The Global Market For Surgical Equipment Expected To Increase $8.2 Billion By The End Of 2018
Wellesley, MA (PRWEB) February 21, 2014
According to a new technical market research report Surgical Equipment: Technologies and Global Markets, from BCC Research (http://www.bccresearch.com), the global market for general surgical equipment was valued at nearly $4.1 billion in 2012 and was estimated at $5 billion for 2013. BCC Research expects the market to grow to nearly $8.2 billion by 2018, and register a five-year compound annual growth rate of 10.3% from 2013 to 2018.
The surgical equipment market is demonstrating significant technological innovations such as surgical robotics, the introduction of powered surgical tools and a focus on minimally invasive procedures. The market is dominated by hand tools and timesaving innovations have been introduced with the adoption of powered tools. This market has been highly sensitive to the economic downturn, which has led to reduced hospital budgets; however, it is rebounding rapidly.
The United States and Europe remain the key markets; however, Japan and the emerging economies of China and India are showing significant growth. Economic growth, a focus on infrastructural growth, increasing awareness of health-related issues, and evolving government policies are all contributing to the growth of the market for general surgical equipment in the stabilizing global economy.
Productivity and the quality of patient care in hospitals are largely affected by the choice of optimal devices and maintaining them in terms of cost efficiency. Hospitals are continually challenged, as they must use quality surgical instruments while complying with ever-tightening budget constraints. Consequently, they are purchasing instruments that can be used efficiently over a long period of time to help cut costs. Surgical instruments and devices ranging from small scissors and sutures to complex neurosurgical devices are a major cost to hospitals and the proportion of these in the budget of hospitals is growing across the globe.
The main drivers of growth in this market include increased spending on health care, improving standards of living and longer life expectancies. Other factors include increasing demand for outpatient surgery, an increase in the number of surgical procedures performed globally, the growing number of health care centers, technological advancements and an increasing preference for minimally invasive surgeries. The growth rate of surgeries performed is higher in developing economies than in developed economies mainly because of higher economic growth and improvements in health care options.
This technical market research report presents an in-depth analysis of the surgical equipment market, including forecasted trends and sales through 2018. Key market participants, extensive product segments, supporting technologies, trends and market dynamics, competitive intelligence and regional trends are discussed. It also presents various supply chain participants such as manufacturers, suppliers, retailers and hospitals. In addition, key trends, market estimates, significant strategies among the stakeholders, product portfolios and recent developments are examined in detail. Finally, the report presents a market analysis and estimates for the broad range of surgical equipment across the key therapeutic segments such as cardiovascular, neurology, gynecology, and urology orthopedics. It excludes supporting devices such as anesthesia systems, sterilization equipment, diagnostic systems, integrated robotic systems, and implants.
This report is intended for surgical equipment manufacturers and potential entrants; dealers, distributors, and service providers of surgical equipment and devices; health care and life sciences companies; and research institutes, associations, and academicians.