PORTLAND, Oregon, September 28, 2018 /PRNewswire/ --
Increase in prevalence of chronic diseases, rise in geriatric population, surge in the number of surgical procedures worldwide, spike in healthcare expenditure, and growth in demand for plastic & reconstructive surgery are expected to drive the growth of the global surgical equipment market.
Allied Market Research published a report, titled, Surgical Equipment Market by Product (Surgical Sutures & Staples, Handheld Surgical Equipment, and Electrosurgical Devices), Category (Reusable Surgical Equipment and Disposable Surgical Equipment), and Application (Neurosurgery, Plastic & Reconstructive Surgeries, Wound Closure, Urology, Obstetrics & Gynecology, Thoracic Surgery, Microvascular Surgery, Cardiovascular Surgery, Orthopedic Surgery, Laparoscopy, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers an in-depth analysis of the market size & share, drivers & opportunities, key winning strategies, top investment pockets, competitive landscape among others. According to the report, the global surgical equipment market garnered $10.49 billion in 2017 and is expected to reach $15.73 billion by 2023, registering a CAGR of 7.0% from 2017 to 2023.
Increase in incidence of chronic diseases, rise in geriatric population, and surge in the number of surgical procedures worldwide drive the growth of the global surgical equipment market. In addition, increase in healthcare expenditure and growth in demand for plastic & reconstructive surgery and technologically advanced minimal invasive surgical procedures supplement the market growth. However, stringent government regulations and poor reimbursement schemes for surgical equipment hinder the market growth. On the other hand, untapped markets in emerging economies and launch of advanced technologies would create new pathways for the market players in future.
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Surgical sutures & staplers segment to lead, electrosurgical devices segment to grow the fastest
The surgical sutures & staplers segment accounted for 40% of the total market share in 2017 and would continue its dominance through 2023, owing to the huge demand for wound closure as well as closure of surgical incision site. However, the electrosurgical devices segment would register the fastest CAGR of 8.3% from 2017 to 2023. This is attributed to the increased demand for advanced surgical techniques and high demand for minimally invasive surgical procedures. The handheld surgical instruments segment would grow at a steady pace during the forecast period.
Reusable surgical equipment to be the highest revenue generator by 2023
The reusable surgical equipment segment contributed more than half of the total market share in 2017 and would maintain its lion's share through 2023, as surgeons across the globe use these equipment mainly to reduce overhead costs, especially those who operate in small medical set-ups or ambulatory surgical center (ASC) settings. However, the disposable surgical equipment segment is expected to grow at the fastest CAGR of 7.2% from 2017 to 2023, owing to the increasing penetration of disposable equipment during surgeries as well as large-scale use of reliable and high-strength medical grade engineered polymers or plastics for constructing disposable surgical equipment.
Plastic & reconstructive surgeries segment to grow the fastest
Rise in the number of cosmetic surgical procedures worldwide has enabled the plastic & reconstructive surgeries segment to grow at the fastest CAGR of 8.7% from 2017 to 2023. However, the laparoscopy segment accounted for 21.5% share of the total market revenue in 2017 and is expected to remain dominant throughout the forecast period, owing to the rise in obese population across the globe and increase in preference for bariatric surgeries. The study also analyzes various applications such as neurosurgery, wound closure, urology, obstetrics and gynecology, thoracic surgery, microvascular, cardiovascular orthopedic surgery, and others.
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North America to remain dominant, Asia-Pacific to grow the fastest
North America contributed 43% of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. The market in the region is primarily driven by the advent of new technologies, surge in elderly population, favorable regulatory frameworks, and high per capita income. However, Asia-Pacific would grow at the fastest CAGR of 9.0% from 2017 to 2023, owing to advancing medical tourism industry, pressing need to fulfill unmet healthcare needs, improving healthcare infrastructure in the region, and increasing prevalence of chronic diseases that require surgical procedures. The other regions explored in the study are Europe and Latin America, Middle East, and Africa (LAMEA).
Torchbearers of the industry
The key market players analyzed in the report include Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew Plc, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, and KLS Martin Group. The other companies profiled in this report include Abbott Laboratories, Applied Medical Resources Corporation, Microline Surgicals, Inc. (Subsidiary of Hoya Corporation), Olympus Corporation, Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, Aspen Surgical Products, Inc., Becton, Dickinson and Company, Intuitive Surgical, and Teleflex Incorporated.
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