High demand for surgical procedures, rise in the number of road mishaps, and the introduction of updated technology are key factors contributing to high CAGR during the forecast period.
Market Size – USD 12.67 Billion in 2019
Market Growth – CAGR of 7.9%
Market Trends – Product launches and research for advanced products
The Surgical Instruments Market’s valuation touched USD 12.67 Billion in the year 2019 and is projected to hit USD 23.22 Billion by 2027, at a steady rate of 7.9% of CAGR, as per Reports and Data’s latest report. Distinct surgical procedures are required in several medical applications.
In today’s world, the surgical instrument products have become crucial to successful surgical procedures. Many developing countries like India & China with considerable population are witnessing an upsurge in demand for surgical tools, due to rapidly increasing different medical cases day by day. Growing prevalence of several chronic diseases is considered as a key growth driver in the industry. Additionally, rising distinct heart disease procedures and increasing frequency of road accidents are also other factors propelling the market. Moreover, in Asia Pacific, the growing number of childbirths is positively impacting the growth of the market. The region of North America, especially the U.S., is considered the most developed and advanced country in terms of modern healthcare. The availability of skilled professionals in the country is also fueling the growth of this industry.
Although the surgical instruments industry has progressed steadily over the years, however, there are few factors hindering its development. Such factors include the high surgical equipment costs leading to expensive surgical procedures and elevating need for surgery procedures’ alternatives worldwide.
Surgical procedures include multiple critical steps, even in the most uncomplicated procedures. All of these procedures come with the risk of failure and potential for causing injuries to patients. These risks developed without the correct identification of the operative sites and patients, providing appropriate equipment sterilization, following several steps involved in the anesthesia’s safe administration, etc.
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Further key findings from the report suggest
- Registering a 2% CAGR, the market is rising exponentially in the Asia Pacific region followed by other regions like North America and Europe, registering respective rates of CAGR of 8.0% and 7.9%. The increasing need for surgeries because of distinct diseases globally is accelerating the industry’s growth in all these regions.
- Among several applications, the segment of obstetrics & gynecology dominated the market, accounting for about 78% of the total industry share in 2019. Asia Pacific is the highest revenue-generating region for this product segment, followed by North America and Europe.
- The reusable sub-segment has been anticipated to grow faster in the market over the period 2020-2027, registering an 8.3% CAGR. However, associated costs and several side effects are posing challenges in the growth of this segment.
- The segment of handheld devices including Retractors, Forceps & Spatulas, Dilators, Auxiliary Instruments, Graspers, Cutter Instruments registered a valuation of USD 2.46 billion and is presumed to touch USD 4.36 billion by the year 2026.
- Surgery has been a crucial public health’s component due to rapidly increasing longevity worldwide. In the settings of low-income, limited access to basic care has remained a major concern globally. The measurements required for improving the safety and interventions’ reliability have gone unrecognized.
- In a year, over 63 million people undergo different surgical procedures for traumatic injuries, for malignancies—31 million people, and above 10 million due to increasing obstetric complications. Several surgical safety-related complications are recognized efficiently in developed as well as developing economies. However, unreliable quality & supplies of medications, the poor healthcare infrastructure and surgical equipment state, frequent shortcomings in controlling infection and managing organizations, and hurdles in the personnel’s’ supplies and training in developing countries are causing hindrance.
- North America has been anticipated for accounting 33% of the global market share. The fast availability of skilled medical professionals and the availability of cutting-edge technologies incorporated in surgical practices are spurring growth in the market.
- Soaring demand for alternatives to different surgical procedures like sealants and the high cost of the latest tools are hindering the market growth.
- Key players include Becton, Zimmer Biomet Holdings, Inc., Dickinson & Company, Smith & Nephew Plc., B. Braun Melsungen AG, Stryker Corporation, Ethicon, Inc., Medtronic, Boston Scientific Corporation, Aspen Surgical Products, Inc., and Alcon Laboratories among others.
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For the purpose of this report, Reports and Data has segmented the Surgical Instruments Market on the basis of type, application, category, and region:
Type Outlook (Revenue, USD Billion; 2017–2027)
- Surgical Sutures & Staplers
- Handheld Surgical Devices
- Electrosurgical Devices
Application Outlook (Revenue, USD Billion; 2017–2027)
- Obstetrics & Gynecology
- Plastic & Reconstructive Surgery
- Other Applications
Category Outlook (Revenue, USD Billion; 2017–2027)
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Click on the Link to Read Key Highlights of the Report and Look at Projected Trends for Years to Come: https://www.reportsanddata.com/report-detail/surgical-instruments-market
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