The size of the general surgical devices market in Europe was worth USD 4.26 billion in 2022 and is estimated to reach USD 6.86 billion by 2027, growing a CAGR of 10% during the forecast period.
The European general surgical devices market is primarily driven by technological developments such as minimally invasive surgical devices, robotics, and assistance systems. Also, Hand tools and time-saving advancements with power tools are expected to dominate the market. The market is especially vulnerable to the current economic downturn, which has resulted in hospital budget reduction. Product launches are a well-known practice that has helped manufacturers improve their general surgical devices' market share.
The European market is further expected to be driven by the availability of research funds, the large patient population, and government support for research and development. In addition, other factors such as the presence of a large patient population, availability of research funds, and government funds for research and development activities encourage market growth.
The European general surgical devices market is likely to be driven by the increased number of surgeries performed and technological advances. Furthermore, improved patient awareness and affordability of plastic or reconstructive operations would result in a more significant number of inventions during the forecast period. The market is growing in terms of technological advances. Several companies are investing in research and development to create better surgical devices. The creation of medical robots to assist surgeons is a significant advancement in the industry. Medical robots provide various advantages, including a 3D perspective of the operating field, less blood and transfusions, lower infection risk, faster recovery time, minimum scarring, and great precision, all of which are propelling the market forward.
Inadequate quality assurance in terms of performance and the lack of a robust regulatory framework, and inappropriate reimbursement for surgical equipment are impeding the market growth. In Europe, authorizing the devices takes an average of seven months due to ineffective, unpredictable, and costly regulatory processes. As a result, the general surgical devices market is projected to be hampered by lengthy and stringent regulatory processes and reduced reimbursement possibilities.
This research report on the European general surgical devices market has been segmented & sub-segmented into the following categories:
By End User:
Geographically, the European general surgical devices market is estimated to account for a substantial share in the global market during the forecast period. According to the World Health Organization, cancer was the second leading cause of death globally and was responsible for around 9.2 million deaths in 2017. Besides, it has been established that approximately 75% of cancer deaths occur in middle-income and middle-income countries. In 2020, according to national statistics, in the United Kingdom, health expenditure reached 285.25 billion USD in 2019, compared to 273.27 billion USD in 2018 at a rate of 4.1%.
The availability of research funds, the vast patient population, and government support for research and development are further anticipated driving the European market. According to Macmillan Cancer Support, in 2019, 408 million people in the UK are diagnosed with cancer each year. Also, by 2025, it is estimated that nearly one in two people (49%) will develop cancer at some point in their life.
KEY MARKET PLAYERS:
Medtronic Plc., Stryker Corporation, Johnson 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 some of the leading companies in the European general surgical devices market profiled in this report.
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