The global general surgical equipment market size will grow by USD 1.63 billion through 2026
Global General Surgical Devices Market Size (2021-2026)
The global general surgical equipment market is projected to grow at a CAGR of 10.2% from 2021 to 2026 and reach a value of $ 1.63 billion by 2026.
The growing burden of disease and innovative medical treatments account for nearly two-thirds of the rise in spending. Health spending in countries like China and India is expected to increase over the forecast period. According to a report by the World Economic Forum, emerging economies will account for a third of all global health spending by 2024. In addition, some investments in the health sector offer attractive financial benefits over the long term. Healthcare is one of the areas where people tend to increase their spending as their income increases.
It is expected that the increase in the number of operations performed along with technological advancement will stimulate the market. In addition, increased patient awareness and the affordability of plastic or reconstructive surgery would result in fewer interventions during the prognosis period.
Global health initiatives for advanced surgical procedures are expected to drive the market. In addition, advances in technology contribute to the growth of the market. As a result, several companies are investing in research and development to develop better surgical products. For example, the development of medical robots to assist surgeons is a major breakthrough in this area. Medical robots offer several benefits such as a 3D view of the operating field, less blood loss and transfusions, lower risk of infection, faster recovery time, minimal scarring, and high precision that drives the market growth rate.
One of the technological developments is that the market is seeing a preference for minimally invasive procedures, as well as robotic and computerized devices that reduce the time for surgery and complications. This has opened new avenues for the global general surgical equipment market to grow. Large companies compete with new product launches, an expanding geographic presence, and innovative and educational offerings that offer lucrative market opportunities in the years to come.
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Ineffective, unpredictable, and costly regulatory processes in the US endanger the North American medical device industry. The US approval process takes longer than other regions. For example, for products that require communication with the FDA regarding a clinical trial for a low to medium risk product prior to filing for approval, it takes an average of 30 months for such products to go to market. On the contrary, in Europe it takes an average of seven months to create the same devices. Therefore, the long and strict regulatory processes and the reduction in reimbursement scenarios are likely to hamper the growth of the general surgical equipment market.
The market is also facing challenges such as the innovation of other minimally invasive surgical technologies and fierce competition between the existing manufacturers of the general surgical equipment market. However, the repayment problems deterred many market participants from entering the market. This slowed the growth of the market. In addition, other factors such as product recalls, government regulations aimed at lowering the total cost of healthcare, and the resulting increase in wholesale purchases are calling into question the rate of growth of the market.
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Impact of COVID-19 on the Global General Surgical Equipment Market:
The burden on health systems from the COVID-19 pandemic varies by country and region. Accordingly, the volumes of general surgical interventions and the sales of the associated devices fluctuate around the world. In the United States, the first wave of the pandemic occurred in 2020, causing sales of laparoscopic access devices such as trocars and retractors, commonly used in general surgery, to decline nearly 52% year over year. However, when elective surgeries resumed in late 2020 and were 75% -92% done before the COVID-19 rate, most surgical device companies made up for lost revenue immediately. As a result, the decline in sales for 2020 was not as strong as initially expected.
As the continued global use of COVID-19 vaccines continues and healthcare systems become more aggressive to the demand for elective surgery, the general surgery device market is expected to continue growing in 2021. This increase in market value could continue through 2022 via the global distribution of vaccines and vaccination rates.
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- Suction pipes
- Needle holder
- Tendon strippers
- Electrosurgical equipment
- Wireless surgical devices
- Manual surgical devices
By end user:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, North America dominated the general surgical device market, followed by Europe and the Asia-Pacific region in 2020. The growth in North America and Europe was mainly driven by the advent of new technologies, an increasingly aging population, favorable regulatory environment and high disposable income for consumers. In the North American region, the United States held the largest market share and this is due to better regulation of surgical equipment and increasing population awareness to treat these types of procedures for injury and chronic disease problems. The companies also have a well-established direct channel of cooperation with hospitals and clinics to serve the market under study. However, healthy growth potential is expected for Asia Pacific, Latin America and MEA. AP-AC is expected to be a high growth rate region in the Surgical Equipment market with a CAGR of 8.6%. This is due to the significant spending to improve health infrastructure and the increased demand for better health services and medical practices in the region.
MAJOR MARKET PLAYERS:
Medtronic PLC, Stryker Corporation, Johnsons And Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, KLS Martin Group, Olympus Corporation, Applied Medical Resources Corporation, Microline Surgicals, Inc., Karl Storz GmbH & Co. KG, Cook Medical Incorporated, and Teleflex Incorporated are some of the notable companies operating in the global general surgical device market.
LATEST MARKET DEVELOPMENTS:
- In March 2016, WL Gore and Associates, Inc. (Gore) launched GORE® SYNECOR Biomaterial, a hybrid device for treating hernias.
- In January 2017, Ethicon Endo-Surgery, Inc. became owned by Megadyne Medical Products, Inc., a privately held company that manufactures many electrosurgical instruments used in operating rooms around the world.
BROWSE REGIONAL REPORTS: