Global General Surgery Devices Market: An Overview
General surgery devices play a vital role in helping surgeons perform a variety of surgical procedures to treat conditions affecting the abdomen, endocrine system, skin, breasts, and other areas. With advancements in medical technology, general surgery devices have significantly evolved over the years to enable minimally invasive procedures, faster recovery times for patients, and improved surgical outcomes.
Growth of the Global Market
The global general surgery devices market has witnessed steady growth over the past decade due to the rising global disease burden, increasing healthcare spending, expanding base of aging population prone to age-related diseases, and technological advancements. According to a recent report by Transparency Market Research, the global market was valued at US$ 19 billion in 2018 and is projected to exhibit a CAGR of 4.6% during the forecast period from 2019 to 2027.
Some of the key factors contributing to the robust growth of the market include:
– Increasing Prevalence of Chronic Diseases: Chronic diseases such as cancer, cardiovascular diseases, and diabetes have emerged as major public health problems worldwide. As general surgery is commonly performed to diagnose or treat such conditions, this has stimulated demand for general surgery devices.
– Growing Geriatric Population: The aging population is more susceptible to developing age-related disorders. This has significantly spurred the need for general surgical procedures and associated devices among the elderly.
– Advancements in Minimal Access Surgery: There is increasing adoption of minimal access surgical techniques such as laparoscopic and robotic surgeries globally owing to benefits such as reduced hospital stay and quick recovery. This is driving uptake of sophisticated general surgical equipment and tools.
– Favorable Reimbursement and Insurance Coverage: Reimbursement plays a key role in facilitating access to expensive general surgical systems. Favorable reimbursement landscape in developed markets has encouraged patients to undergo general surgical treatments.
– Support from Private and Public Healthcare Organizations: Considerable funding through public-private partnerships is fueling technological developments in general surgery devices. For instance, governments are investing in hospital infrastructure and surgical equipment upgrades.
Key Segments in the Global Market
Handheld Surgical Devices
– Forceps
– Retractors
– Dilators
– Graspers
– Scalpels
– Others
Electrosurgical Devices
– Electrosurgical Generators
– Active Electrodes
– Dispersive Electrodes
– Other Accessories
Miscellaneous General Surgery Devices
– Suturing Devices
– Staplers
– Energy-based and Powered Instruments
– Accessories
Insufflators
– General Surgery Insufflators
– Cardiac Surgery Insufflators
– Gynecology Insufflators
– Others
In terms of revenue, the electrosurgical devices segment held the largest share of the market in 2018 owing to increased use of electrosurgery for both open and laparoscopic procedures. On the other hand, demand for advanced minimal access electrosurgical systems is expected to drive segment growth at a healthy rate in the coming years.
Regional Analysis: North America Leads Global Market
On the basis of region, North America currently dominates the overall general surgery devices landscape due to the rapid adoption of advanced surgical technologies, strong presence of market players, and favorable reimbursement policies in the region. The U.S. accounts for the majority share of the North America market. Meanwhile, Asia Pacific promises high growth prospects through 2027 led by expanding healthcare infrastructure, accessibility to general surgery devices in developing countries, and growing medical tourism industry in the region.
Competitive Landscape: Consolidation Activity on the Rise
The global general surgery devices market represents a fairly consolidated scenario with the top five players accounting for a substantial revenue share. Some of the leading industry names include Intuitive Surgical, Johnson & Johnson, 3M, Medtronic, Conmed Corporation, Becton, Dickinson and Company, B. Braun, Erbe Elektromedizin, Boston Scientific, Smith & Nephew, and Applied Medical Resources Corporation among others.
Over the past decade, there has been an inclination towards mergers and acquisitions as companies vie to expand their general surgery business portfolios and tap new growth markets. In 2018, Intuitive Surgical acquired semiconductor company Hansen Medical for its robotic experience. Similarly, Medtronic gained prominence via acquisition of Covidien and its surgical instruments business. Such consolidation moves allow companies to gain a competitive edge and achieve broader market penetration.
Rapid technological advancements, positive guidelines regarding general surgical procedures, and rising healthcare expenditures are some of the key factors predicted to drive the global general surgery devices market during the forecast period. Leading companies are anticipated to gain from the increasing inclination towards minimally invasive surgery as well as consumable devices for electrosurgery and other open general surgery applications. Overall, with the increasing global disease burden and aging patient population, the demand for general surgical devices will certainly remain robust in the coming years worldwide.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
