced the acquisition of Tusker Medical, Inc., located in California, which developed the Tula System, an in-office solution for tympanostomy tubes. This acquisition supports with Smith+Nephew’s plan of investing in cutting-edge solutions that solve major clinical needs.
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For the purpose of this report, Reports and Data has segmented the global surgical devices market on the basis of device type, product, application, and region:
Device Type Outlook (Revenue, USD Billion; 2018-2028)
- Disposable Surgical Device
- Reusable Surgical Device
- Medical robotics & computer-assisted devices
Product Outlook (Revenue, USD Billion; 2018-2028)
- Surgical Sutures and Staples
- Auxiliary Instruments
- Energy-based & Powered Instruments
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Orthopedic Surgery
- Laparoscopy
- Neurosurgery
- Wound Closure
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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