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Surgical equipment market is expected to grow at significant CAGR of 11.1% during the forecast period

Friday, November 18, 2016 6:01
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Surgical equipment are medical devices/tools that serve the specific purpose during surgery. These tools enable the physical modification of biological tissue to provide access to underlying body components. The global surgical equipment market is expected to grow at significant CAGR of 11.1% during the forecast period. Inception of modern electronic technologies such as minimally invasive surgery equipment, and robotic & power assisted systems are primarily driving the surgical equipment market. Development of da Vinci Surgical System by Intuitive Surgical, Inc., in 2011 has provided a breakthrough platform for the robotic assisted surgeries. Despite such promising factors, inadequate quality assurance concerning to performance, improper sterilization procedures for reusable equipment and the absence of affirmative regulatory framework in some regions (such as developing economies).stand as restraints for the development of the market.

 

Medtronic Inc., Stryker Corporation, Conmed Corporation, Carefusion Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Ethicon Inc., Zimmer Holdings Inc. and KLS martin group are the key players of this market and are sharing approximately half of the global revenue of the surgical equipment market. Presently, Stryker, Zimmer and Carefusion are dominating the market for electrosurgical devices that are anticipating tremendous growth in the overall surgical equipment market during the study period. Product launch is the popular strategy followed in the global surgical equipment market, which has helped the manufacturers to gain substantial market share. Recently, Zimmer had launched three products for minimally invasive surgery, namely Viewline Retractor System, Tube Retraction System and Posterior Instrument Set. These products largely find their applications in microdiscectomy procedures.

 

Global surgical equipment market is segmented based on equipment types, applications and geography. Surgical equipment types are further categorized as surgical Sutures and Staples, Handheld Surgical Devices, Electrosurgical Devices and Others. Handheld surgical devices are further classified into Scalpels, Forceps, Retractors and Scissors. Surgical sutures and staples account for the largest market share owing to growing number of surgeries performed. These equipment find frequent applications in all type of surgeries that are performed globally. However, the global market for surgical sutures and staples is expected to decline during the forecast period due to shift in customer preferences from traditional (invasive) to minimally invasive surgeries. Electrosurgical devices are the fastest growing segment due to advancement in technology and high demand for minimally invasive surgeries. Surgical equipments have wide applications in different surgical procedures such as Neurosurgery, Plastic and reconstructive surgeries, Wound Closure, Urology, Obstetrics and gynecology, Thoracic surgery, Microvascular, Cardiovascular, Orthopedic surgery, Laparoscopy and Others. 

Geographically, global surgical equipment market is segmented into North America, Europe, Asia-Pacific and LAMEA. Potential regions of the respective geographies are strategically analyzed to provide country wise intelligence of the surgical equipment. North America dominates the global surgical equipment market followed by Europe and Asia-Pacific. The growth in North America and Europe is primarily driven by advent of new technologies, growing ageing population, favorable regulatory framework and high disposable income among the consumers. However, business dynamics in Asia-pacific is expected to witness substantial growth owing to advancing medical tourism industry, rising unmet healthcare needs, rising prevalence of chronic diseases that require surgical procedures and favorable reimbursement scenarios.

KEY BENEFITS

This report offers the following benefits in particular:

  • An in-depth exposure to the global surgical equipment market is provided and light is shed on  market dynamics that would prove crucial in understanding the market
  • Quantitative analysis of the current market and estimations through 2013-2020 would assist strategists to design business strategies to capitalize on the prevailing opportunities in the market
  • Porter’s Five Forces analysis examines the competitive structure of the global surgical equipment market and also provides a deeper understanding of the influence factors for market entry and market expansion
  • Pin-point analysis of geographic segments proffers identification of most profitable segments to capitalize on
  • Strategic analysis of the key leaders and their business strategies within the global surgical equipment market provided would assist stakeholders to make more informed business decisions

KEY MARKET SEGMENTS

The global surgical equipment market is segmented into three major categories such as, types, applications and geography. 

MARKET BY TYPE

  • Surgical Sutures and Staples 
  • Handheld Surgical Devices
    • Scalpels 
    • Forceps 
    • Retractors 
    • Scissors
  • Electrosurgical Devices
  • Others

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