Surgical Equipment Market (Surgical Sutures and Staples, Surgical Handheld Instruments, and Electrosurgical Devices)
Albany, New York (PRWEB) September 05, 2014
The global surgical equipment market was valued at USD 8.43 billion in 2012 and is expected to grow at a CAGR of 4.2% from 2013 to 2019, to reach an estimated value of USD 11.28 billion in 2019. Of the markets mentioned above, surgical sutures and staples market segments have been further segmented into individual sectors accounting the largest share (55.6%) of the total surgical equipment market revenue. On the other hand, the market for surgical handheld instruments has been further classified into forceps, scalpels, retractors and scissors.
The burgeoning need for minimally invasive procedures certainly triggers the market growth for electrosurgical devices. In addition, the improving standards of living and longer life expectancies and increased healthcare expenditures are the primary factors driving the growth of the surgical equipment market. Owing to the recent advantages such as minimal blood loss, faster recovery span and shorter duration of hospital stay, precise incision, reduced post-surgery complications and side effects, worldwide minimally invasive procedures are experiencing huge demand across all medical specialties and surgical applications.
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- Value-Driven Growth Factors of Surgical Equipment Market
Although surgery and primitive surgical instruments came into its own discipline in the 17th and the 18th centuries, large leaps in technology and surgical instruments have continued in the centuries to follow. Along with the growth and development of surgery, the instrumental developments have marked this industry with its importance as well.
Now, with the onset of the industrialization, the production methods and instrument making has advanced to another level. The primary reason behind the growing electrosurgical devices market segment is due to the fact that electrosurgical instruments play a significant role in critical minimally invasive procedures. Unlike the conventional handcrafted electrosurgical instruments, the modern devices are machine-made and manufactured to reach the high level of precision crafting we know today.
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Similarly, during the forecast period 2013 to 2019 the market for surgical equipment will be mainly driven by growth factors such as rise in demand for minimally invasive procedures, worldwide aging population, year on year increase in the number of surgical procedures, and technological developments leading to innovative products.
Furthermore, significant challenges that lead to increasing demand for advanced wound closure materials such as glues and fibrin sealants, side effects associated with products leading to product recalls, implementation of Patient Protection and Affordable Care Act (PPACA) in the U.S. and intense price competition from local manufacturers are some of the supplementary factors posed before players operating in the surgical equipment market.
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The surgical equipment market is based on the current scenarios, as well as the future market potential for various surgical devices across the globe. The wave of surgical equipment market’s strong economic growth is mainly seen in Japan, Europe and in other emerging economies such as China and India. Typically, the surgical instruments exist in vast varieties and numbers. The most basic instruments that every surgeon should learn and implement in surgeries are sutures, staples, scalpels, forceps, retractors, and scissors. However, to be precise, the market for surgical instruments is mainly segmented into three broad categories namely:
- Surgical Sutures and Staples
- Surgical Handheld Instruments
- Electrosurgical Devices
All these electrosurgical devices are used for a number of functions during surgical procedures. The market for these instruments is extensively based on their application in different surgical applications and worldwide availability.
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