2.2 bn Surgical Procedures Market Expected to be Performed Worldwide by 2023, Asia Pacific to Remain at Forefront
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Rising incidence rate of chronic disorders such as cardiovascular, gynecological, neurological, and urological disorders acts as a major factor for the increase in surgical procedures performed over the years.
According to the American Heart Association, cardiovascular disease is the leading cause of death globally. Cardiovascular diseases account for 17.3 million deaths each year and the number is projected to reach over 23.6 million during the forecast period. Moreover, major manufacturers of surgical devices are focusing on gaining a foothold in emerging economies such as China, India, South Africa, Brazil, and Mexico in order to expand their business operations and explore new markets, thus creating an advanced health care infrastructure. Strong local manufacturing base and rapidly developing health care infrastructure in emerging countries have led to increased and advanced surgical procedures performed in these regions. Furthermore, improving scenario for availing better health care facilities in countries such as India and China and the burgeoning medical tourism market in Asia are likely to offer immense growth opportunities in the surgical procedures market.
Geographically, the global surgical procedures volume market has been segmented into North America, Asia Pacific, Europe, Latin America, and Rest of the World. Asia Pacific was the largest market for surgical procedures in terms of volume due to factors such as large patient base in the region, increasing geriatric population, growing prevalence of cardiovascular disorders, rising health care expenditure, and standard regulatory requirements. China was the largest market for surgical procedures in Asia Pacific in terms of volume in 2014, accounting for a share of 50.4%. China is enabling high quality surgical care at affordable cost. Market growth in China is likely to be driven by governmental health care reforms and changing demographics. Moreover, large patient population and adoption of advanced surgical technologies is driving the market in China. In Japan, orthopedic and ophthalmology procedures are performed majorly, while the spine and cardiovascular procedures have the highest growth rates. Rapidly aging population in Japan is anticipated to contribute to the growth of the market during the forecast period. Presently, over 21% of the population of Japan is aged over 65 years; it is likely to reach 40% by 2050.
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Europe was the second largest market for surgical procedures in terms of volume in 2014 due to growing geriatric population, adoption of advanced technology for surgical care and surging incidence of trauma cases and chronic diseases in the region. Additionally, the countries in the European Union have better reimbursement facilities. This acts as a driver of the market in the region. Germany has advanced health care facilities and reimbursement policies. A distinct feature of the health care system in Germany is separation of health care inpatient and outpatient care, which is reflected in overall reimbursement mechanism. Technological advances and inclination toward minimally invasive procedures are likely to increase the number of surgical procedures during the forecast period. Rising health care expenditure is driving the surgical procedures market in the U.K. According to the Office of National Statistics, the number of surgeries increased by 2.7% between 2012 and 2013.
North America is likely to be the fastest growing market for surgical procedures in terms of volume during the forecast period due to growing population base and geriatric patient base. Moreover, innovation and adoption of new surgical technologies and high growth of minimally invasive surgeries and C-section surgeries are the other driving factors. The U.S. was the largest market for surgical procedures in North America in terms of volume, accounting for a share of 93.8% in 2014. According to the National Statistics Group, health spending is projected to increase at an average rate of 5.8% from 2012 to 2022 in the U.S, which is 1% faster than expected average annual growth in GDP. Rising health care spending has been identified as one of the major factors supporting growth of the surgical procedures market in the U.S. Moreover, inclusion of reimbursements for surgical procedures by Medicare in the U.S. has historically included payment for all services and supplies that are routine and necessary to perform the procedure. The number of surgical procedures in Canada is expected to increase at a higher rate as compared to the U.S. According to the Canadian Institute for Health Information (CIHI), over 538,000 people in Canada had high priority surgical procedures and specialized treatments in 2012. The number increased by 21,000 from that in 2011. Hence, the number of surgeries performed across hospitals in Canada is likely to increase during the forecast period.
Rising prevalence of chronic diseases, rapidly increasing geriatric population, steadily rising use of technologically advanced devices and equipment, and improvement in medical infrastructure are the key factors likely to contribute to the growth of the surgical procedures market in Latin America. In Latin America, Brazil was the second largest market for surgical procedures in terms of volume in 2014. Brazil has approximately 6,800 public and private hospitals, 195,000 service units, and 500,000 hospital beds. According to the data enumerated by the World Bank, Brazil‘s health care expenditure increased from 9.0% in 2010 to 9.3% in 2012. This rise in the health care expenditure is anticipated to accelerate medical infrastructure development, which is likely to fuel market growth. Improvement in health care facilities and bed per population are expected to boost the market during the forecast period. Mexico is expected to be the fastest growing market in the region. According to the statistics provided by the OECD, Mexico’s health care expenditure increased from 5.0% of GDP in 2000 to 6.2% in 2012 and per capita health care expenditure increased from US$ 497 in 2000 to US$ 1,048 in 2012. Thus, increasing health care expenditure and medical infrastructure supports the growth of the surgical procedures market in the country.
Rest of the World (RoW) includes Middle East & Africa and Rest of Rest of the World. Rising prevalence of chronic diseases and low cost of medical treatments are the major factors propelling the surgical procedures market in this region. In addition, increasing health care infrastructure and rising medical expenditure is likely to boost market growth in Rest of the World during the forecast period.
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