The global market for general surgical devices has been estimated to be USD 6.2 billion in 2014 and it is projected to reach USD 10.8 billion by the end of 2020, growing at a CAGR of 9.6% during the forecast period from 2014 to 2021.
Surgical devices are tools that serve a specific purpose during surgery. They are used for a number of functions during surgical procedures, primarily wound closure and also plastic and reconstructive surgeries. They are used in the areas of neurology, urology, cardiovascular medicine, orthopedics, obstetrics, and gynecology, etc. These tools are mainly used in small clinics, hospitals, and other healthcare centers.
Global General Surgical Devices Market-Market Dynamics
The market is dominated by hand tools and innovations that save time using powered tools. This market is highly sensitive to the economic downturn, which has led to reduced hospital budgets. The report details several factors driving and restraining the market. Some of these are listed below.
Some of the factors contributing to the growth of the market are:
Increase in the number of surgical procedures
Rise in demand for minimally invasive procedures
Worldwide aging population
Technological developments leading to innovative products
Robotic and power-assisted systems
Some factors limiting the growth of the market are:
Rising demand for advanced wound closure materials such as glues and fibrin sealants
Implementation of Patient Protection and Affordable Care Act (PPACA) in the US
Price competition in the industry
Side effects associated with products that lead to product recalls
The market for general surgical devices is segmented on the basis of product types into sutures, staples, handheld instruments like scalpels, forceps, retractors, scissors; and electrosurgical devices. The surgical sutures are further categorized as absorbable and non-absorbable sutures. Electrosurgical devices include radiofrequency generators and robotic/computer assisted tools. Electrosurgical equipment are the emerging tools in surgical devices market.
On the basis of geography, the global surgical devices market is classified into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America dominates the market with the largest share, followed by Europe. In North America and Europe, market growth is primarily driven by technological advances leading to product innovation.
In Asia-Pacific and RoW markets, factors such as the presence of a large pool of patients likely to undergo various surgical procedures, rising healthcare expenditures and increasing awareness regarding advanced surgical equipment are expected to play a key role in driving market growth.
Many players in this market are trying to expand their product portfolio in order to top the global market. While a few companies are entering the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies.
Some of the key players competing in the market are:
B. Braun Melsungen
Codman & Shurtleff (Codman)
Key Deliverables in the Study
Market analysis for the general surgical devices market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the general surgical devices market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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