Surgical Devices Market Growth 2022-2028 : Increasing Prevalence of Chronic Diseases and in Number of Surgical Procedures Are Some of the Key Factors Driving Market Revenue Growth
Surgical Devices Market size was USD 9.72 billion in 2020 and is expected to register a revenue CAGR of 9.6% during the forecast period. Rising prevalence of chronic diseases, increase in number of surgical procedures, increasing demand for minimally invasive devices, increasing healthcare expenditures, and an increase in the number of accidents are expected to drive the market revenue growth during the forecast period. Chronic diseases including heart disease and stroke and chronic respiratory diseases are becoming more prevalent among the geriatric population. Obesity rates and cases of diseases like diabetes are rising as more people adopt sedentary lifestyles.
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Around one-third of all individuals worldwide suffer from various chronic conditions. As per the World Health Organization, the prevalence of chronic diseases increased by 57.0% in 2020. Besides, an increase in the world's ageing population is leading to increase in the prevalence of chronic diseases. Early diagnosis and testing for various disorders have resulted in an increase in the number of surgical procedures, which has increased the demand for surgical devices. These factors are expected to drive revenue growth of the market during the forecast period.
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.
Companies Profiled in The Global Market Report:
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.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
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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.
- In June 2021, Aspen Surgical Products, Inc declared the acquisition of Stork a division of Briggs Healthcare. Aspen's broad portfolio of medical and surgical disposables offered for the acute care industry has been strengthened by the acquisition of Stork.
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For the purpose of this report, Reports and Data has segmented the global surgical devices market based on device type, product, application, and region:
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
Application Outlook (Revenue, USD Billion; 2018-2028)
- Orthopedic Surgery
- Wound Closure
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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