Increasing prevalence of chronic diseases and in number of surgical procedures are some of the key factors driving market revenue growth
The global surgical devices market size is expected to reach USD 9.72 Billion in 2028 and register a revenue CAGR of 9.6% over the forecast period, according to a latest report by Reports and Data. Increasing prevalence of chronic diseases and in number of surgical procedures is expected to drive market revenue growth during the forecast period. Increasing demand for handheld surgical devices is also expected to boost revenue growth of the market going ahead. Chronic diseases have a global impact on the health and quality of life of many persons. Additionally, chronic diseases have become a major cause of health expenditures, as well as having an influence on workforce patterns. Chronic diseases are a serious threat worldwide and contributes to both early death and morbidity. In the United States, chronic diseases including heart disease, cancer, and diabetes are the main causes of mortality and disability. These are also major contributors to the country's USD 3.8 trillion in yearly healthcare expenses. Handheld surgical devices are rapidly being used in noninvasive surgeries. The low cost of handheld surgical devices in comparison to robotic devices is a primary factor in increasing use of handheld surgical devices in most surgical procedures. Because of the convenience of use of such devices, surgeons are rapidly adopting handheld surgical instruments. These factors are expected to boost market revenue growth over the forecast period.
However, stringent government regulations for surgical devices approval for marketing and the negative influence of Covid-19 on the surgical devices manufacturing companies are expected to hamper revenue growth of the market during the forecast period.
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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
Leading Players Analyzed in the Report:
Smith & Nephew plc, Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Medtronic plc, Stryker Corporation, Ethicon, Inc. (Johnson & Johnson Medical Devices), Aspen Surgical Products, Inc., CONMED Corporation, Cadence Inc., and Becton, Dickinson and Company.
Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global Surgical Devices market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
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Key Regions Studied in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Segmentation based on Types:
By Device type Outlook (Revenue, USD Million; 2020-2028)
• Disposable Surgical Device
• Reusable Surgical Device
• Medical robotics & computer-assisted devices
By Product Outlook (Revenue, USD Million; 2020-2028)
• Surgical Sutures and Staples
• Auxiliary Instruments
• Energy-based & Powered Instruments
• Others
Application Outlook (Revenue, USD Million; 2020-2028)
• Orthopedic Surgery
• Laparoscopy
• Neurosurgery
• Wound Closure
• Others
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