According to data from the United Nations, there were around 382 million old age people aged 60 years or above globally in 2017; this number is expected to be 2.1 billion by 2050. Old-age people are susceptible to chronic diseases, which may enhance the demand for numerous surgery treatments, thus increasing the demand for surgical equipment. Robotics has numerous applications in numerous general surgeries, such as cholecystectomy, fundoplication, and Heller Myotomy.
According to Data Bridge Market Research, the Global Surgery Device Market is expected to reach USD 31.25 million by 2030, which was USD 16.03 million in 2022 and is expected to undergo a CAGR of 8.70% during the forecast period 2023 to 2030.
" Growing Adoption of Minimally Invasive Surgeries Surge the Market Growth"
The increasing acceptance of minimally invasive, robotic, and computer-assisted surgery will likely increase the market growth. For instance, according to the article "Trauma of Major Surgery," published in the National Center for Biotechnology Information (NCBI), around 310 million major surgeries were performed each year worldwide in July 2020. Approximately 30 million young adults participate in youth sports nationwide every year, according to the Weinstein Legal research, which was released in 2020. This increases the chances of surgical emergencies, further growing the demand for general surgery devices. Thus, this factor boosts market growth.
What restraints the growth of the Global Surgery Device Market?
" High Cost of Surgery Device"
The costly surgical devices are due to the high-end investments made to keep up with the major technical improvements in surgical equipment. Furthermore, advanced surgical equipment has a high acquisition cost and a major maintenance cost. This factor limits industry expansion, mostly in developing and undeveloped regions. All these major factors impede the growth of the market.
Segmentation: Global Surgery Device Market
The global surgery device market is segmented on the basis of type, application, product and end-user.
- Based on type, the global surgery device market is segmented into medical robotics and computer-assisted, disposable.
- Based on application, global surgery device market is segmented into orthopedic surgery, plastic surgery.
- Based on product, the global surgery device market is segmented into handheld devices, laparoscopic devices, electro surgical devices, wound closure devices, trocars and access devices, other products.
- Based on end-users, global surgery device market is segmented into hospitals, diagnostic laboratories, blood banks, academic and research institutes, others
Regional Insights: North America is expected to dominate the Global Surgery Device Market
Asia-Pacific dominates the market because of the growing favorable reimbursement policies, the wide presence of major market players, and supportive government initiatives. In addition, numerous initiatives by the regional governments to include improvements in reimbursement policies and increasing awareness about reconstructive or plastic surgeries are estimated to support the region's growth during the forecast period.
North America is expected to grow in the forecast period of 2022-2029 due to the growing awareness about reconstructive or plastic surgeries and growing government initiatives to incorporate improvements in reimbursement policies. Also, government initiatives offering access to advanced devices for general surgery and physician training sessions lead to market growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-surgery-device-market
Recent Developments in Global Surgery Device Market
- In 2021, SS Innovations declared the commercial release of India's first general robotic surgery equipment in the following 4-6 months. In addition to this, Medrobotics Corp. received funding of USD 20 million in 2017 for the huge expansion in novel surgical applications and for developing the next-generation Flex Robotic System
- In 2022, Xenco Medical extended its ASC surgical device portfolio through the United States Food and Drug Administration (US FDA) clearance and launch of its Multilevel CerviKit, an expansion of Xenco Medical's breakthrough single-use cervical spine technology to involve a complete suite of implants and single-use instruments for 2, 3, and 4 level anterior cervical spine processes.
The Prominent Key Players Operating in the Global Surgery Device Market Include:
- Merck & Co., Inc. (US.)
- Lilly (US.)
- 3M (US.)
- Bayer AG (Germany)
- Medtronic (Ireland)
- Boston Scientific Corporation (US.)
- B. Braun SE (Germany)
- Cardinal Health, Inc. (US.)
- Organogenesis Inc. (U.S.)
- CONMED Corporation (U.S.)
- Erbe Elektromedizin GmbH (Germany)
- Integra LifeSciences (U.S.)
- BD (US.)
- Straub Medical AG (Switzerland)
- Varian Medical Systems, Inc (UK.)
- Elekta (Sweden)
- Isoray Inc. (US.)
- Mevion Medical Systems. (US.)
- Olympus Corporation (India)
- Smith+Nephew (UK.)
- Brainlab AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global surgery device market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Surgery Device Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.