Surgical Devices Market to Observe Significant Growth Between 2019-2027
Surgical devices are specifically designed instruments or performing specific actions or carrying out desired effects during a surgery or operation. For instance, modifying biological tissue or providing access for viewing the affected area. A rise in the number of surgical procedures, increase in the prevalence of chronic diseases, and an increase in the aging population are a few factors that are driving the market. Further, technological advancement in the field of surgical devices and rise in health care expenditure and government funding for the development of the medical field are expected to boost the global surgical devices market during the forecast period. Additionally, a rise in demand from patients for minimally invasive surgeries is estimated to propel the global surgical devices market. However, stringent government regulations and lack of proper reimbursement for surgical devices are likely to hamper the market during the forecast period.
The global surgical devices market can be segmented based on product, application, end-user, and region. In terms of product, the global surgical devices market can be classified into disposable surgical supplies, handheld surgical equipment, electrosurgical devices, minimally invasive surgery instruments, medical robotics & computer assisted surgery devices, surgical sutures and staplers, and others. The handheld surgical equipment segment can be further divided into retractors, dilators, auxiliary & cutter instruments, and others. The electrosurgical devices segment can be further divided into powered staplers, drill systems, and others. The minimal invasive surgery instruments segment can be further categorized into endoscopes and organ retractors. The surgical sutures & staplers segment is propelling the market, due to significant demand for these devices in wound closure and surgical incision sites. The electrosurgical devices segment is expected to be propelled by a rise in the use of electrosurgical devices in the treatment of benign and malignant skin conditions. The medical robotics & computer assisted surgery devices segment is expected to be driven by an increase in research and development of computer assisted devices for surgical procedures.
Based on application, the global surgical devices market can be segmented into orthopedic surgery, cardiology, ophthalmology, thoracic surgery, urology and gynecology surgery, plastic surgery, neurosurgery, dentistry, and others. The orthopedic surgery segment is is anticipated to be driven by a rise in the cases of accidents and bon diseases. Moreover, the launch of advanced surgical devices used in orthopedic surgery is expected to propel the segment. The urology and gynecology surgery segment is expected to expand at a rapid pace, due to an increase in the prevalence of urinary inconsistence because of a large geriatric population and rise in complicated pregnancy-related urological disorders. In terms of end-user, the global surgical devices market can be classified into hospitals, specialty clinics, and others. The hospitals segment is expected to expand at a rapid pace in the near future. This is due to a rise in demand for surgical devices from hospitals, which offer favorable proper reimbursement and developed infrastructure.
In terms of region, the global surgical devices market can be segmented into North America, Europe, Asia Pacific, Latin Africa, and Middle East & Africa. North America and Europe are leading regions of the global surgical devices market due to favorable health care infrastructure, high per capita income, and high adoption rate of advanced surgeries. The market in Asia Pacific is expected to expand at a rapid pace due to an increase in awareness and rise in patient affordability of surgeries, which is expected to boost the number of procedures conducted in emerging countries during the forecast period.
Key players operating in the global surgical devices market include Medtronic, Johnson & Johnson Services, Inc., Conmed Corporation, BD, 3M, B. Braun Melsungen AG, Stryker, Boston Scientific Corporation, and Smith & Nephew.
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