Surgical Instruments Market: Growth Forecast and Demand Analysis
Many innovations in surgical instruments have happened in recent years. Medical advancements will assure more positive results in surgeries including post-surgical healings and reduced damaged tissues. According to the recent report released by IndustryARC, the global surgical instruments market size was between $10.2 billion to $11.5 billion in 2018, and the demand will be growing at CAGR of 6.0% to 6.8% during the forecast period of 2019 to 2025. The report is titled “Surgical Instruments Market: By Type (Open Surgery, Minimally Invasive Surgery); By Product (Handheld Instruments and others); By Application (Cardiothoracic and others); By End Users (Private Hospitals, Government Hospitals) & By Region - Forecast(2019 - 2025).”
As per the report by World Health Organizations, between 2015 and 2050, the percentage of geriatrics across the globe will nearly double from 12% to 22%. This aging population is a clear indication of incrementing demand for common old age surgeries such as hip and knee replacements, heart surgeries, and others. To cater to these demands, innovation in the field of surgeries is in paramount, particularly on the back of proven benefits of minimally invasive surgeries.
Browse 61 Market Tables, 177 Figures spread through 146 slides and an in-depth TOC “Surgical Instruments Market (2019 - 2025)”
Surgical Instruments Market: Leading Segments
As per the recent study by an analyst of IndustryARC, North America is positioned as the leading region with a share of 39% to 43% in 2018. This particularly attributes to the growth of the healthcare sector in the region and the best-in-class facilities that are available. Furthermore, their application is segmented on the basis of the type of surgical instruments that include surgical sutures and staplers, handheld surgical devices, and electrosurgical devices. Their key application is in the surgical suture and staplers which will grow with a CAGR of 35% to 37% through to 2025.
Surgical Instruments Market: Trends
- Titanium micro instruments
Titanium instruments are used these days due to its properties such as non-rusting, durable, longevity and resistance when exposed to organic or industrial chemicals. Titanium made surgical instruments are widely used by surgeons for MRI or magnetic resonance imaging. The lighter tools are extremely vital that helps to operate precisely in delicate procedures such as cardiovascular surgery, reconstructive, transplantation, or neurosurgery. The surgical instruments market is gaining traction from the growing demand for more range of intense micro-instruments.
- Growth Drivers
Exponentially increasing surgical measures such as retractors are used to spread open skin, ribs, and other biological tissues and aging population is fueling the growth of surgical instruments market as aged people are most vulnerable to problems pertaining to tissues.
- Quality Assurance
OEM and engineer teams are designing and developing surgical devices and are ensuring product quality. Equipment manufacturers consider performance throughout the process. The products with quality and longevity are gaining customers in surgical instruments markets.
- Robotically Assisted Surgical Device (RASD)
The U.S. Food and Drug Administration (FDA) approved the usage of new robotically-assisted surgical device (RASD) technology. RASD innovation are used in minimally invasive surgery. The RASD is designed to improve the visualization and surgeon’s access within restricted operative sites and confined areas of the body. RASD allow surgeons to control the three robotic arms remotely from a 3D high definition view. The systems also allow eye tracking and forced feedback which helps the surgeons to better understand and feel the firmness of grasped tissues to control movements of arms. As per the report by FDA, 150 patients underwent RASD surgeries. The growing usage of RASD in surgeries are demanding the production of more such solutions in surgical instruments market.
- Software as a Medical Device (SaMD)
The International Medical Device Regulators Forum (IMDRF) introduced SaMD in the market. This software was proposed to be used for medical determinations without actually being part of a hardware device. SaMD can act as an interface of other medical devices and it is capable of running on general purpose computing platform. The differential features of software device is booming the surgical instruments markets.
- Stereotactic Devices
Stereotactic device is used to identify the anatomic structure of brain sections using three-dimensional coordinates. When the head is placed at a constant position, device allows for the precise location of brain sections in stereotactic surgery. As per the report by the American Cancer Society's publication and National Cancer Institute, Brain and other nervous system cancer is the 10th prominent cause of increasing mortality rate in men and women. It is anticipated that 17,760 adults including 9,910 men and 7,850 women will die in year 2019 due to primary cancerous brain and CNS tumors. The growth of brain cancer in every second patient is demanding for effective treatment using a stereotactic device in surgical instruments market.
Surgical Instruments Market: Competitive landscape
Some of the major players in the surgical instruments market are Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew Plc, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, KLS, and Martin Group.
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