New york, Nov. 19, 2019 (GLOBE NEWSWIRE) -- High demand for surgery procedures due to various reasons such as, chronic diseases like diabetes, cancer, and the heart diseases, and the rise in the number road mishaps and introduction new updated technology which helps in the surgery procedures are key factors contributing to high CAGR during forecast period.
According to the current analysis of Reports and Data, the global Surgical Instruments market was valued at USD 11.75 Billion in 2018 and is expected to reach USD 21.52 Billion by year 2026, at a CAGR of 7.9%. The expected rise in the growth is subjected to various applications for which the surgery procedure is required.
These products are the key to successful surgery procedures in today’s world. The countries like China & India where the population is at par compared to other countries have large demand for the tools used in surgeries due to the fact that the cases with different issues for which the process is required are increasing day by day. The increasing prevalence of chronic diseases are the most common driver for this industry’s development. The procedures for heart diseases and the road accidents these are also another major drivers for the industrial growth of this industry. Moreover, the large number of child berths in the Asia-pacific region is another driving factor for this industry. The North America specifically the US is the most advanced country in the world in terms of advanced healthcare. The skilled professionals availability in the US is another major factor for driving this industry.
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This industry has a huge potential for progress. But there are some factors which may hinder its development. The cost involved with the equipment’s is high which leads to high cost for surgery procedures, also the demand for alternatives to the surgery procedures is also increasing day by day in the industry which is another major hindrance factor to the development of this industry.
Even the most straightforward procedures involve dozens of critical steps, each with an opportunity for failure and the potential for injury to patients, from identifying the patient and the operative site correctly, to providing appropriate sterilization of equipment, to following the multiple steps involved in safe administration of anesthesia, to orchestrating the operation.
Further key findings from the report suggest
- Surgical Instruments market is growing at a CAGR of 2% in Asia Pacific followed by North America and Europe, with 8.0% and 7.9% CAGR, respectively. High rate of surgeries due to different diseases across the globe is the key factor to accelerate the industrial development during forecast period across all regions
- As of 2018, Obstetrics & Gynecology is the dominating Surgical Instruments which holds 78% of the global industry. The Asian region is the chief revenue generating source for this product segment, followed by North America and Europe regions
- Reusable category is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 8.3%. However, associated side effects and costs are major challenge for the industrial growth of this market segment
- Handheld Devices (that includes Forceps & Spatulas, Retractors, Dilators, Graspers, Auxiliary Instruments, Cutter Instruments) was valued at USD 2.46 billion and is expected reach USD 4.36 billion by 2026
- Surgery has been an essential component of public health. As longevity increases worldwide, its role is increasing rapidly. Lack of access to basic care remains a major concern in low-income settings. The parallel requirement for measures to improve the safety and reliability of interventions, however, has gone largely unrecognized.
- An estimated 63 million people a year undergo surgical treatment for traumatic injuries, 31 million for malignancies and 10 million for obstetric complications. Problems associated with surgical safety are well recognized in developed and developing countries alike. In the developing countries, the poor state of infrastructure and equipment, unreliable supplies and quality of medications, shortcomings in organizational management and infection control, difficulties in the supply and training of personnel and severe under-financing contribute to the difficulties.
- North America is expected to account for the 33% of the global Surgical Instruments market. The availability of quality surgical professionals, the availability of advanced technology for surgical practices will help witness the growth.
- The growth in demand for alternatives to the surgery procedures such as sealants and the high cost associated with the latest tools are likely to hinder the industrial growth during the forecast period.
- Key participants include Zimmer Biomet Holdings, Inc., Becton, Dickinson & Company, B. Braun Melsungen AG, Smith & Nephew Plc., Stryker Corporation, Aspen Surgical Products, Inc., Ethicon, Inc., Medtronic, Alcon Laboratories, and Boston Scientific Corporation among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Surgical Instruments market on the basis of type, application, category, and region:
Type (Revenue, USD Billion; 2016–2026)
- Surgical Sutures & Staplers
- Handheld Surgical Devices
- Electrosurgical Devices
Application Outlook (Revenue in USD Million; 2016–2026)
- Neurosurgery
- Obstetrics & Gynecology
- Plastic & Reconstructive Surgery
- Orthopedic
- Other Applications
Category (Revenue, USD Billion; 2016–2026)
- Reusable
- Disposable
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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