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Surgical Drainage Devices Market Expected to Increase at a CAGR 2.6% through 2016 to 2024
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According to TMR, there could be increased competition and market consolidation because of the rise in the number of acquisitions. By the completion of 2024, the global surgical drainage devices market has been foreseen to bag revenue worth US$3.5 bn while speeding its growth at a 2.6% CAGR during the forecast tenure 2016-2024. By product, active drainage devices could lead the market as they had secured a dominant share of 84.0% in 2016. By region, North America has been prophesied to take the driver’s seat in the market considering its 40.0% share attained in the same year.
Increasing Incidence of Road Accidents and Sports Injuries Propels Demand
The demand for surgical drainage devices could experience a surge in the coming years as a result of the increasing adoption of surgical procedures on the global platform. In the past few years, there has been a telling increase in the need for surgical procedures around the globe. This could be a result of the increase in geriatric population which is more prone to different kinds of chronic infections and diseases. Furthermore, the rising prevalence of sports injuries and road accidents has been anticipated to up the demand for surgical procedures.
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Improving disposable income of people boosting the uptake of sophisticated and advanced treatments could be another factor helping with a decent growth in the world surgical drainage devices market. Rising usage of surgical drainage devices and technological developments have been foretold to swell the demand in the market.
Unavailability of Expert Practitioners Hinders Players to Improve Sales
As per a study presented in the report, the international surgical drainage devices market could be negatively impacted by certain issues faced by manufacturers such as lack of technical expertise among practitioners. Another factor which could hamper the growth of the market could be the lack of clinical knowledge.
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However, the untapped potential of emerging regions such as Asia Pacific and the presence of multitudinous opportunities therein could help players to attain growth in the face of challenges. Increasing incidence of lifestyle-related diseases and rising awareness among consumers have been envisaged to set the tone for a valuable growth in the international surgical drainage devices market. Nevertheless, there could also be rewarding prospects birthing in developed regions such as North America on the back of the snowballing adoption of advanced treatment procedures and rising prevalence of cardiovascular diseases.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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