Global Surgical Equipment/Instruments 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.
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.
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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. Sseveral 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.
Many companies are implementing strategies such as collaboration acquisitions, and expansions to hold a strong position in this industry. Surgical equipment market is highly cost intensive with huge investment cost. Industry participants are investing heavily on research and development to have competitive advantage. Product innovation and product introduction is the important strategy adapted in this industry. Prominent industry participants includeKLS martin group, Smith & Nephew PLC, Zimmer holdings Inc., Ethicon Inc., Carefusion Corporation, Alcon Laboratories Inc., Conmed Corporation and Stryker Corporation. Stryker, Carefusion and Zimmer are observed to dominate the industry for electrosurgical instruments in recent past.
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Surgical Equipment/Instruments Product Outlook (Revenue, USD Million; 2014 – 2025)
• Surgical Sutures and Staplers
• Handheld Surgical Devices
• Forceps and Spatulas
• Auxiliary Instruments
• Cutter Instruments
• Electrosurgical Devices
Surgical Equipment/Instruments Application Outlook (Revenue, USD Million; 2014 – 2025)
• Plastic and Reconstructive Surgery
• Wound Closure
• Obstetrics and Gynecology
Surgical Equipment/Instruments Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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