Surgical Equipment Market - snapshot
Surgical instruments are gaining increased prominence and equal importance in the process of surgical planning so as to bring in successful outcome of a surgery. The conditions of cross-contamination or hospital-acquired infections and natural calamity or warfare are life threatening and is responsible for a large number of mortalities. Dearth of surgical sterile instruments quite often results in such deadly conditions, which is likely to bolster the growth of the global surgical equipment market.
Rise in Cardiovascular Diseases to Bolster Demand in Near Future
Surgical instruments refer to those hand-held implements or tools that are utilized by clinicians for the performance of various surgical tasks. A large assortment of instruments is usually there in an operating suite. Clamps, retractors, scissors, forceps, and scalpels, and these are utilized extensively. It is the nature of surgical certain procedures that need more utilization of a specialized set of instruments. A case in point is the extensive use of mallets, drills, bone saws, and files in orthopedic surgeries. Surgical instruments are usually made of titanium, aluminum, stainless steel, or carbon steel and are available in a wide range of sizes. Wide scope of application is expected to fuel growth of the global surgical equipment market in years to come.
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The burgeoning need for surgeries in the treatment of several cardiovascular and chronic disorders in both the developed and developing countries alike is anticipated to escalate the demand for the surgical equipment across the globe.
The surgical equipment finds use in a wide variety of fields, some of which are
- cardiovascular
- neurosurgery
- obstetrics and gynecology
- plastic and reconstructive surgery
- wound closure
- orthopedic
There has been a rise in the rate of cardiovascular diseases owing to high prevalence of various risk factors such as smoking, diabetes, hypertension, and obesity in countries like India is likely to boost the global surgical equipment market.
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Surgical Equipment Market: A Snapshot
The surgical equipment market consists of four different broad varieties of equipment. These are categorized into surgical handheld instruments, surgical sutures, electrosurgical sutures, and staples. Among these, the electrosurgical sutures remain most promising as these held nearly 55% of the total market share in 2012. Moreover, the absorbable and non-absorbable sutures of these types will drive major growth for the surgical equipment market as rise of chronic illnesses like cancer promise to further their application during the forecast period. These sutures can be adaptable depending on the body type, and help the body absorb materials by degrading it. The rise of chronic illnesses and growing demand for surgeries, and sensitive elderly population promises more growth for both the absorbable, and non-absorbable variety. Additionally, the surgical equipment market report will also cover hand-held instruments which are used to coagulate, cut, and cauterize wounds. The segment is expected to witness fastest growth, combined with electrosurgical features. The high-frequency electric current promises a fast-and hygienic manner of cleaning, cauterizing, and coagulating wounds.
Minimally-Invasive Procedures to Witness Highest Demand
The minimal-invasive surgeries are expected to witness widespread adoption in the near future. Thanks to various medical advancements state of minimal blood-loss, and post-surgery complications can be avoided in many cases. Moreover, the rising shifts in demographics, such as rising elderly population will also higher demand for minimal-surgeries during the forecast period. Additionally, the costs in healthcare sector are a major concern for many patients. The unaffordable costs of hospitalizations, large group of uninsured patients, and advanced wound closure materials will drive growth for the minimal-invasive surgeries in the near future. US patient Protection, and Affordable Care Act has also passed legislations such as removal of excise tax on surgical devices, which will provide an impetus to growth for the global surgical equipment market.
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Asia Pacific Remains the Most Lucrative Region for New Opportunities
Geographically, the surgical equipment market report is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these, North America will likely dominate growth with highest contributions to total revenues during the forecast period. The high-degree of technological adoption, and positive attitude towards absorbing high costs of advanced surgical equipment promises new opportunity in the region. However, Asia Pacific region remains most promising, thanks to rising access to healthcare, and growing financial freedom, thanks to rising disposable income. The modernization of healthcare in the region, and rising penetration of new healthcare institutes will present major opportunities for players in the surgical equipment market.
The landscape of the surgical equipment market remains promising. Additionally, the innovation, and competition in the market is likely to make way for new opportunities for growth. Some key players in the surgical equipment market are Ethicon, Inc., B. Braun Melsungen AG and Covidien plc. The increasing use of technologies like 3D printing, and outsourcing shifts are expected to make way for cost-saving and innovative opportunities for all players in the global surgical equipment market. The rising investment in research and development, and growing need to form a global manufacturing base will drive growth of the surgical equipment market. In the near future, collaborations, and mergers will be key to growth as surgical equipment market.
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