The global general surgical devices market size is forecasted to grow USD 1.63 billion by the end of 2027 from USD 1 billion in 2022. This market is predicted to witness a CAGR of 10.20% between 2022 to 2027.
The surgical device is a designed tool for performing specific actions of carrying out a particular task during a surgery or operation, like provide access for viewing it. They are used for many functions during surgical procedures, basically wound closure, plastic and reconstructive surgeries. They are used in neurology, urology, orthopedics, cardiovascular medicine, obstetrics, gynecology, etc. These tools are mainly used in small clinics, hospitals, and other places.
MARKET DRIVERS:
Y-O-Y growth in the number of surgical procedures with rising prevalence & incidence of various chronic diseases accompanied by an increasingly aging population are majorly expected to increase the need for more general surgical devices during the forecast period.
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 boost market growth over the forecast period. According to the World Economic Forum report, 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 the number of 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 blood and transfusions, less risk of infection, faster recovery time, minimal scarring, and high precision driving the market growth rate.
MARKET RESTRAINTS:
Ineffective, unpredictable, and costly regulatory processes in the United States are putting 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 for the authorization of the same devices. Hence, the long and rigorous regulatory process and reduction in reimbursement scenarios are likely to hamper the growth of the general surgical devices market during the forecast period.
MARKET OPPORTUNITIES:
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 and expand geographic presence, and innovative and educational offers offer lucrative opportunities for the market in upcoming years.
MARKET CHALLENGES:
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 growth rate of the market. The market is also facing challenges such as the innovation of other minimal non-invasive surgery technologies and tough competition among existing manufacturers of the general surgery devices market.
Impact of COVID-19 on the general surgical devices market:
The burden placed on health systems by the COVID-19 pandemic has varied across countries and regions. 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 began to recover lost revenue immediately. 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.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Technology, End User, Type & Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global general surgical devices market has been segmented and sub-segmented based on technology, end-user, type, and region.
General Surgical Devices Market - By Type:
General Surgical Devices Market - By technology:
Based on technology, the Electrosurgical equipment segment is expected to register the fastest growth during the forecast period owing to the rising demand for these devices among the growing number of minimally invasive surgical procedures.
General Surgical Devices Market - By End User:
General Surgical Devices Market - By Region:
Geographically, North America dominated the general surgical devices market in 2020, followed by Europe and Asia-Pacific. 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. 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.
The key factors contributing to U.S. market growth include good reimbursement policies, the presence of major companies, and better government initiatives that allow easy access to cutting-edge products for general surgery and training sessions for physicians.
However, Asia-pacific is expected to experience significant growth due to advancing the medical tourism industry, increasing willingness to undergo surgical procedures, increasing the prevalence of chronic diseases that require surgical procedures, and improving healthcare infrastructure.
KEY MARKET PLAYERS:
Companies that are playing a dominating role in the global general surgical devices market profiled in the 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.
RECENT MARKET DEVELOPMENTS:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Callipers
5.1.3 Forceps
5.1.4 Suction Tubes
5.1.5 Scissors
5.1.6 Probes
5.1.7 Handles
5.1.8 Needle Holders
5.1.9 Speculums
5.1.10 Clamps
5.1.11 Distractors
5.1.12 Retractors
5.1.13 Tendon Strippers
5.1.14 Clips
5.1.15 Sutures
5.1.16 Catheters
5.1.17 Approximators
5.1.18 Others
5.1.19 Y-o-Y Growth Analysis, By Type
5.1.20 Market Attractiveness Analysis, By Type
5.1.21 Market Share Analysis, By Type
5.2 Technology
5.2.1 Introduction
5.2.2 Electrosurgical Equipment
5.2.3 Wireless Surgical Equipment
5.2.4 Manual Surgical Equipment
5.2.5 Y-o-Y Growth Analysis, By Technology
5.2.6 Market Attractiveness Analysis, By Technology
5.2.7 Market Share Analysis, By Technology
5.3 End-Users
5.3.1 Introduction
5.3.2 Clinics
5.3.3 Hospitals
5.3.4 Others
5.3.5 Y-o-Y Growth Analysis, By End-Users
5.3.6 Market Attractiveness Analysis, By End-Users
5.3.7 Market Share Analysis, By End-Users
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.4 Market Attractiveness Analysis
6.1.5 Market Share Analysis
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Medtronic
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Stryker Corporation
8.3 Johnson & Johnson
8.4 Conmed Corporation
8.5 Alcon Laboratories
8.6 Smith & Nephew
8.7 Zimmer Holdings
8.8 Boston Scientific Corporation
8.9 B. Braun Melsungen AG
8.10 KLS Martin Group
8.11 Olympus Corporation
8.12 Applied Medical Resources Corporation
8.13 Microline Surgicals
8.14 Karl Storz GmbH
8.15 Cook Medical
8.16 Teleflex Incorporated
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Related Reports
Talk to our analyst and get customised report done according to your research needs
Check if you can avail any discount. Submit your details and our team will get back to you.
Request to avail a free sample report that reflects this market and its growth.
