General Surgery Devices Market Size to Cross US$ 2.23 Bn by 2030
The global general surgery devices market was valued at US$ 1.58 billion in 2021 and is poised to grow at a noteworthy CAGR of 3.8% from 2021 to 2030.
The general surgery devices market is anticipated to garner notable gains, registering a CAGR of 3.8% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The general surgery devices market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 2.23 billion by 2030 from US$ 1.58 billion in 2021. The report contains 150+ pages with detailed analysis.
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
General Surgery Devices Market Report Scope
|Market Size||USD 2,234.1 Million by 2030|
|Growth Rate||CAGR of 3.8% from 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||APAC|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Application, Region|
General Surgery Devices Market Report Highlights
- 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.
General Surgery Devices Market Dynamics
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.
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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.
- 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.
Some of the prominent players in the general surgery devices market include:
- B Braun Melsungen AG
- Integra Lifesciences
- 3M Healthcare
- Smith & Nephew
- Conmed Corporation
- Boston Scientific Corp.
- Integer Holdings Corp.
- CareFusion Corporation Ethicon
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
- Orthopedic Surgery
- Wound Care
- Urology & Gynecology
- Plastic Surgery
- Thoracic Surgery
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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