The global surgical devices market is expected to grow at a significant CAGR due to increase in the global population, and rise in the prevalence of various chronic diseases such as cancer, diabetes etc. Rise in demand for surgical tools due to increase in surgical procedures, increase in healthcare expenditure, increase in demand for plastic and reconstructive surgery, and rise in technological development leading to product innovations are the major factors fuel the growth of surgical devices market over the forecast period. Moreover, the favourable government policies for the manufacturing of surgical devices, the presence of numerous risk factors, such as hypertension, smoking, obesity, and diabetes, has led to the high prevalence of cardiovascular diseases and using of robotic systems might fuel the global surgical devices market over the forecast period. However, stringent government regulations, price competition in the industry and lack of proper reimbursement for surgical equipment may hamper the surgical devices market growth over the forecast period. Similarly, a rise in preference for advanced wound closure materials like fibrin sealants, implementation of acts like Patient Protection and Affordable Care Act (PPACA) in U.S., and Side effects with the products that lead to product recalls might hinder the growth of global surgical devices market.
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Surgical devices market segmented on the basis of product type, application, and end user
Based on product-type surgical devices market has been segmented into the following:
- Surgical Sutures and Staples
- Surgical Sutures
- Surgical Staples
- Handheld Surgical equipment
- Forceps and Spatulas
- Retractors
- Dilators
- Graspers
- Auxiliary Instruments
- Clamps
- Cannulas
- Closure Devices
- Cutter Instruments
- Trocars
- Lancets
- Scissors
- Others
- Electrosurgical Devices
Based on the application surgical devices market has been segmented into the following:
- Neurosurgery
- Plastic and Reconstructive Surgeries
- Wound Closure
- Obstetrics and Gynaecology
- Urology
- Microvascular
- Thoracic Surgery
- Cardiovascular
- Orthopaedic Surgery
- Laparoscopy
- Others
Based on end-user surgical devices market has been segmented into the following:
- Hospitals
- Clinics
- Ambulatory surgical centers
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Geographically, surgical devices market is in a flourishing stage with several local, and international players operating in the surgical devices market. Increase in the prevalence of chronic diseases such as neurological disorders (according to World Federation of Neurology statistics, 12 in every 100 patients die due to neurological disorders), and rise in the number of road accidents (according to Association for Safe International Road Travel, nearly 2.35 million people are injured every year due to road accidents) has led to the increase in the demand for surgical devices. Launching of new products is the popular strategy followed by various medical devices companies in the global surgical equipment market, which has helped the manufacturers to gain substantial market share. For instance, in October 2013, Zimmer had launched three products for minimally invasive surgery, namely Viewline Retractor System, Tube Retraction System and Posterior Instrument Set which are used in microdiscectomy procedures. Similarly, innovation of modern technologies like minimally invasive surgery instruments, and robotic and power assisted equipment are the key factors fueling the growth of surgical devices market. For instance, in 2011, Intuitive Surgical, Inc., has developed the da Vinci Surgical System provided a breakthrough platform for the robotic-assisted surgeries.
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Geographically, the surgical devices market has been segmented into following regions Viz. North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America. North America dominates the surgical devices market owing to rise in a number aging population, increase in the prevalence of chronic diseases in U.S. such as cancer, neurological disorders, and diabetes etc. The innovation of novel technologies and reimbursement scenario might boost the surgical devices market in North America. However, Europe holds a significant share in surgical devices market owing to the favourable regulatory framework, change in lifestyle, and increase in disposable income among consumers. Moreover, Asia-pacific surgical devices market is expected to substantial growth over forecasting period owing to increase in the medical tourism in Asian countries, rise in unmet healthcare needs, growing healthcare infrastructure in Asia Pacific region.
Some of the players in surgical devices market are Medtronic (U.S.), Stryker Corporation (U.S.), Johnson & Johnson Services Inc., (U.S.), NuVasive, Inc. (U.S.), Conmed Corporation (U.S.), Alcon company (a division of Novartis) (Switzerland.), Smith & Nephew (U.K.) , Zimmer Inc. (U.S.), Boston Scientific Corporation (U.S.), B. Braun Melsungen AG (Germany), KLS Martin Group (U.S.), and Integra LifeSciences Corporation (U.S.) to name a few.
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