The size of the general surgical devices market in the Asia Pacific was worth USD 2.51 billion in 2022 and is estimated to reach USD 4.50 billion by the end of 2027, growing at a CAGR of 12.40% during the forecast period.
Surgical Equipment is a medical device/tool meeting a particular need during a surgical intervention. Advances in today's electronics, for example, minimally invasive surgical equipment and robotic and electrically assisted systems, primarily drive the surgical equipment market. China and the emerging economies of Japan and India are showing great development. Domestic manufacturers earn significant income by exporting surgical equipment. Product differentiation in this market is minimal; therefore, pricing and branding remain the unique selling proposition. The market is teeming with many players, from forceps manufacturers to power tools and robotics. Recently, specialty hospitals have experienced significant growth in developing economies focusing on intensive treatment. Healthcare in developing countries like India is undergoing rapid change. Population growth in India will likely lead to increased demand for medical devices.
Besides, the burden of illnesses, accidents, and other injuries has also increased in India. As a result, the demand for low incisor surgeries has increased in India. These factors have increased the demand for general surgical devices in India. According to a report by Prabhakaran et al., Published in the Journal of the American College of Cardiology 2020, the prevalence of cardiovascular disease (CVD) has increased in India over the past two decades. According to the report data, around 31.7 million cardiovascular disease cases were prevalent in India in 1995. This number increased to 64.8 million in 2020. Due to the increasing prevalence of cardiovascular disease in India, it has grown over the years in cardiology.
However, price competition in the industry is one of the factors holding back growth. In addition, stringent government regulations and a lack of proper reimbursement for surgical equipment may also hamper the market growth during the forecast period.
This research report on the Asia Pacific general surgical devices market has been segmented & sub-segmented into the following categories:
By Type:
By Technology:
By End User:
By Country:
The Asia Pacific region is expected to grow significantly during the forecast period. The market growth is expected to be driven by the advancements in the medical tourism industry, increasing willingness to undergo surgical procedures, increasing the prevalence of chronic diseases that require surgical procedures, and improving healthcare infrastructure. The countries such as China, Japan, and India are the emerging countries in the region that are rapidly developing the regional General surgical devices market. The Surgical equipment exports bring quite a lot of money for domestic manufacturers. Over the forecast period, healthcare spending in countries such as China and India is likely to fuel market growth. Households in Japan spent an average of 36,063 Japanese yen on medical services, according to the e-Stat (Official Statistics of Japan). In 2019, the average cost of medical care for a Japanese family was roughly 78 thousand yen. As a result, the rising burden of diseases is expected to boost demand for medical devices during the forecast period.
In India, the number of illnesses, accidents, and other injuries has increased. As a result, there has been an upsurge in demand for low incisor procedures in India. According to a report published in the Journal of the American College of Cardiology 2020 by Prabhakaran et al., cardiovascular disease (CVD) in India has grown over the last two decades. According to the data, India had roughly 31.7 million cardiovascular disease cases in 1995. In 2020, this number was expected to rise to 64.8 million. It has increased in cardiology over the years due to the rising frequency of cardiovascular disease in India.
In China, the prevalence of cardiovascular diseases (CVDs) has been steadily rising. According to a 2018 report published in the Journal of Geriatric Cardiology by Li-Yuan Ma, of the approximately 290 million patients with CVD in China, CVD is responsible for approximately 2 in 5 deaths, higher than the death rate due to cancer or other diseases. In addition, the rising number of cardiovascular diseases is leading to an increase in the number of surgeries and procedures, helping boost the market.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the APAC general surgical devices market profiled in this report are 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.
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