Latest Happenings in Business World
Global General Surgical Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type, Technology, End User& Region – Industry Forecast (2021 to 2026)
The global general surgical devices market is forecasted to grow at a CAGR of 10.2% from 2021 to 2026 and be worth USD 1.63 bn by 2026.
The growing burden of disease and innovative medical treatments account for almost two-thirds of the increase in spending. Healthcare spending in countries like China and India is expected to increase over the forecast period. According to a report by the World Economic Forum, it is estimated that emerging economies will make one-third of all global health spending by 2024. In addition, some investments in the health sector offer attractive long-term financial benefits. Health care is one of those areas where people tend to increase their spending as income increases.
The increase in the number of surgeries performed along with technological advancements is expected to drive the market. In addition, increased patient awareness and affordability of plastic or reconstructive surgeries would result in fewer interventions performed during the prognosis period.
Global healthcare initiatives for advanced surgical procedures are expected to drive the market. Additionally, technological advancements are contributing to the growth of the market. As a result, several companies are investing in R&D for the development of better surgical products. For example, the development of medical robots to assist surgeons is a key breakthrough in the field. Medical robots offer several advantages, such as a 3D view of the operating field, less loss of blood and transfusions, less risk of infection, faster recovery time, minimal scarring, and high precision driving the market growth rate.
One of the technological developments is that the market is witnessing the preference for minimally invasive procedures and robotic and computer-assisted devices, reducing the time required for surgery and complications. This has generated new avenues for the growth of the global general surgery devices market. Major companies compete with new product launches, an expanding geographic presence, and innovative and educational offers offering lucrative opportunities for the market in upcoming years.
Browse details of the global general surgical devices market report @ https://www.marketdataforecast.com/market-reports/general-surgical-device-market
Ineffective, unpredictable, and costly regulatory processes in the United States put the North American medical device industry at risk. The US regulatory process takes longer for approval than in other regions. For example, for devices that require communication with the FDA regarding a clinical study for the low to moderate risk device before the regulatory filing, the pre-market process for such devices takes an average of 30 months for approval. On the contrary, in Europe, it takes an average of seven months to author the same devices. Hence, the long and rigorous regulatory processes and reduction in reimbursement scenarios are likely to hamper the growth of the general surgical devices market.
The market also faces challenges such as the innovation of other minimal non-invasive surgery technologies and tough competition among existing manufacturers of the general surgery devices market. However, the repayment issues deterred many market players from entering the market. This slowed down the growth of the market. In addition, other factors such as product recall, government regulations regarding reducing overall healthcare costs, and the subsequent increase in wholesale purchases challenge the market's growth rate.
Avail sample market brochure of the report @ https://www.marketdataforecast.com/market-reports/general-surgical-device-market/request-sample
Impact of COVID-19 on the global general surgical devices market:
The burden placed on health systems by the COVID-19 pandemic has varied across countries and regions. As such, the volumes of general surgery procedures and the sales of their associated devices have also varied globally. In the United States, the initial wave of the pandemic occurred in 2020, causing an almost 52% year-over-year drop in sales of laparoscopic access instruments, such as trocars and retractors, which are frequently used in general surgery. However, as elective surgeries resumed at the end of 2020 and were performed at 75% - 92% before COVID-19 rates, most surgical device companies immediately recovered lost revenue. As a result, the overall decline in sales for 2020 was not as severe as initially expected.
As the ongoing global deployment of COVID-19 vaccines continues and healthcare systems respond more aggressively to the demand for elective interventions, the market for general surgery devices is expected to continue to grow in 2021. This increase in market value could continue until 2022, depending on global vaccine distribution and inoculation rates.
For customizations, ask here @ https://www.marketdataforecast.com/market-reports/general-surgical-device-market/customization
By End User:
Geographically, North America dominated the general surgical devices market, followed by Europe and Asia-Pacific in 2020. Growth in North America and Europe has been primarily driven by the advent of new technologies, an increasingly aging population, a favorable regulatory environment, and high disposable incomes for consumers. In the North American region, the United States held the largest market share, and this is because of better regulation of surgical devices and the increasing awareness among the population to address these types of procedures for injuries and chronic disease problems. The companies also have a well-established direct collaboration channel with hospitals and clinics to serve the market studied. However, Asia-Pacific, Latin America, and MEA are expected to have healthy growth potential. AP-AC is expected to be a high growth rate region in the surgical devices market with a CAGR of 8.6%. This is due to the substantial spending to improve the health care infrastructure and the increased demand for better health services and surgeries in the region.
KEY MARKET PLAYERS:
Medtronic PLC, Stryker Corporation, Johnsons And Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, KLS Martin Group, Olympus Corporation, Applied Medical Resources Corporation, Microline Surgicals, Inc., Karl Storz GmbH & Co. KG, Cook Medical Incorporated and Teleflex Incorporated are a few of the noteworthy companies operating in the global general surgical devices market.
RECENT MARKET DEVELOPMENTS:
BROWSE REGIONAL REPORTS: