New York, October 5, 2021 – Reports and Data has published its latest report titled “Surgical Devices Market” Size, Growth & Analysis, By Device Type (Disposable, Reusable, Medical robotics & computer-assisted devices), By Product Type (Surgical Sutures & Staples, Others), By Application (Orthopedic Surgery, Laparoscopy, Neurosurgery, Wound Closure, Others), By Region, Forecast to 2028”.
According to Reports and Data, the global surgical devices market size was USD 17.10 billion in 2020 and is expected to reach USD 29.52 billion in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Rising investments on R&D activities for development of novel therapies, growing incidence of chronic diseases, and significant rise in the number of surgical procedures are some key factors driving market growth
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Drivers, Restraints, and Opportunities
Surgical devices are instruments or equipment that clinicians use to execute surgical procedures. Forceps, scalpels, retractors, clamps, scissors, and other equipment are among the most commonly used. Certain surgical procedures necessitate the use of a specialised set of instruments in order to be performed with precision.
Ongoing R&D activities and private and government investments in the healthcare industry especially during Covid 19 pandemic is expected to positively impact revenue growth of the market over the forecast period. The adoption of 3D monitoring, artificial intelligence and robotic assisted technologies, and tools by surgeons and clinicians are improving precision and patient care.
In addition, growing number of people undergoing plastic and reconstructive surgery, rising healthcare costs, and the availability of technologically improved and minimally invasive surgical treatments are some other key factors contributing to the revenue growth of the market.
However, high medical cost and side-effects of surgical devices (such as bruising around the surgical site, minor infection, numbness), are some major factor expected to restrain global surgical devices market revenue growth over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Disposable Surgical Device Type to Account for Largest Revenue Share:
Disposable surgical device segment is expected to account for largest revenue share in the global market over the forecast period attributed to rising concerns regarding diseases transmitted via surgical devices, increase in awareness of health and hygiene and government rules and regulations enforcing patient safety during surgical procedures.
Orthopedic Surgery Segment to Dominate Other Application Segment:
Orthopedic surgery segment is expected to dominate other application segment over the forecast period attributed to increase in increasing incidence of bone diseases, development of imaging technology in orthopedic surgery, increase in the aged population, and favorable reimbursement policies.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to increasing government investments into the development of healthcare system, availability of advanced surgical devices, and presence of key participants in the region.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to growing incidence of chronic and infectious diseases, rapid urbanization and rising adoption of disposable surgical devices to maintain hygiene during surgical procedures. In addition, private and government investments for availability of basic health technologies in backward section of society especially in emerging economies namely India and China drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- Johnson & Johnson Services, Inc.
- CONMED Corporation
- Stryker, Medtronic
- Becton, Dickinson and Company
- Integra LifeSciences
- Smith & Nephew
- B. Braun Melsungen AG
- Erbe Elektromedizin GmbH
- Zimmer Holdings Inc.
- Boston Scientific Corporation
For the purpose of this report, Reports and Data has segmented the global surgical devices market on the device type, product type, application, and region:
Device Type Outlook (Revenue, USD Billion; 2018-2028)
- Disposable Surgical Device
- Reusable Surgical Device
- Medical Robotics & Computer-Assisted Devices
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Surgical Sutures & Staples
- Auxiliary Instruments
- Energy-based & Powered Instruments
Application Outlook (Revenue, USD Billion; 2018-2028)
- Orthopedic Surgery
- Wound Closure
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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