The Global Surgical Devices Market is estimated to reach USD 28.4 Billion by 2027, according to a new report by Reports and Data. This can be mainly attributed to the growing number of surgical procedures, along with technological advancements in surgeries that are expected to become the most common growth factors globally in the coming years.
The growth of the market is driven by factors such as the increasing number of surgical procedures, which has led to the growing demand for surgical tools with developing predominance & incidence of several chronic diseases and an increasing geriatric population. Growing demand for plastic and reconstructive surgery, rising healthcare expenditure, and accelerating need for technologically advanced and minimally-invasive surgical procedures are anticipated to promote the market growth further during the forecast period. Stringent government regulations and lack of proper compensation for surgical devices may hinder the market growth during the forecast period.
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Due to the high concentration of key players, favorable reimbursement policies, rising number of surgical procedures, and several government initiatives to provide access to advanced devices for general surgery & training sessions for physicians, North America accounts for the largest market share of nearly 31.5% in 2019.
Further key findings from the report suggest
- A surgical device is a tool or equipment designed for performing particular actions or taking out desired effects during a surgery or operation.
- The growing inclination towards minimally invasive surgeries, such as electrosurgery, contributes to the market demand.
- The global Surgical Devices Market is growing at a rapid speed due to the rising demand for plastic and reconstructive surgery and also the growing number of aged patients worldwide.
- The reusable surgical device segment is expected to grow at the highest rate of 7.2% during the forecast period.
- The reusable surgical devices are increasingly being adopted by surgeons worldwide to decrease overhead costs, particularly surgeons operating in an ambulatory surgical center (ASC) setting or small medical set-ups.
- The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is the primary driver for the growth of this segment.
- Laparoscopes application is expected to grow at the highest rate of 7.4% during the forecast period. The factors such as cosmetic benefits for patients, minimally-invasive surgery, and an increase in insurance coverage for laparoscopic surgeries contribute to its growth.
- The availability of advanced systems, coupled with the presence of experienced employees, is also one of the factors that are expected to bring lucrative opportunities for this segment.
- Due to the growing preference for disposable devices such as syringes, needles, and catheters, this segment is expected to dominate the market in the coming years.
- The disposable surgical device sector is estimated to reach USD 10.75 billion by 2027, at a CAGR of 7.1% during the forecast period.
- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to fortify their market position.
- According to an article published by Time, Inc., more than 4,100 da Vinci units have been introduced globally till 30th June 2016.
- Other regions such as the Asia Pacific is anticipated to grow at the highest rate of 7.4% during the forecast duration. The growth witnessed in this region is the result of the rise in population and the emerging healthcare network, which are expected to spur market growth in the future.
- Key participants include Johnson & Johnson Services, Inc., Stryker, Medtronic, CONMED Corporation, Becton, 3M, Dickinson and Company, Integra LifeSciences, B. Braun Melsungen AG, Smith & Nephew, Erbe Elektromedizin GmbH, Boston Scientific Corporation, and Zimmer Holdings Inc., among others.
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For the purpose of this study, Reports and Data has segmented the Global Surgical Devices Market on the basis of Device type, Product, Application, and Region:
Device type Outlook (Revenue, USD Million; 2017-2027)
- Disposable Surgical Device
- Reusable Surgical Device
- Medical robotics & computer-assisted devices
Product Outlook (Revenue, USD Million; 2017-2027)
- Surgical Sutures and Staples
- Auxiliary Instruments
- Energy-based & Powered Instruments
Application Outlook (Revenue, USD Million; 2017-2027)
- Orthopedic Surgery
- Wound Closure
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/surgical-devices-market
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