Surgical Equipment Market was valued at USD 10.5 billion in 2016 and is expected to reach a value of USD 20.3 billion by 2025. Global Surgical Equipment Market is expected to experience brisk growth due to rise in demand for nominal hostile surgeries over the forecast period. Novel technologies such as robot and power assisted medical tools introduction in recent past is estimated to further enhance industry growth.
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The key driving factors responsible for the growth of Surgical
Equipment market :
Surgical tools are medicinal
devices that serve some specific need during any surgery. These devices allow
the physical alteration of biological tissue to deliver access to internal body
parts. This equipment’s are tools that are used to complete functions such as
suturing cutting, holding, dissecting, retracting, or grasping. These
instruments are hand handled or sometimes power based robotic devices.
Technologies viz. robotic based medical devices and minimally invasive medical
equipment development are presumed to be key driving factors for the surgical
equipment market. Rise in aged population coupled with increase in medical
processes is estimated to fuel the growth over the forecast period.
Modernization in operating devices which provide improved & better outcomes
along with increase in demand for less complicated procedures are some
important success factors that are expected to contribute for the global growth
over the six year period. Growth in adaptation and approval for arthroscopy and
minimal invasive procedures usages due to convenience is expected to further
complement the market growth.
Growth in demand for advanced
twisted healing materials such as medical adhesives, glues, high-strength
hemostats, fibrin, and other sealants used on daily basis for medical
procedures are presumed to hinder the growth. Stringent government norms on
power devices in certain regions are expected have negative impact on the
market growth over the forecast period. Due to side effects related with some
medical tools making people think twice before using the device. Several
inadequate product quality assurance concerns to performance related to this
device, improper procedures in sterilization for used equipment affect the
individual health which is further expected to reduce the industry growth. Lack
of affirmative governing structure in some developing regions is presumed to
act as restraints for the market expansion across the globe. Huge price
competition among the industry participants is presumed to hamper the Industry
growth. Emerging economies such as India and China are presumed to be an
opportunity for the industry participants to enter in this untapped market.
Based on product type surgical
equipment market is segmented into surgical handheld instruments, staples &
electrosurgical devices and surgical sutures. The surgical handheld instruments
are further segmented as retractors, scalpels, and scissors and forceps. Till
2012, surgical staples and sutures appeared as maximum revenue generating
product in surgical equipment market across the world. But, electrosurgical
instruments are presumed to witness pleasing growth over the six years period
owing to the rise in demand for minimally invasive operating procedures that
greatly use this equipment.
The market is classified as
Neurosurgery, Wound Closure, Plastic and reconstructive surgeries, Urology,
Thoracic surgery, Cardiovascular, Obstetrics and gynaecology, Orthopaedic
surgery, Micro vascular, Laparoscopy and Others based on different
applications. Under developed regions such as North America and Europe are
amongst the regional market for this equipment. And under the developing
regions Asia Pacific are the regional markets catering the demand for this
instrument. North America appeared as the maximum revenue contributing regional
market due to constant R&D initiatives along with technological innovation
which is leading to the better products development. Thus this is expected to
boost the regional market growth. Asia Pacific is expected to grow at a
lucrative CAGR over the next six years due to increasing awareness and
adaptation pertaining to the advanced surgical equipment. Rise in disposable
income is expected to propel the market growth. Rise in disposable income in
emerging economies such as India is presumed to compliment the increase in demand
for surgical equipment market in this region.
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