The global surgical equipment market is growing considerably due to emerging technologically advanced electrosurgical devices, speedily progressing medical tourism in developing countries, and increasing demand for minimally invasive procedures. Enormous unexplored markets of surgical equipment industry in developing economies are creating abundant opportunities for the surgical equipment market to grow at a considerable rate in the projected years.
Moreover, promising reimbursement policies in developed countries, and escalation in aging population are also expected to support the growth of the market in the coming years. According to the World Health Organization, the population of 60 years and above is expected to rise to 15% in 2050. The advanced research and development facilities, and innovative product developments by the companies are propelling the growth of the surgical equipment industry.
The surgical equipment market is categorized on the basis of product type and application. On the basis of product type, the market can be categorized as surgical handheld instruments, electrosurgical devices, surgical sutures and staples, and others. Surgical sutures and staples leads the market due to increasing number of surgeries performed; whereas, electrosurgical devices are expected to grow at a faster rate in the coming years due to increasing demand for minimally invasive surgery and advancement in technology.
Surgical handheld instruments further include scalpels, scissors, retractors, and forceps; whereas, sutures and staples are further segmented on the basis of products as surgical sutures and surgical staples. On the basis application, the market is segmented as cardiovascular, orthopedic surgery, neurosurgery, wound closure, thoracic surgery, obstetrics and gynecology, laparoscopy and others.
The other factors driving the growth of the global surgical equipment market are growing geriatric population, mounting demand for minimally invasive procedures, increasing number of surgical procedures, and improving healthcare infrastructure in emerging economies. In addition, increasing prevalence of chronic diseases, rise in lifestyle associated diseases, and rise in healthcare expenditure are also fuelling the growth of the global surgical equipment market. However, growing demand for advance wound closure materials, such as fibrin, glue and sealants, side effects associated with surgical devices and implementation of patient Protection and Affordable Care Act in the U.S. are some of the factors restraining the growth of the surgical equipment market to some extent. Further, lack of appropriate sterilization of the equipment and inadequate quality assurance are also some of the factors inhibiting the growth of the global surgical equipment market.
Geographically, North America will be leading the global surgical equipment market in the coming years, due to encouraging reimbursement policies, approving regulatory framework, growth in geriatric population, and introduction of modern and innovative technologies. Asia-Pacific is the fastest growing region in the global surgical equipment market. The major reasons for the fastest growth of surgical equipment market in the region are escalating healthcare spending, huge pool of patients, and increasing government support in the region. Moreover, the surgical equipment market is growing due to increasing awareness of healthcare, and advancing healthcare infrastructure in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global surgical equipment market are CareFusion Corporation, Integra LifeSciences Holdings Corporation, ERBE Elektromedizin, KLS Martin LP, CONMED Corporation, Ethicon, Inc., Aspen Surgical Products, Inc., Stryker Corporation, Medicon eG, Covidien Plc, and B. Braun Melsungen AG.
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