The global general surgery devices market size is expected to reach USD 26.5 billion by 2026 registering a CAGR of 8.5%, according to a new report by Grand View Research, Inc. Increasing number of surgical procedures being performed coupled with technological advancements is anticipated to drive the market. Moreover, rising awareness and patient affordability for plastic or reconstructive surgeries would propel the number of procedures conducted during the forecast period.
Global health initiatives for the advanced surgical procedure is expected to boost the market. In January 2017, Ethiopia Federal Ministry of Health (FMOH) launched the Health Sector Transformation Plan (HSTP) and Safe Surgery (SaLTS) program that prioritizes safe surgery and makes anesthesia care and emergency surgical services accessible and affordable.
Technological advancements are also contributing to the market growth. Several key companies are investing in R&D for the development of innovative products. For instance, development of medical robots to assist surgeons is a key advancement in the field. Medical robots offer several advantages, such as a 3D view of the operating field, reduced blood loss & transfusions, lower risk of infection, faster recovery time, minimal scarring, and high precision.
Furthermore, growing aging population and cases of road accidents and increased healthcare expenditure in emerging economies are likely to boost the market during the forecast period. According to the WHO, the world’s population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. Geriatric population is more susceptible to a number of diseases, which is likely to increase the need for effective treatments, thereby driving the market.
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Further key findings from the study suggest:
- Disposable surgical supplies held the largest market share in 2018. Low product cost and regulatory support for the usage of disposable products is expected to fuel the demand for these devices
- Asia Pacific is estimated to expand at the highest CAGR over the forecast period due to technological advancements, increasing investments and improving reimbursement scenario along with the growing medical tourism sector in the region
- Medical robotics & computer-assisted surgery devices are projected to witness the maximum CAGR of 9.9% from 2019 to 2026 due to increasing R&D investments and availability of technologically advanced products
- Some of the key companies in the market are Medtronic plc; Johnson & Johnson Services, Inc.; CONMED Corp.; Becton, Dickinson and Company (BD); B Braun Melsungen AG; Strykers; Boston Scientific Corp.; Erbe Elektromedizin GmbH; and The 3M Company