The global general surgery devices market size is predicted to reach over US$ 2.23 billion by 2030 and is expanding growth at a noteworthy CAGR of 3.8% from 2021 to 2030.
Ottawa, Oct. 28, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global general surgery devices market size was reached at US$ 1,534.6 million in 2020. The general surgery devices are used in various surgical operations such as stomach surgery, appendix removal, breast surgery, gall bladder removal, and hernia repair. General surgery devices are important to provide improved health to the population. Therefore, wide availability and access to quality surgical devices became more important issue across the globe.
The innovation in general surgery devices is driven by the factors such as economic concerns, need for improved devices, and technological advancements. The availability of advanced surgical devices, rising prevalence of heart related issues, growing incidences of gastrointestinal diseases and osteoporosis, and other such diseases is significantly boosting the demand for the general surgery devices globally. Moreover, improved diagnostics and healthcare facilities, especially in the developed markets have exponentially contributed towards the growth of the general surgery devices market.
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Crucial factors accountable for market growth are:
Rising global population
RFID and blockchain technology for device tracking
Growing disease burden
Rapid technological advancements in healthcare industry
Growing demand from emerging economies
Rising disposable income of the consumers
Scope of the General Surgery Devices Market
Market Size in 2020
US$ 1,534.6 Million
Growth Rate from 2021 to 2030
CAGR of 3.8%
Fastest Growing Market
Type, Application, Region
In December 2020, Koninklijke Philips completed the acquisition of BioTelemetry, a US based diagnostic company, to expand its product offerings.
North America is the leading general surgery devices market owing to the better access to healthcare facilities to the people. Furthermore, the faster adoption and growing popularity of minimal invasive surgery has boosted the market growth in the recent years. Minimal invasive surgery includes robotic, laparoscopic, and endoscopic surgery that offers benefits to the patients such as wider variety of surgeries, less pain, more accurate, less complications, and faster recovery. Hence, the technological advancement played a crucial role in the consumption of general surgery devices in North America.
Asia Pacific is forecasted to be the fastest growing market. This is attributable to the ongoing developments in the manufacturing of the general surgery devices in the economies such as India, China, and Japan. Moreover, growing cases of accidents in the developing nations is further fueling the market growth. According to the United Nations, a higher percentage of road accidents are recorded in the low and middle income nations. Hence, the growing adoption of advanced equipment, growing export of general surgery devices, and rising development of healthcare infrastructure is expected to boost the general surgery devices market in Asia Pacific during the forecast period.
By type, medical robotics and computer assisted general surgery devices segment is estimated to be the most opportunistic segment due to the rising adoption of robotics in surgeries owing to the higher consumer confidence in the advanced procedures.
By application, the orthopedic surgery segment held the major revenue share in the global general surgery devices market in 2020 owing to the rising bone disease among the geriatric population and increasing adoption of artificial intelligence in the orthopedic procedures.
Drivers - Growing geriatric population across the globe is a key driving force of the market. According to the World Health Organization (WHO), by 2020, the population of age 60 years and above is estimated to reach 2 billion. The aged population are vulnerable to numerous disease and it will lead to increased consumption of general surgery devices. Hence, the market is expected to grow rapidly in future.
Restraints - The high cost of surgery devices is a key restraining factor. The heavy investments due to the technological advancements in the surgery devices have resulted in the high prices of the surgical devices. The acquisition cost of advanced surgery devices is very much high and further, its maintenance cost is also high. This hinders the growth of the market especially in the developing and underdeveloped markets.
Opportunities - The introduction of latest technologies such as artificial intelligence, RFID, and blockchain technology in the general surgery devices provides better opportunities. The integration of AI with surgery devices enhanced surgical operations. Further, AI has improved robotics surgery, diagnostic assistance, and medical imaging. The tracking of medical and surgery devices became important to ensure cost effectiveness and transparent supply chain. RFID and blockchain technologies helps in tracking the medical devices efficiently and improves the supply chain functions.
Challenges - Cybersecurity has been gaining traction and increased attention in the recent years in the healthcare sector. For instance, Universal Health Services, an US based company, was attacked by a ransomware that resulted in delayed surgery and financial losses. Hence, maintaining data privacy and security is a major challenge to overcome by the healthcare industry.
Segments Covered in the Report
Open Surgery Instrument
Disposable Surgical Supplies
Minimally Invasive Surgery Instrument
Energy Based & Power Instrument
Medical Robotics & Computer Assisted Surgery Devices
Adhesion Prevention Devices
Urology & Gynecology
Rest of the World
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