Smoke Evacuation System Market value is set to grow by USD 346.8 Million from 2022 to 2030

The Global Smoke Evacuation System Market is anticipated to grow at a CAGR of around 7.7% during the forecast period 2022 to 2030 and to reach around US$ 346.8 Million by 2030.

The increasing number of surgeries and rise in healthcare spending are major factors expected to drive the growth of the global smoke evacuation system market.

North America is expected to account for a major revenue share in the global smoke evacuation system market due to increasing number of patients suffering from chronic diseases and rise in number of surgeries to treat the illness. A total of 17.2 million hospital visits (AS visits or inpatient stays) in the United States included at least one surgery in 2014. Just over half of these visits (57.8 percent) occurred in a hospital-owned AS setting, and the remaining visits (42.2 percent) occurred in the hospital inpatient setting. These visits included nearly 22 million total surgeries, over half of which (52.7 percent) were performed in an outpatient setting. The average number of surgeries performed per visit was slightly higher in the inpatient than in the outpatient setting.

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Availability of advanced healthcare infrastructure in the country and demand for minimally invasive surgeries and factors expected to impact the growth of smoke evacuation system market. Surgical smoke evacuation systems are high-flow vacuum sources that are used to capture, the smoke aerosols and gases generated during the use of lasers and electrosurgical units (ESUs) at the surgical site. High investment by major players for the development of technologically advanced products that help surgeons to perform better surgery, In addition, increasing players focus on a strategic merger in order to enhance the business presence these factors are expected to augment the growth of smoke evacuation system market.

In 2019, CONMED Corporation, a medical technology company that specializes in the development and sale of surgical and patient monitoring products and services, acquired Buffalo Filter LLC. This acquisition helped the company to improve and deliver advanced smoke evacuation products.

In 2018, Stryker Corporation, a global medical technology company acquired Safe Air. The acquisition was focused on enhancing the Stryker Corporation Company's product portfolio of surgical smoke evacuation.

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The market in Asia Pacific is expected to witness faster growth in the smoke evacuation system market due to high government expenditure on healthcare sector. According to the Ministry of Commerce & Industry, Government of India the government of India expenditure on healthcare sector has grown to 1.6% of the GDP in FY20BE from 1.3% in FY16. Changing business policies and developing regulatory scenario is attracting major players this is expected to impact the growth of target market in this region.
In addition, players approach towards enhancing their business in emerging economies and increase the revenue is another factor supporting the smoke evacuation system market growth.

Rapid technological advancements in medical devices and increasing demand from hospitals and clinics for smoke evacuation system for better surgical output these are major factors expect to drive the growth of global smoke evacuation system market. Rise in number of inpatients in hospitals suffering from chronic diseases is resulting in increasing number of surgeries this factor is impacting the target market growth. Factors such as high cost of devices and stringent government regulations related to product approval are expected to hamper the growth of global smoke evacuation system market.

In addition, cut throat completion among players on low profit ratio is expected to challenge the growth of target market. However, high investment by major players for development of cost-effective products and rise in number of survival procedures are factors expected to create new opportunities for players operating in smoke evacuation system market over the forecast period. In addition, increasing partnership activities by major players in order to strengthen the distribution channel is expected to support the revenue transaction of target market.

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The global smoke evacuation system market is segmented into product, application, and end use. The application segment is bifurcated into laparoscopic surgeries, orthopedic, medical aesthetic surgeries, and others. Among the application, the laparoscopic surgeries are expected to account for major revenue share in the smoke evacuation system market. The end use segment is divided into hospitals, ambulatory surgical centers, cosmetic surgery centers, dental clinics, and veterinary healthcare providers.

Players operating in the global smoke evacuation system market are Medtronic, CONMED Corporation, Zimmer Biomet, Stryker, Ethicon Inc., Erbe Elektromedizin GmbH, Symmetry Surgical Inc., Pall Corporation, KLS Martin Group, and Olympus Corporation. The market is highly competitive due to presence of large number of players operating on global level.

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This release was published on openPR.