The global surgical devices market size is expected to reach USD 9.72 Billion in 2028 and register a revenue CAGR of 9.6% over the forecast period, according to a latest report by Reports and Data. Increasing prevalence of chronic diseases and in number of surgical procedures is expected to drive market revenue growth during the forecast period. Increasing demand for handheld surgical devices is also expected to boost revenue growth of the market going ahead. Chronic diseases have a global impact on the health and quality of life of many persons. Additionally, chronic diseases have become a major cause of health expenditures, as well as having an influence on workforce patterns. Chronic diseases are a serious threat worldwide and contributes to both early death and morbidity. In the United States, chronic diseases including heart disease, cancer, and diabetes are the main causes of mortality and disability. These are also major contributors to the country’s USD 3.8 trillion in yearly healthcare expenses.
Handheld surgical devices are rapidly being used in noninvasive surgeries. The low cost of handheld surgical devices in comparison to robotic devices is a primary factor in increasing use of handheld surgical devices in most surgical procedures. Because of the convenience of use of such devices, surgeons are rapidly adopting handheld surgical instruments. These factors are expected to boost market revenue growth over the forecast period.
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However, stringent government regulations for surgical devices approval for marketing and the negative influence of Covid-19 on the surgical devices manufacturing companies are expected to hamper revenue growth of the market during the forecast period.
Some Key Highlights in the Report:
- Reusable surgical device segment is expected to expand at significantly rapid CAGR during the forecast period due to rising demand for reusable surgical devices among healthcare providers. However, reusable devices get soiled and infected with bacteria when used on patients, which is expected to restrain revenue growth of the segment.
- Surgical sutures and staples segment is expected to register considerable revenue growth over the forecast period due to such products being widely utilized in wound healing procedures.
- Orthopedic surgery segment is expected to register significant revenue growth rate in the global surgical devices market between 2021 and 2028, owing to rising number of orthopedic surgical procedures like ACL surgery, knee and hip replacement, and arthroscopy.
- North America surgical devices market is expected to account for largest revenue share in the global market over the forecast period. High presence of major surgical device providers such as Stryker Corporation, Aspen Surgical Products, Inc., Cadence Inc., and Becton, Dickinson and Company in countries in the region is expected to propel revenue growth of the market.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Surgical Devices market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Smith & Nephew plc, Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Medtronic plc, Stryker Corporation, Ethicon, Inc. (Johnson & Johnson Medical Devices), Aspen Surgical Products, Inc., CONMED Corporation, Cadence Inc., and Becton, Dickinson and Company.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Surgical Devices Market Segmentation:
Device Type Outlook (Revenue, USD Billion; 2018-2028)
- Disposable Surgical Device
- Reusable Surgical Device
- Medical robotics & computer-assisted devices
Product Outlook (Revenue, USD Billion; 2018-2028)
- Surgical Sutures and Staples
- Auxiliary Instruments
- Energy-based & Powered Instruments
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Orthopedic Surgery
- Laparoscopy
- Neurosurgery
- Wound Closure
- Others
Geographic Segment Covered in the Report:
The Surgical Devices report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada)
• Europe (UK, Germany, France, and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• the Middle East and Africa (GCC and the rest of the Middle East and Africa)
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Key market aspects are illuminated in the report:
- Executive Summary: It covers a summary of the most vital studies, the Global Surgical Devices market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
- Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Surgical Devices market, the years measured, and the study points.
- Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features.
- Manufacture by Region: This Global Surgical Devices report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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