General Surgery Devices Market Size Worth $25 Billion by 2025
The global general surgery devices market is expected to reach USD 25 billion by 2025, according to a new report by Grand View Research, Inc. Government initiative and increasing volume of surgeries is anticipated to boost growth in the market.
Global health initiatives for the advanced surgical procedure is expected to boost the general surgery market. In January 2017, Ethiopia Federal Ministry of Health (FMOH) launched the Health Sector Transformation Plan (HSTP) and Safe Surgery (SaLTS) program that prioritizes safe surgery and makes anesthesia care and emergency surgical services accessible and affordable.
Advancements in polymer science and technology are directly co-related to the evolution of minimally invasive methods and associated medical device design that is anticipated to increase the demand over the forecast period. In October 2017, RTI Surgical launched a 3-dimensional printed polymer implant material to be used for spinal interbody fusion.
Increase in investments in R&D pertaining to general surgery devices, commercialization of new devices are the factors responsible for propelling the growth of the market. In October 2017, NIH provided funding of USD 169 million to Brain Research through Advancing Innovative Neurotechnologies Initiative for the introduction of innovative brain scanners to the market for better diagnosis and procedures.
Browse full research report with TOC on “General Surgery Devices Market Size, Share & Trends Analysis by Type (Disposable, Open Surgery Instruments, Energy-based & Powered Instruments), by Application and Segment Forecasts, 2018-2025” here.
Further Key Findings From the Report Suggest:
– Disposable surgical supplies held the largest segment with major market share in 2016. Low cost and regulatory agencies to support the use of disposable products is expected to increase the demand for these devices.
– Needles and syringes held a significant share in 2016 owing to the reduced risk of infection and availability of technologically advanced disposable products which does not require sterilization. In November 2017, Single Use Surgical launched a disposable Diathermy Abbey needle with the function of suction to help medical practitioners enhance the performance.
– Powered staplers dominated the energy-based powered instrument segment in 2016. Powered staplers provide better patient outcomes owing to the lower rate of bleeding, shorter operating room time, and lower hospital costs.
– Laparoscopes category dominated the minimally-invasive surgery instruments segment, cosmetic benefits for patients, and increase in insurance coverage for laparoscopic surgeries contribute to its growth.
– Orthopedic surgery dominated the application category with around 16.4% share in 2016.
– North America captured a significant share in the global market. Favorable reimbursement policies, local presence of key market players, and various initiatives undertaken by the government to provide access to advanced devices leads to a greater consumption of these devices.
– The Asia Pacific region is expected to witness growth over the forecast period attributable to the increase in the number of advanced well-equipped hospitals, growing medical tourism and a large number of surgical procedures will boost the market growth.
– Some key players operating in the general surgery devices market include Medtronic, Johnson & Johnson Services, Inc., CONMED Corporation, Becton, Dickinson and Company, 3M, B. Braun Melsungen AG, Stryker, Boston Scientific Corporation, Erbe Elektromedizin GmbH, The notable initiatives in the industry include collaboration with government bodies, merger and acquisition, new product launches, and investments directed towards R&D efforts.