The global market for surgical procedures volume is expected to continue expanding at a CAGR of 5.6% from 2015 to 2023 in terms of revenue. This revenue was calculated to be US$1.3 bn in 2014 and is expected to reach US$2.2 bn by the end of 2023.
Technological advances have not only expanded the surgical market by offering innovative medical devices, but have also made the treatment process easier for surgeons. Minimally-invasive surgeries entail shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time. These advantages increase the number of patients opting for minimally-invasive surgeries. For instance, usage of MEMS is a growing trend in the cardiac pacemaker market. MEMS-built pacemakers are less invasive and cheaper. In April 2014, da Vinci Xi Surgical System, developed by Intuitive Surgical, Inc., would also support the growth of the Minimally-invasive surgeries. Outpatient minimally invasive surgery (MIS) techniques have increased rapidly in the U.S. MIS are less expensive as compared to open surgery, and it eliminates hospital stay and reduces risk of complications.
The global surgical procedures volume market has been broadly segmented into cardiovascular, orthopedic, neurosurgery, ophthalmic, gynecology, and other procedures such as urology and dental. Based on procedure type, the ophthalmic procedures segment dominated the global surgical procedures volume market in 2014. Rising global geriatric population is a major factor driving the ophthalmic procedures segment. Ophthalmic procedures are further segmented into cataract surgery, refractive surgery, and glaucoma surgery. Cataract surgery held the largest share in the ophthalmic procedures segment. Demand for cataract surgery is expected to surge in the next few years, as more baby boomers reach 65 years of age across the world.
Asia Pacific dominated the global surgical procedures market in 2014, accounting for a share of over 30% primarily due to large patient base, increasing incidence of cardiovascular diseases, traumatic injuries, neurological disorders, and introduction of advanced surgical technologies. Increase in the geriatric population also plays a major role in the growth of the surgical procedures market. Population over 65 years of age in Asia is likely to increase dramatically by 314%, from 207 million in 2000 to 857 million in 2050. This will increase the number of surgery procedures in the region. North America was the fastest growing market for surgical procedures in terms of volume during the forecast period from 2014 to 2023, due to growing innovation and adoption of new surgical technologies, high growth of minimally invasive surgeries, and C-section surgeries. Moreover, efficient reimbursement facilities, large health care infrastructure, rise in the health care expenditure, and high number of hospital beds per capita are anticipated to accelerate the medical infrastructure development in the U.S. making it the dominating segment in North America.
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Europe was the second largest market for surgical procedures in terms of volume in 2014, accounting for a share of 31.1% of the global market. Primary factors driving growth in the region include increase in the geriatric population and rise in the incidence of fall injuries, traffic-related injuries, cardiovascular diseases, and orthopedic cases. According to the European Commission database, the average number of surgical procedures for cardiac disorders has increased by around 20% from 2005 to 2010. Germany held the largest share of the surgical procedures market in Europe in 2014 due to the better reimbursement mechanism. Brazil accounted for the largest share of the surgery procedures market in Latin America. Growth of the market is attributed to high prevalence of chronic diseases, rise in geriatric population, and increase in health care expenditure. Mexico is expected to be the fastest growing market in Latin America due to low cost of medical treatments and high prevalence of chronic and infectious diseases.
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