The global market will grow at a CAGR of over 7%. The Electro surgical equipment market growing at a faster pace.
Arizton has published a report on Surgical Equipment Market – Global Outlook and Forecast 2017-2022. The report provides an in-depth analysis of the global surgical equipment market and provides major segments and their growth forecast.
Analysts at Arizton say that the surgical sutures and staples segment will be dominant segment and the electrosurgical segment will grow at rapid pace with a CAGR of 8%.
The growth of the surgical equipment market is driven by increasing chronic disorders, which require surgeries. For instance, according to the American Academy of Neurology, in 2014, neurologic disorders accounted for 7% of all global diseases. The increased demand for surgical procedures has driven the growth of the surgical equipment market. In addition, the rapid technological advancements have further fuelled the adoption of surgical equipment.
Surgical sutures and staples dominated the global surgical equipment market with a share of 53.27% in 2016. The increasing demand for surgical staplers in surgeries such as gastrointestinal, abdominal, thoracic, and gynecology has driven the adoption of this equipment. In addition, the growing technological advancements are expected to drive the adoption rates for such equipment. For instance, in February 2017, Medtronic launched the Signia Stapling System, an advanced surgical stapler, which features sensors (to detect the tissue) and adjust its speed to create optimal staple lines. Also, in 2015, Ethicon launched ECHELON FLEX, a new range of powered vascular staplers which provide better visibility during thoracic surgeries.
However, surgical sutures and stapling devices market is expected to near maturity due to the increased demand for advanced and sophisticated products such as hand-held and electrosurgical equipment. With the growing demand to improve patient compliance, vendors are also looking to offer advanced hand-held and electrosurgical equipment in the market. They are increasingly focusing on high penetration into this growing market.
For instance, in January 2016, Smith & Nephew completed the acquisition of Blue Belt Holdings, to enhance its position in growing orthopedic surgical equipment market. The acquisition will allow Smith & Nephew to leverage Blue Belt Technologies' NAVIO surgical system, which includes a hand-held bone shaping device. In addition, increasing advantages over conventional equipment will help drive the adoption. For instance, some of the advantages include low risk, minimal chances of infection, faster recovery time, and ease of usage. This is expected to substantially drive the market growth, particularly in developed countries such as the US. Further, the advent of robotic surgeries will drive the demand for advanced surgical equipment. For instance, the surgical robots work with four arms, which increased the requirement of various surgical equipment such as electrosurgical devices. In terms of application, the surgical equipment market is witnessing an increased demand for cosmetic surgeries, which is expected to fuel adoption rates of surgical equipment. For instance, according to the American Society of Aesthetic Plastic Surgery, number of individuals seeking cosmetic procedures has increased by almost 100% since last few years.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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