General Surgical Devices Market

General Surgical Devices Market Size (2022 to 2027)

The global general surgical devices market size is forecasted to grow to 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 providing access for viewing it. They are used for many functions during surgical procedures, wound closure, and plastic and reconstructive surgeries. In addition, 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:

YOY growth in the number of surgical procedures with rising prevalence & incidence of various chronic diseases accompanied by an increasingly aging population are propelling the general surgical devices market growth.

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 up 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 and technological advancements are 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 forecast 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 to develop better surgical products. For example, developing medical robots to assist surgeons is a key breakthrough. 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.

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 global general surgery devices market growth. 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 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 to authorize the same devices. Hence, the long and rigorous regulatory process and reduction in reimbursement scenarios are likely to hamper the general surgical devices market growth during the forecast period.

In addition, 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. 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 on health systems by the COVID-19 pandemic has varied across countries and regions. As a result, 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 grow in 2021. This increase in market value could continue until 2022, depending on global vaccine distribution and inoculation rates.

REPORT COVERAGE:

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:

• Calipers
• Forceps
• Suction Tubes
• Scissors
• Probes
• Handles
• Needle Holder
• Speculums
• Clamps
• Distractors
• Retractors
• Tendon Strippers
• Clips
• Sutures
• Catheters
• Approximators

General Surgical Devices Market - By technology:

• Electrosurgical Equipment
• Wireless Surgical Equipment
• Manual Surgical Equipment

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:

• Clinics
• Hospitals
• Others

General Surgical Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

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 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 healthcare 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:

• March 2016: W. L. Gore and Associates, Inc. (Gore) launched GORE® SYNECOR Biomaterial, a hybrid device for hernia treatment.
• January 2017: Ethicon Endo-Surgery, Inc. acquired Megadyne Medical Products, Inc., a privately held company that manufactures electrosurgical tools in operating theaters worldwide.