Surgical Devices Market Size is expected to gain significant traction from 2022 to 2028, considering the heightening awareness about the benefits of minimally-invasive surgery such as fast recovery and less pain. Likewise, the rapid advances in technologies including 3D printing will increase the precision and efficiency of surgeries and in turn, contribute to the deployment of surgical operation devices in the coming years. Surgical instruments refer to tools or devices used to perform varied functions such as cutting and dissecting, clamping, suctioning, grasping, and other surgical procedures. These instruments, which are mainly made of stainless steel, are categorized into three grades namely surgical, floor, and disposable grades.
Rapid technological innovations and the subsequent rise of robotic surgery are some of the prominent trends characterizing the market outlook through 2028. According to a report from the Medical Futurist, over 15% of all operations in the United States used robotic support in 2020, which could bolster the need for robotic surgical machines. In addition, the growing elderly population and the rising incidence of cataracts are projected to boost the demand for orthopedic instruments and age-related cataract surgeries. Despite the ability to increase life expectancy, various risks associated with surgical procedures, such as blood clots in veins and adverse reactions to anesthesia, may hinder the industry share in the coming years.
Based on product, the laparoscopic devices segment will account for a major share by 2028, given the advancements in the field of minimally invasive surgeries such as laparoscopy. Furthermore, laparoscopic surgery has emerged as the best option to treat various cancerous tumors worldwide. This factor, along with the benefits 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 expansion during the forecast timeline.
The Europe surgical devices market is poised to record considerable revenue by 2028. 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.
The competitive landscape of the industry comprises companies such as BD, Stryker, Olympus Corporation, Ethicon (Johnson & Johnson), B. Braun Melsungen AG, Conmed Corporation, Boston Scientific Corporation, and Medtronic, among others. Strategic product launches, acquisitions, and mergers are some of the initiatives being undertaken by these market players to strengthen their footprint in the global market.
For instance, in September 2021, the Trauma & Extremities division of Stryker unveiled a Citrelock Tendon Fixation Device System, designed for varied orthopedic surgical applications. In August 2021, Boston Scientific Corporation announced the U.S. FDA 510(k) clearance for its EXALT Model B Single-Use Bronchoscope. This surgical device was developed for use in bedside procedures within the ICU as well as OR.
The outbreak of the deadly COVID-19 disease has taken a huge toll on elective surgical procedures worldwide. According to IQVIA’s data, as compared to the pre-pandemic figures, ophthalmic and pain-related surgical procedures witnessed a decline of 94% and 91% respectively. These factors have posed a hindrance to the steady growth of the surgical devices industry over the past months. Despite these setbacks, the rising awareness about the risks of delayed surgery by more than 6 months may aid industry recovery in the near future.
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