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Surgical Drainage Devices Market Expected to Behold a CAGR of 2.60% through 2016-2024

04-18-2018 06:29 AM CET | Health & Medicine

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Surgical Drainage Devices Market Expected to Behold a CAGR

Of late, the global market for surgical drainage devices has been witnessing a notable rise in its valuation, thanks to the increasing number of surgical procedures. The rise in the geriatric population and the surge in the uptake of expensive treatments, fueled by the expansion in the purchasing capacity of consumers, are the other important factors behind the significant growth of this market.

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Over the coming years, the market is likely to gain substantially from the technological advancements in surgical drainage devices. The increasing usage of these devices in minimally invasive procedures is also expected to boost this market considerably in the near future. In 2015, the overall opportunity in this market was US$2.8 bn. Researchers project this market to expand at a CAGR of 2.60% between 2016 and 2024 and reach US$3.5 bn by the end of 2024.

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Active Drainage Devices to Remain Most Valued Product

There are two main types of surgical drainage devices available across the world: Active drainage devices and passive drainage devices. Active drainage devices exhibit a greater uptake compared to the passive ones, thanks to the increasing awareness regarding their benefits, such as minimal tissue trauma, decreased risk of wound infection, and no excoriation of skin. The active drainage devices segment led the global market with a share of nearly 84% in 2016 and is anticipated to remain dominant over the next few years. The ability to generate pathways for viscous or bulky material and the reduced risk of mechanical erosion and pressure necrosis are likely to drive the passive drainage devices segment in the years to come.

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General surgery, orthopedics, thoracic and cardiovascular, obstetrics/gynecology, plastic/reconstructive surgery, and neurosurgery are the prime application areas of surgical drainage devices. The demand for these devices is greater in orthopedics surgeries, owing to the increasing prevalence of musculoskeletal diseases, such as rheumatoid arthritis, lupus erythematous, and osteoporosis. Analysts expect this segment to continue as the leading application area over the forthcoming years on the grounds of the surging number of orthopedic procedures, such as hip replacement and knee replacement, fueled by the rise in the aging population.

North America to Retain Leadership

Geographically, the worldwide market for surgical drainage devices registers its reach across Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Among these, North America emerged as the leading contributor to the global market in 2016 with a share of nearly 40%. Thanks to the early adoption of advanced treatment procedures among people, a significant rise in the geriatric population, and the increasing prevalence of cardiovascular diseases in this region, the North America market for surgical drainage devices is likely to retain its leadership in the near future.

Asia Pacific, on the other hand, is projected to provide the most attractive opportunities for growth to market participants over the next few years and, hence, is predicted to witness a high-paced growth in its surgical drainage devices market. The increasing awareness among people and the growing prevalence of lifestyles diseases are anticipated to fuel the demand for these devices remarkably in this region during the period from 2016 to 2024. Latin America and the Middle East and Africa are also expected to offer lucrative growth opportunities for this market in the years to come.

B. Braun Melsungen AG, C. R. Bard Inc., Cook Medical, Medtronic Plc., Teleflex Inc., Stryker Corp., Johnson & Johnson, Cardinal Health, REDAX S.P.A., Smith & Nephew Plc., Acelity L.P. Inc., Integra LifeSciences Corp., and Medela AG are some of the leading manufacturers of surgical drainage devices across the world.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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