NEW YORK, May 01, 2019 (GLOBE NEWSWIRE) -- Market Size – USD 14.93 billion in 2018, Market Growth - CAGR of 7.1%, Market Trends –Rise in demand for plastic or reconstructive surgeries
The Surgical Devices Market is estimated to reach USD 26.52 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the growing number of surgical procedure along with technological advancements in surgeries that are expected to become the most common growth factors globally in the coming years.
The growth in the market is driven by factors such as the increasing number of surgical procedures which has led to the growing demand for surgical tools with developing predominance & incidence of several chronic diseases and increase in aging population. Growing demand for plastic and reconstructive surgery, rising healthcare expenditure, and accelerating need for technologically advanced and minimally invasive surgical procedures are anticipated to promote the market growth further during the forecast period. Stringent government regulations and lack of proper compensation for surgical devices may hinder the market growth during the forecast period.
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Due to the presence of key players, favorable reimbursement policies, and rising number of surgical procedures and several initiatives taken by the government to provide access to advanced devices for general surgery & training sessions for physicians, North America accounts for the largest market share of 31.3% in 2018.
Further key findings from the report suggest
- A surgical device is a tool or equipment designed for performing particular actions or taking out desired effects during a surgery or operation.
- The growing inclination towards minimally invasive surgeries such as electro surgery contributes to the market demand.
- The global Surgical Devices Market is growing at a rapid speed due to the rising demand for plastic and reconstructive surgery and also the growing number of aged patients worldwide.
- The reusable surgical device segment is expected to grow at the highest rate of 7.2% during the forecast period.
- The reusable surgical devices are highly adopted by the surgeons worldwide to decrease overhead costs, particularly surgeons operating in an ambulatory surgical center (ASC) setting or small medical set-ups.
- The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is the primary factor for the growth of this segment.
- Laparoscopes application is expected to grow at the highest rate of 7.4% during the forecast period. The factors such as cosmetic benefits for patients, minimally-invasive surgery and an increase in insurance coverage for laparoscopic surgeries contribute to its growth.
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- The availability of advanced systems coupled with the presence of experienced employees is also some of the factors that are expected to bring lucrative opportunities for this segment.
- Due to the growing preference for disposable devices such as syringes, needles, and catheters, this segment is expected to dominate the market in the coming years.
- The disposable surgical device sector is estimated to reach USD 10.04 billion by 2026 at a CAGR of 7.1% during the forecast period.
- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
- According to an article published by Time, Inc., more than 4,100 da Vinci units have been introduced globally till June 30th, 2016.
- Other region such as the APAC is anticipated to grow at the highest rate of 7.4% during the forecast period. The increase in this region is due to the rising population, and the emerging healthcare network which are expected to spur the market in the future.
- Key participants include Johnson & Johnson Services, Inc., Stryker, Medtronic, CONMED Corporation, Becton, 3M, Dickinson and Company, Integra LifeSciences, B. Braun Melsungen AG, Smith & Nephew, Erbe Elektromedizin GmbH, Boston Scientific Corporation, and Zimmer Holdings Inc., among others.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Surgical Devices Market on the basis of Device type, Product, application and region:
By Device type Outlook (Revenue, USD Million; 2016-2026)
- Disposable Surgical Device
- Reusable Surgical Device
- Medical robotics & computer-assisted devices
By Product Outlook (Revenue, USD Million; 2016-2026)
- Surgical Sutures and Staples
- Auxiliary Instruments
- Energy-based & Powered Instruments
- Others
Application Outlook (Revenue, USD Million; 2016-2026)
- Orthopedic Surgery
- Laparoscopy
- Neurosurgery
- Wound Closure
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
Browse more reports of Pharmaceutical category at: https://www.reportsanddata.com/report/category/medical-devices
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