Surgical Devices Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2028

iCrowd Newswire
14 Sep 2021, 12:33 GMT+10

Increase in number of surgeries coupled with technological advancements globally, are the major factors influencing market growth.

Market Size – USD 17.10 Billion in 2020, Market Growth - CAGR of 7.1%, Market Trends –Rise in demand for plastic or reconstructive surgeries

The Surgical Devices Market is estimated to reach USD 29.52 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing number of surgical procedure along with technological advancements in surgeries that are expected to become the most common growth factors globally in the coming years.

The growth in 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 increase in aging 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.

Due to the presence of key players, favorable reimbursement policies, and rising number of surgical procedures and several initiatives taken by the government to provide access to advanced devices for general surgery & training sessions for physicians, North America accounts for the largest market share of 31.3% in 2020.

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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.

The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter's Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.

Key companies profiled in the report 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.

Market Segmentation by Types:

By Device type Outlook (Revenue, USD Million; 2020-2028)

Disposable Surgical Device

Reusable Surgical Device

Medical robotics & computer-assisted devices

By Product Outlook (Revenue, USD Million; 2020-2028)

Surgical Sutures and Staples

Auxiliary Instruments

Energy-based & Powered Instruments

Others

Application Outlook (Revenue, USD Million; 2020-2028)

Orthopedic Surgery

Laparoscopy

Neurosurgery

Wound Closure

Others

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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Surgical Devices market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

Italy

France

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

U.A.E.

South Africa

Rest of MEA

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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 electro surgery 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 highly adopted by the 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 factor 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 some 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 10.04 billion by 2028 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 point their mark in the competition.

According to an article published by Time, Inc., more than 4,100 da Vinci units have been introduced globally till June 30th, 2016.

Other region such as the APAC is anticipated to grow at the highest rate of 7.4% during the forecast period. The increase in this region is due to the rising population, and the emerging healthcare network which are expected to spur the market in the future.

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Tags: Surgical Devices Market Trends, Surgical Devices Market, Surgical Devices Market size, Surgical Devices Market share