Surgical Devices Market Research Analysis by Basic Information, Manufacturing Base, Sales Area and Regions
During last decade, the healthcare expenditure has increased by several folds. According to the Centre for Medicare and Medicaid Services, national health spending in the U.S.A is projected to grow at an average rate of 5.5 percent per year for 2017-26 and to reach $5.7 trillion by 2026. The health share of GDP in the U.S.A was 17.9% in 2016. General surgical devices are necessary to manage multiple healthcare conditions such as thoracic, abdominal, orthopedic, and many others. Globally, the volume of surgeries has increased and has led to a surge in demand for surgical devices.
The growth of the general surgical devices is driven by rising surgical procedures and growing incidence of chronic diseases. The growing geriatric population and rising prevalence of infectious diseases add fuel to the growth of the market. The early adoption of unhealthy habits such as cigarette smoking and consumption of alcohol adds to the patient pool of chronic diseases. According to data from Centers for disease control and Prevention (CDC), more than 15 in every 100 U.S adults smoke cigarettes. Additionally, the growing number of road accidents and rising demand for disposable supplies such as syringes, needles, lancets, and others are pushing the market ahead.
However, the involvement of risk and unavailability of medical facilities in underdeveloped regions are challenges for the growth of general surgical device market. The high cost associated with medical facilities is also hampering the growth of the market.
Nevertheless, the advancing healthcare technology and lack of medical facilities in developing areas have created an opportunity for market players to enter the untapped market. The rising demand for electrosurgical devices and minimally invasive methods is fueling the growth of the market. Furthermore, the growing concern of government for the healthcare sector and rising per capita expenditure in healthcare is fostering the growth of the market.
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Globally, the general surgical device market is segmented into North America, Europe, Asia Pacific and Latin America, Middle East & Africa.
North America is expected to dominate the general surgical device market owing to their advancement in technology and large patient pool in the region. The number of surgeries is high in the region. According to the Center for Disease Control and Prevention (CDC), the number of Caesarean deliveries in U.S.A in 2016 was 1,258,581, which is 31.9% of total births. The number of diabetic and obese population is large in the region which adds to the patient pool. The growing research & development in the medical field and better access to medical facilities is driving the growth of the market.
Europe is estimated to have the second largest market in the forecast period, followed by the Asia Pacific. The increasing volume of surgeries in the region and adoption of latest technology are the major drivers of the market in this region. According to the Eurostat, in 2014, Cataract surgery was conducted more than 4.2 million times in European Union countries.
Asia Pacific region is expected to have the fastest growth during the forecast period. This is attributed to growing number of surgeries and huge investment in the healthcare sector by government & private players. A large number of diabetic and obese populations of the region is also fueling the growth of the market. According to International Diabetes Federation (IDF), there were over 114 million cases of diabetes in China. Additionally, excessive rate of road accidents and an introduction of new technologies is further boosting the market. According to the Supreme court of India (committee for road safety), 1,50,935 people died in road accident in 2016.
LAMEA region is expected to show healthy growth during the forecast period. The growing geriatric population and increasing number of surgeries in the region are driving the growth of the market. Moreover, lack of medical facilities Africa region creates an opportunity for key players to expand their market in this region.
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Johnson & Johnson Services, Conmed Corporation, Dickinson and Company, Boston Scientific Corporation, Medtronic Plc, Cadence Inc, Ortho-Clinical Diagnostics Inc, Siemens Healthcare GmbHF, Hoffmann-La Roche, TransEnterix Surgical are the key players of the market.
In March 2018, Orthofix, a global medical device company, acquired Spinal Kinetics Inc., which is a privately held manufacturer of artificial lumbar and cervical discs.
Recently, Alphatec Holding Inc., a provider of innovative spine surgery solutions, acquired SafeOp Surgical Inc., a privately-owned provider of advanced neuromonitoring technology, which is used to prevent an intraoperative risk of nerve injury.
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