Surgical Procedures Volume Market to Rise to 2.2 Billion by 2023, Gynaecology Procedures to Show Highest Growth Rate
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Rising geriatric population across the world has been identified as a major factor fueling the growth of the surgical procedures market. This is primarily due to elderly people are highly susceptible to various chronic disorders. Moreover, growth in the global population over 65 years of age would highly affect market growth. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to reach 20% by 2030. According to the World Health Organization, the global geriatric population is anticipated to reach 1.5 billion by 2050. Countries aging at a rapid pace are the U.S., Japan, and Germany. Other factors driving the surgical procedures volume globally include increasing incidence of chronic disorders and rise in the number of trauma injury cases. The surgical procedures volume market has been segmented into cardiovascular, orthopedic, neurosurgery, ophthalmic, gynecology, and other procedures such as urology and dental.
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Asia Pacific dominated the global surgical procedures market in 2014, accounting for a share of over 30% primarily due to large patient base, increasing incidence of cardiovascular diseases, traumatic injuries, neurological disorders, and introduction of advanced surgical technologies. Increase in the geriatric population also plays a major role in the growth of the surgical procedures market. Population over 65 years of age in Asia is likely to increase dramatically by 314%, from 207 million in 2000 to 857 million in 2050. This will increase the number of surgery procedures in the region. North America was the fastest growing market for surgical procedures in terms of volume during the forecast period from 2014 to 2023, due to growing innovation and adoption of new surgical technologies, high growth of minimally invasive surgeries, and C-section surgeries. Moreover, efficient reimbursement facilities, large health care infrastructure, rise in the health care expenditure, and high number of hospital beds per capita are anticipated to accelerate the medical infrastructure development in the U.S. making it the dominating segment in North America. Europe was the second largest market for surgical procedures in terms of volume in 2014, accounting for a share of 31.1% of the global market. Primary factors driving growth in the region include increase in the geriatric population and rise in the incidence of fall injuries, traffic-related injuries, cardiovascular diseases, and orthopedic cases. According to the European Commission database, the average number of surgical procedures for cardiac disorders has increased by around 20% from 2005 to 2010. Germany held the largest share of the surgical procedures market in Europe in 2014 due to the better reimbursement mechanism. Brazil accounted for the largest share of the surgery procedures market in Latin America. Growth of the market is attributed to high prevalence of chronic diseases, rise in geriatric population, and increase in health care expenditure. Mexico is expected to be the fastest growing market in Latin America due to low cost of medical treatments and high prevalence of chronic and infectious diseases.
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