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Surgical Devices Market size is expected to record significant traction between 2023 and 2032 due to the surging awareness regarding the benefits of minimally invasive surgeries, including fast recovery and less pain.
The rapid advances in technologies, such as robotics and 3D printing have prompted the preference for increased precision and efficiency of surgeries, in turn contributing to the deployment of surgical operation devices in the coming years.
The rising dominance of robotic surgeries across the globe is one of the prominent trends that may characterize the market development by 2032. The rapidly growing elderly population along with the thriving burden of cataracts has accelerated the adoption of orthopedic instruments in age-related cataract surgeries.
However, various risks associated with surgical procedures, including blood clots in veins and adverse reactions to anesthesia may hamper the surgical devices market growth in the coming years. The declined number of elective surgical procedures during the COVID-19 crisis also impeded the demand for surgical devices. The severe repercussions on the healthcare systems along with the increasing inflation outlook posed by the Russia-Ukraine war are other factors that will restrict the industry expansion to a considerable extent.
Based on product, the laparoscopic devices segment will account for a major share of the surgical devices industry by 2032. This can be attributed to the rising advancements in minimally invasive surgeries. Lately, laparoscopic surgeries have emerged as the best option for treating various cancerous tumors worldwide. The increasing advantages of minimally invasive laparoscopic surgical procedures, such as low blood loss, less pain, short hospital stays, and reduced rate of infections will also stimulate the segment landscape.
Regionally, Europe surgical devices market is poised to record considerable revenue by of 2032. This is a result of the mounting number of people awaiting routine operations and procedures in countries including England. According to the BBC, over 388,000 people are anticipating undergoing non-urgent surgery as compared to just 1,600 prior to the coronavirus pandemic. Such a factor, along with the increased patient base with a long-standing illness or health issues, could impel the need for surgery and in turn, proliferate the deployment of surgical instruments in the region.
Some of the leading surgical devices market players include BD, Stryker, Olympus Corporation, Ethicon (Johnson & Johnson), B. Braun Melsungen AG, Conmed Corporation, Boston Scientific Corporation, and Medtronic, among others.