Surgical Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3681
Surgical Devices Market size is projected to experience significant growth from 2019 to 2025.
Growing incidences of accidents and trauma cases in developing as well as developed region will augment global surgical devices market growth. As reported by WHO in 2018, road traffic injuries account for 1.35 million deaths each year and cost around 3% of GDP in most of the countries across the globe. Road traffic accidents often result in fatal injuries and require surgical intervention. As a result, demand for surgical instruments will rise with increasing number of road accidents and trauma cases in near future.
Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases will render a significant positive impact on surgical devices market growth. Chronic diseases are currently responsible for significant cost burden across the globe. As the chronic diseases require surgical intervention in several cases for effective recovery, it’s increasing prevalence will drive the surgical devices market growth.
Wound closure devices product segment is forecasted to witness lucrative growth from 2019 to 2025. These devices include mechanical apparatus, staples and sutures and they help in closing of wounds. These devices are used for several types of wounds including chronic wounds, surgical wounds, skin grafts and trauma wounds. Presence of conditions such as diabetes further leads to wound complications that require special attention. Increasing wound complications and trauma cases will augment wound closure devices product segment in near future.
Cardiology application segment accounted for significant revenue share in 2018. Cardiovascular diseases are responsible for significant cost burden and are responsible for several deaths across the globe each year. As reported by WHO, cardiovascular diseases are responsible for around 17.6 million deaths every year. Coronary angioplasty or CABG (coronary artery bypass graft) surgery is performed in heart attach patients. Thus, increasing cardiovascular diseases and associated surgeries will propel the segment growth over forecast timeframe.
North America surgical devices market accounted for largest revenue share in 2018 and Predicted to retain its dominant position over the forecast timeframe. Increasing number of surgeries, prevalence of chronic diseases and favorable demographic trends such as aging population will drive the regional growth. Moreover, strong foothold of leading industry players ensuring availability of superior quality products will drive regional growth.
Key industry players in surgical devices market are Medtronic, Boston Scientific Corporation, Johnson & Johnson, Conmed Corporation, B. Braun Melsungen AG, Ethicon, Olympus Corporation, Stryker, and BD. Key industry players adopt strategic initiatives such as product launches, acquisitions, and mergers to sustain industry competition. For instance, in 2017 Ethion launches ProxiSure suturing devices to improve precision level.
Surgical Devices Market, By Product, 2014-2025 (USD Million)
- Electro Surgical Devices
- Laparoscopic Devices
- Wound Closure Devices
- Trocars & Access Devices
Surgical Devices Market, by Application, 2014-2025 (USD Million)
- Urology and Gynecology
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Boston Scientific Corporation
- Johnson & Johnson
- Conmed Corporation
- B. Braun Melsungen
- AG, Ethicon
- Olympus Corporation
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