Surgical Devices Market to reach $138.5 billion by 2024
The global surgical devices market should grow from $85.5 billion in 2019 to reach $138.5 billion by 2024 at a compound annual growth rate (CAGR) of 10.1% for the period of 2019-2024.
Report Scope:
This research report presents an in-depth analysis of the surgical devices market, including forecasted trends and sales through 2019. Key market participants, extensive product segments, supporting technologies, trends and market dynamics, competitive intelligence and regional trends are discussed in the report. The report discusses various supply chain participants such as manufacturers. Key trends, and market estimates are presented in detail. An in-depth analysis of regional market trend is presented in the report and focuses on the development of extensive technological trends across regions (i.e., the U.S., Europe and Japan). The report presents a market analysis and estimates for the broad range of surgical devices such as bariatric surgery devices, bio surgical devices, cardiovascular and peripheral vascular surgical devices, medical aesthetics, medical robotics, spinal surgery devices and surgical navigation technologies.
The market is segmented by geography into the following regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report presents detailed analyses of major countries such as the U.S., Canada, Mexico, Germany, the U.K. France, Spain, Italy, Japan, China and India. For market estimates, data is provided for 2018 as the base year, with forecasts for 2019 through 2024. Estimated values are based on product manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation.
Report Includes:
– 25 tables
– An overview of the global markets for medical surgical devices
– Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Information of growth driving factors like technological advancements in both surgical approaches and implants, and restraints of the market
– Insight into new products and technologies, as well as the development of new products that can address a growing number of therapeutic indications
– A look at the international regulations for those underlined surgical devices and instruments, and details concerning potential market for these developmental procedures and products
– Patent analysis covering allotments of intellectual property rights by significant categories
– Comprehensive company profiles of leading market players within the medical surgical devices industry, including Abbott Vascular, Baxter International Inc., DePuy Synthes, Gore Medical and Medtronic Corp.
Summary
The global market for surgical devices was valued at REDACTED in 2018. The market is expected togrow at a compound annual growth rate (CAGR) of REDACTED to reach approximately REDACTED by 2024. The market is expected to grow during the forecast period owing to rising prevalence of chronic diseases like obesity, diabetes and cardiovascular diseases. The market is anticipated to show a significant growth due to increase in the laparoscopic surgeries and minimal invasive technologies in surgery.
The global surgical devices market is segmented based on products and region.
North America is estimated to have the highest market share and the Asia-Pacific region is anticipated to have the highest growth rate during the forecast period. The increase in health care expenditure in the Asia-Pacific market, growing research and development activities, increase in prevalence of chronic diseases are the major factors augmenting the growth of the market in the Asia-Pacific region.
Reasons for Doing This Study
Global surgical devices market comprises of various technologies used for treatment of different chronic diseases. The surgical devices and its technologies market is evidencing significant changes with technological innovations such as surgical robotics, medical aesthetics and introduction of powered surgical tools and increasing significant focus on minimally invasive procedures. The market is dominated by hand tools and timesaving innovations have been introduced with the adoption of powered tools. This market has been highly sensitive to the economic downturn, which has led to reduced hospital budgets; however, it is rebounding rapidly. The market has significant drivers such as an increase in lifestyle diseases and surgical procedures, increased accessibility to health care facilities, medical tourism and increased health care spending. However, the global market is complex, as its trends vary regionally. For instance, in India, medical and surgical equipment is largely an importdependent market; however, in the case of surgical equipment, domestic manufacturers earn significant revenues through the export of surgical equipment. Product differentiation in this market is extremely limited; hence, pricing and branding remains the unique selling proposition. The market is packed with numerous participants ranging from manufacturers of forceps to power tools and robotics. Quite recently, specialty hospitals have seen appreciable growth in the developing economies focusing on intense treatments on a single therapeutic segment, for example, cardiology. However, these economies are still facing basic challenges with respect to proper sterilization of surgical equipment. Such diversified complexities across regions, end users and product categories are presenting significant challenges to surgical devices.
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