"The Global Surgical Devices Market was valued around US$ 18.23 Bn by 2018 and growing at a significant CAGR of 11.5% over next seven years 2019-2025 owing to increasing demand minimally invasive surgeries"
The global surgical devices market accounted for US$ 18.23 Bn in 2018 and burgeoning over the forthcoming years. Some of the key factors favoring the market growth are rising demand for minimally invasive surgeries among patients, growing number of patients with cardiac related diseases, gastrointestinal diseases and technological advancements in surgeries. However, stringent government regulations and lack of proper reimbursement provided for these devices are hampering the market growth.
Global surgical devices market segmented on the basis of product type, application, end user and region.
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Cardiovascular Dominate the Global Surgical Devices Market
Based on product type, global surgical devices market segmented into cardiovascular, laparoscopy, microvascular, neurosurgery, obstetrics and gynaecology, orthopaedic surgery, plastic and reconstructive surgeries, thoracic surgery, urology, wound closure and others. Cardiovascular segment held considerable market growth during estimated period. Cardiac surgical devices are applicable in performing complications of heart diseases such as valvar and congenital heart diseases. Advancements in medical imaging and robotic-assisted surgeries is driving the segment demand in this particular market. Rising demand for robotic systems in cardiovascular procedures such as angiography balloon catheters and rise in healthcare expenditure and healthcare insurance are further augmenting the market growth.
Asia Pacific Leads the Global Surgical Devices market
PBI's global surgical devices market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. Asia Pacific is one of the key markets for surgical devices. The region has witnessed considerable growth in this market owing to increase in awareness, rise in patient affordability of surgeries and growing plastic surgeries in countries such as Japan, China, India and Australia. North America witnessed steady growth in this market owing to the presence of advanced health care infrastructures and huge adoption rate of advanced surgeries.
Strategic Acquisitions are the Key Strategies Adopted by Market Players
Global surgical devices market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, in 2018, Baxter acquired two hemostat and sealant products from Mallinckrodt plc which is the first and only stand-alone recombinant thrombin, and PREVELEAK surgical sealant, which is used in vascular reconstruction.
Key player's profiles in the report are Stryker Corporation (U.S.), Smith & Nephew (U.K.), NuVasive, Inc. (U.S.), Medtronic (U.S.), KLS Martin Group (U.S.), Johnson & Johnson Services Inc., (U.S.), Integra LifeSciences Corporation (U.S.), Boston Scientific Corporation (U.S.), B. Braun Melsungen AG (Germany) and Alcon company (a division of Novartis) (Switzerland.)
Precision Business Insights (PBI) in its report titled "Global Surgical Devices Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025" assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Moreover, the report also includes the total revenue and volume for the market.
By Product Type
- Surgical Sutures and Staples
- Surgical Sutures
- Surgical Staples
- Handheld Surgical equipment
- Forceps and Spatulas
- Auxiliary Instruments
- Closure Devices
- Cutter Instruments
- Electrosurgical Devices
- Obstetrics and Gynaecology
- Orthopaedic Surgery
- Plastic and Reconstructive Surgeries
- Thoracic Surgery
- Wound Closure
By End User
- Ambulatory surgical centers
By Therapy Type
- Growth Hormone
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
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