Worldwide handheld surgical devices market is likely to prosper substantially over the forecast period. It is projected to grow at a CAGR of 6.8% over the forecast period 2018–2023.
Handheld surgical devices are specifically designed devices and is extensively preferred by doctors. The device enables them to perform surgeries with high precision. Demand for surgeries has escalated globally since it has become the standard treatment procedure for treating complex health conditions. Despite the eminent advantages of minimally invasive surgery (MIS) to the patients, the technique is associated with certain technical challenges for surgeons. With the introduction of laparoendoscopic single-site (LESS) surgery, the technical challenges of MIS became prominent. New handheld surgical devices have been industrialized to curtail the limitations posed by minimally invasive procedures. The handheld surgical devices provide enhanced functionalities along with articulating and precision-driven instrument tips.
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Additionally, the rising demand for surgical procedures act as a significant factor in driving the handheld surgical devices market. Besides, high geriatric population, the rising incidence of accidents, technological upgradations, surging demand for reconstructive & plastic surgery, and increasing patient awareness about the applications of handheld surgical devices likely to boost the handheld surgical devices market. For instance, in 2017, the launch of Vscan Extend by GE positively impacted the global handheld surgical devices market. Vscan Extend is a portable ultrasound device introduced by GE. It is employed for monitoring heart failure patients and in measuring bladder volume. However, lack of trained physicians coupled with stringent government regulations can hinder the market growth over the forecast period. Moreover, the side effects associated with surgeries and implementation of Protection and Affordable Care Act in the U.S. are likely to challenge the growth of the handheld surgical devices market considerably.
Market Segmentation
Global handheld surgical devices market has been segmented based on product, application, and end user. Based on product, the handheld surgical devices market has been segmented into spatulas, forceps, dilators, retractors, cutter devices, auxiliary devices, graspers, and others. The auxiliary devices segment has been sub-segmented as cannulas, closure, and clamps devices. The cutter devices segment has been sub-segmented as lancets, scissor, and trocars. The others segment consists of curettes, punches, snares, and blunt dissectors. Based on application, the market has been segmented into urology, neurology, orthopedics, gynecology, cardiovascular, wound closure, and others. Based on end user, the market has been segmented into clinics, hospitals, research and academic institutes, ambulatory surgical centers, and others. Clinics represented a promising market share in 2017 owing to the growing prevalence of chronic conditions.
Regional Analysis
The Americas held the largest worldwide market share for handheld surgical devices owing to increasing geriatric population and the surging incidences of chronic ailments. The Centers for Disease Control and Prevention (CDC) reported that in 2016, almost 28.1 million adults were diagnosed with heart disease in the United States. In 2017, Europe held the second largest share in the global handheld surgical devices market. The prosperity of the market is owing to the growing instances of surgical procedures collectively with increasing investments in research and development. In 2017, Asia-Pacific represented the fastest growing market in the handheld surgical devices industry. Improving healthcare conditions, emerging brands within the market, surging healthcare expenses, and rising number of surgical procedures, make Asia Pacific a lucrative market for the handheld surgical device manufacturers.
Key Players
The global handheld surgical devices market is dominated by efficient players such as Integra LifeSciences Corporation, B. Braun Melsungen AG, Pelion Surgical, Smith & Nephew, Thompson Surgical, CooperSurgical Inc., Stryker, Dickinson and Company (BD), Millennium Surgical Corp, Becton, KLS Martin, Aspen Surgical, Medtronic, Johnson & Johnson, Elite Medical, Medicon Eg, Zimmer Biomet Holdings, and others.
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