The global surgical instruments market was valued at nearly USD 10 billion in 2015. It is predicted to grow at a CAGR of 7.6% over the forecast period (2016 to 2025). Prevalence of urological, cardiovascular, neurological, and chronic diseases could foster market growth. Technologically advanced products, for example, electro-surgical instruments can drive the market in the coming years.
High incidence of cardiovascular diseases in developing economies, such as India owes to rising cases of hypertension, obesity, smoking, and diabetes. Coronary artery bypass graft surgery is a commonly used procedure for treating blocked coronary arteries. This can fuel demand for surgical instruments in the forthcoming years.
Moreover, high frequency of road & other traumatic accidents may positively impact market growth. Other industry drivers are growing geriatric population in need of surgical treatment and high incidence of traumatic accidents requiring reconstructive surgeries.
In-depth research report on global surgical instruments market - http://www.grandviewresearch.com/industry-analysis/surgical-equipment-market
The global market is fragmented into products, applications, and regions. Products are split into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. Handheld surgical devices include auxiliary instruments, cutter instruments, dilators, forceps & spatulas, graspers, retractors, and others.
Surgical sutures & staplers dominated the product segment in 2015. These surgical instruments are mainly used during wound closure surgeries. Unlike sutures, staplers are more effective in healing wounds and minimizing the risk of infections. Demand for staplers is projected to rise substantially over the forecast period.
Electrosurgical instruments are predicted to grow at a considerable CAGR over the next nine years. Electro-surgeries are minimally invasive procedures, which are a widely preferred choice among most patients. These surgeries minimize blood loss through cauterization of tissues. Companies aim at developing technologically advanced instruments for electrosurgical procedures to cater to growing demand.
On the basis of applications, the segments are cardiovascular, orthopedic, obstetrics & gynecology, plastic and reconstructive surgery, neurosurgery, and wound closure among others. Obstetrics & gynecology dominated the industry in 2015, owing to increasing number of childbirths globally. Furthermore, rising cases of disorders related to female reproductive organs may fuel the number of gynecological surgeries conducted worldwide.
Plastic & reconstructive surgeries can witness the highest growth rate over the forecast period. Technological maturity and surging disposable incomes in Australia, India, and China can boost this industry. The growing trend of enhanced aesthetic appeal & physical appearance can boost the plastic & cosmetic surgeries segment.
Regional segments of the global surgical instruments market are North America, Latin America, Europe, the Middle East & Africa (MEA), and Asia Pacific. North America dominated the global industry in 2015. According to the Centers for Disease Control and Prevention (CDC), the national health expenditure for hospitals exceeded 32% in 2015. This is one of the main factors that drive the North America market. In addition to this, technological advancements in the region contribute significantly to overall industry demand.
Asia Pacific is predicted to grow rapidly over the forecast period. Medical tourism has contributed considerably to the surgical instruments industry in this region over the recent past. Patients from across the globe opt for India as an ideal destination for valve replacement surgeries. This could fuel demand for surgical instruments in the Asia Pacific market in the coming years.
Prominent players in the global surgical instruments industry are Becton, Dickinson and Company, B. Braun Melsungen AG; Smith & Nephew plc; and Zimmer Biomet Holdings, Inc. These companies focus greatly on business collaborations and on new product development to acquire larger market shares. Becton, Dickinson and Company acquired Surgical Site Solution Inc. to broaden its surgical clipper portfolio.