New York, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Surgical Kits Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Surgical Kits Market Size:
The global surgical kits market is estimated to grow with a CAGR of 7.1% over the forecast period. Growing demand for minimally invasive surgeries are expected to drive the growth of the market. Long-term results, the surgeon's recommendations, and the probability of complications were recognised by patients as being the most important considerations when choosing between open and MIS surgery, according to the NCBI. Patients also thought that MIS surgery was superior than open surgery in terms of postoperative discomfort, complication risk, recovery time, cost, and the requirement for anaesthesia. The majority of patients seem to prefer minimally intrusive forms of therapy. The global surgical kits market is estimated to garner a revenue of USD 32.22 Billion by the end of 2031. Further, the market generated a revenue of USD 16.34 Billion in the year 2021.
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Minimally invasive surgeries are most preferred by people because it involves less stiches and minor cuts. Further, growing geriatric population is expected to be another factor to boost the growth of the market. Growing age brings in various health related issues including cardiovascular disease and more which might require surgery further. By 2030, one-fifth of individuals in the 75 and older age group would require surgery annually, according to forecasts.
Global Surgical Kits Market: Key Takeaways
- Asia Pacific to hold the largest share
- General surgery segment to garner second-highest revenue
- North America to propel second-highest revenue
Growing Number of Surgeries to Boost Market Growth
There has been surge in number of surgeries owing to various factors including growing age, disease, accidents, and more. Various types of surgeries such has cataract surgeries, plastic surgeries, and more is expected to boost the growth of the surgical kits market. People has become more concerned about their look and appearance hence demand for plastic surgery is increasing. According to the poll, 10% or more of the women said they were now more interested than they were before COVID-19 in aesthetic plastic surgery or non-surgical therapies. The proportion of women who have already had surgery or a procedure is significantly higher.
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Also the demand for cataract surgery is not less. Worldwide, there are roughly 25% million cataract operations performed each year, with 3 million of those in the US. Every day, about 59,000 cataract operations are performed worldwide. Cataract is most important cause of blindness and it is expected to affect a person of any age group. Hence surgery is necessary to treat cataract disease.
Global Surgical Kits Marker: Regional Overview
The global surgical kits market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Implementation of Business Strategies by Various Prominent Players to Drive Market Growth in Asia Pacific Region
The surgical kits market in the Asia Pacific region is estimated to garner a largest revenue of USD 10,409.2 Million by the end of 2031. The growth of the market in this region can be attributed to implementation of business strategies by various prominent players. In February 2022, Pristyn Care doubled the number of its surgical centres, reaching a million patient contacts. All seven metro areas presently have Pristyn Care surgery centres open for business. Also increasing government support and spending is further expected to boost the growth of the market over the forecast period.
Growing Geriatric Population to Favour Growth in the North America Region
On the other hand, the North America region is anticipated to gain the second-highest revenue of USD 8,830.1 Million by the end of 2031. Growing geriatric population is expected to drive the growth of the market in this region. According to projections for the 2020 population from the Census Bureau, more than 55 million Americans are 65 or older. Additionally, the surgical kits market in North America is projected to benefit from efforts made by regional governments to deal with the backlog of procedures following the COVID-19 outbreak. Also, growing number of surgeries in this region is expected to fuel the growth of the market.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Surgical Kits Market, Segmentation by Procedure
- General Surgery
- Cardiac Surgery
- Orthopaedic Surgery
- Urology
- Ophthalmology
- Neurosurgery
- Others
The general surgery segment is anticipated to hold the second-highest revenue of USD 4,318.4 Million by the end of 2031. General surgery primarily focuses on the abdominal cavity and its contents, which include the oesophagus, stomach, small and large intestines, liver, pancreas, gallbladder, appendix, bile ducts, and frequently the thyroid gland. Therefore, it is anticipated that the rise in chronic diseases and thyroid issues, which frequently affect the contents of the abdominal cavity, will propel market expansion. Twenty million Americans are thought to have thyroid conditions, according to the America Thyroid Association.
Global Surgical Kits Market, Segmentation by Type
- Disposable Surgical Kits
- Reusable Surgical Kits
The disposable surgical kits segment is estimated to garner the largest revenue by the end of 2031, backed by its efficiency to be cost effective. Purchasing each standard item separately is more expensive than combining all of the items needed for surgery into a single surgical bag. Total costs for both options came to $917 for disposable equipment and USD 1,019 for reusable equipment, a USD 102 savings with disposable equipment. Hence has compared to reusable surgical kits, the demand for disposable surgical kits is more.
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Few of the well-known market leaders in the global surgical kits market that are profiled by Research Nester are Cardinal Health, Paul Hartmann AG, World Precision Instruments, Medline Industries, LP, Rocialle Healthcare Ltd., Safe Orthopaedics, 3M, Stradis Healthcare, and other key market players.
Recent Development in the Global Surgical Kits Market
- In March 30, 2022, the surgical leads for the 11 UH service lines with dedicated ERAS protocols and the UH ERAS Team collaborated with Medline Industries, LP to create direct-to-patient kits that were customised for specific procedures and provided information and supplies to help with the full continuum of a patient's surgical experience, from pre-surgery through recovery.
- In December 20, 2021, Safe Orthopaedic, a firm specialising in the design, development, and marketing of single-use technologies for spinal operations, announces the completion of the first 3-month review of the initial surgical cases by the panel of surgeon evaluators.
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