In the few last decades, global healthcare expenditure has increased by several folds. Centre for Medicare and Medical Services is expecting 5.5% growth every year in the U.S. national health spending and is expected to reach USD 5.7 trillion by 2026. General surgical devices are necessary to manage multiple healthcare conditions such as thoracic, abdominal, orthopedic, among others. Globally, the total volume of surgeries has increased, which, also increased the demand for general surgical devices.
The growing geriatric population and rising prevalence of infectious diseases are expected to support the market growth further. The early adoption of unhealthy habits such as cigarette smoking and consumption of alcohol is causing various diseased conditions. Additionally, the growing number of road accidents and rising demand for disposable supplies such as syringes, needles, lancets, and others are pushing the market ahead.
However, increased risk and unavailability of medical facilities in underdeveloped regions are some of the challenges manufacturers need to address if they want to expand their market presence and revenue. Nevertheless, advancing healthcare technology and the lack of medical facilities in developing areas are offering growth opportunities to enter the untapped market.
The global general surgical devices market was valued at USD 13,862.2 million in 2018 and is projected to grow at a CAGR of 9.1% during the forecast period 2019–2026.
The global general surgical devices market is segmented by type, product, applications, and end-users.
By type, the market is segmented into disposable surgical supply, open surgery instruments, energy-based and powered instruments, minimally invasive surgery instruments, medical robotics, and others. The disposable surgical supplies segment is expected to dominate the market owing to the increasing volume of surgeries being performed across the globe. On the other hand, minimally invasive surgery instruments would witness the fastest growth due to the rising adoption of minimally invasive cosmetic and orthopedic surgeries across the globe.
Based on the product, the market is segmented into handheld devices, laparoscopic devices, and others. Amongst products, the handheld devices segment is expected to be the leader owing to the rising demand for handheld surgical devices.
On the basis of application, the market is segmented into orthopedic, cardiology, wound care, neurosurgery, and others. Amongst applications, the orthopedic segment is anticipated to account for the major market share owing to the increased number of accidents and bone injuries globally.
By end-users, the market is segmented into hospitals, clinics, ambulatory clinics, and others.
Globally, the general surgical device market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America has a well-developed healthcare sector, especially in the U.S. and Canada. The sector is also known to adopt advanced technology more rapidly to serve the large patient pool better. Here, people spend a huge sum on healthcare to receive quality treatment. Every year, a huge amount of surgeries is being performed in the region. As a result of the high prevalence of various chronic, acute, and lifestyle-related diseases such as diabetes, stroke, and obesity. For instance, over 48 million surgeries were performed in 2009, and the number has grown many folds since then. Moreover, 1,258,581 cesarean deliveries were performed in the U.S. in 2016, which is 31.9% of total births. It makes the region one of the most prominent markets globally.
Europe is estimated to be the second-largest market, followed by the Asia Pacific. The increasing volume of surgery in the region and the rapid adoption of the latest technology are driving its growth. For instance, in 2014, over 4.2 million cataract surgery was conducted in European Union countries.
Asia Pacific general surgical device market is expected to grow at the fastest CAGR during the forecast period. This is attributed to the growing number of surgeries, the largest diabetic and obese population, and huge investment in the healthcare sector by the governments and private players. According to the International Diabetes Federation (IDF), over 47% of Chinese adults are likely to have diabetes or prediabetes. Additionally, a high rate of road accidents is further boosting the market growth. According to the Supreme Court of India (Committee for Road Safety), 1,50,935 people died in a road accident in 2016.
LAMEA is expected to show healthy growth during the forecast period on account of the growing geriatric population and an increasing number of surgeries in the region. Moreover, the lack of medical facilities in Africa may slow down the growth trajectory in the years to come.
Some of the key players in the global general surgical device market are Johnson & Johnson Services (U.S.), Conmed Corporation (U.S.), Dickinson and Company (U.S.), Boston Scientific Corporation (U.S.), Medtronic Plc (Ireland), Cadence Inc. (U.S.), Ortho-Clinical Diagnostics Inc. (U.S.), Siemens Healthcare GmbH (Germany), Hoffmann-La Roche (Switzerland), and TransEnterix Surgical (Switzerland)
Our report covers the general surgical device market insights, focusing on recent development in the market and development strategies of the companies. Moreover, the following sections are specifically covered in the report.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Type (Disposable Surgical Supplies, Open Surgery Instrument), By Product, Application, By End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Johnson & Johnson Services (U.S.), Conmed Corporation (U.S.), Dickinson and Company (U.S.), Boston Scientific Corporation (U.S.), Medtronic Plc (Ireland), Cadence Inc. (U.S.), Ortho-Clinical Diagnostics Inc. (U.S.), Siemens Healthcare GmbH (Germany), Hoffmann-La Roche (Switzerland), and TransEnterix Surgical (Switzerland)|
|Key Market Opportunities||Growing Prevalence Of Healthcare It Industry Helps To Grow General Surgical Devices Market Share|