Global Surgical Equipment Market
The surgical equipment market is highly lucrative and most of the surgical instrument manufacturers are dependent on development of new technology in order to create high-profit products and to increase the market share for orthopaedic and prosthetic devices particulary. The surgical equipment industry is growing rapidly due to ageing standards, innovation in anaesthetics, emerging economies and technological innovation. Furthermore, the increasing diabetic and obesity rates, and the surge in health expenditure in the Private and Public sectors, have led to an increase in the demand for medical equipment and supplies.
Goldstein Research analyst forecast the Surgical Equipment Market size is set to reach USD 15.5 billion by 2024, at a CAGR of 6.1% over the forecast years.
Covered In This Global Surgical Equipment Market Report
The report covers the present ground scenario and the future growth prospects of the Surgical Equipment Market for 2016-2024 along with the statistics of people undergoing surgeries and number of hospitals & clinics present worldwide. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of various categories of surgical equipment from major players across the globe.
Global Surgical Equipment – Market Segmentation
By Device Type
? Surgical sutures and staples
? Electrosurgical devices
? Handheld surgical devices
? Other Device Type
o Retraction System
o Power System
? Orthopedic Surgery
? Power Systems
? Gynecology and Obstetrics
? Plastic and Reconstructive Surgeries
? Wound Closure
? Thoracic Surgery
? Other Applications (Retraction System)
By End User
? Medium Level Specialty Hospitals
Based on Geography
? North America (U.S. & Canada) Surgical Equipment Market
? Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Surgical Equipment Market
? Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Surgical Equipment Market
? Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Surgical Equipment Market
? Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Surgical Equipment Market
On the basis of device type, surgical sutures and staples are the leads with 52% market share of global surgical equipment market owing to increasing number of surgeries while electrosurgical devices are projected to grow at a faster rate i.e. CAGR of 6.91% over the forecast period due to inflating demand of for minimally invasive surgery.
Surgical Equipment Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global Surgical Equipment market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our global Surgical Equipment Market report comprises of the following companies as the key players in the Surgical Equipment Market: Covidien plc, Ethicon Inc., B. Braun Melsungen AG, Integra LifeSciences Holdings Corporation, CONMED Corporation, CareFusion Corporation, ERBE Elektromedizin GmbH, KLS Martin LP, Medicon eG, Aspen Surgical Products Inc., and Stryker Corporation.
Other high-flying vendors in the market are: Smith & Nephew Plc, Olympus Corp and Alcon Laboratories Inc.
According to our global market study on the basis of extensive primary and secondary research: “One trend is the preference of minimally invasive surgery over traditional methods. Ethicon, a member of the Johnson & Johnson family, leads the global surgical equipment market, with over an estimated 33% of market share mainly because of its surgical sutures”
According to the report, major driving factor for expansion of Surgical Equipment market is the high demand for wound closure surgical procedures. Based on statistics from Association for Safe International Road Travel, around 2.35 million people get injured every year due to such accidents.
Further, the report states that the major challenge is the rising demand for advance wound closure materials (fibrin, glue and sealants) and side effects associated with surgical devices and implementation of patient Protection and Affordable Care Act in the U.S. hindering the growth of the surgical equipment market to some extent.
Based on geography, North America dominates the surgical equipment market with almost 42% market share in 2016 due to skilled surgeons and technologically advanced surgical tools while APAC is anticipated to show fastest growth over the forecast period owing to the rising number of road accident cases. Countries like Indonesia, Luxembourg, Singapore, Taiwan and Norway offer a lucrative growth opportunity for the key players in surgical equipment market owing to the high healthcare expenditure and increasing transformation of healthcare infrastructure.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this Surgical Equipment Market report
• What is the total market size by 2024 and what would be the expected growth rate of the market?
• What is the revenue of surgical equipment in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?
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Source:: Global Surgical Equipment Market