The global surgical equipment market is envisaged in a report by Transparency Market Research (TMR) to find a select group of companies exhibiting their dominance over each segment. This could be evidenced with the command taken by Covidien plc, B. Braun Melsungen AG, and Ethicon, Inc. over the surgical sutures and staples market. U.S. market’s group purchasing organizations (GPOs) have been mostly covered by these companies working on the demand from healthcare providers that purchase surgical instruments at affordable prices en masse. The largely fragmented market is said to be distributed among local and multinational vendors.
By the end of 2019, the global surgical equipment market is foreseen by TMR to earn an around US$11.28 bn. With respect to type of product, surgical sutures and staples accounted for a larger share of the market in the recent years. However, market analysts prognosticate this segment to lose its share to electrosurgical devices. In terms of regional segmentation, the market is foretold to testify the rise of Europe and North America as dominating segments. However, Asia Pacific and Rest of the World are expected to post a high growth rate.
Technological Innovation Birthing Sophisticated Products to Shape Market
Convenience is one of the chief factors taken into consideration by patients going under the knife and also surgeons performing surgical procedures. In this regard, surgical equipment with increased sophistication is anticipated to gain strong demand in the coming years. Technological development has been key for rising application of sophisticated surgical equipment. This has also brought about the growing trend of using minimally invasive equipment.
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Developing regions such as Latin America and Asia Pacific are predicted to create tall demand for surgical equipment because of swelling public investment in the healthcare industry. Other factors such as aggressively expanding elderly population, advent of novel products with better performances, and increasing count of surgical procedures are projected to significantly augment demand in the world surgical equipment market.
High Preference for Wound Closure Materials to Threaten Market Progress
One end of the international surgical equipment market could be blocked by rising preference for medical sealants such as glues and other wound closure materials. The market is envisioned to witness greater demand for such materials as they enable more organic wound recovery compared to surgical equipment. Price competition in the market and product recalls due to side effects of certain surgical equipment are expected to hamper growth in the near term. Other restraints such as enactment of the Patient Protection and Affordable Care Act (PPACA) could also pose challenges to the market.
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Nonetheless, players are prophesied to tap into opportunities available in Eastern Europe economies and emerging markets in Latin America and Asia Pacific. Continuously improving reimbursement scenario and high unmet surgical needs could be other factors creating rewarding prospects in the international surgical equipment market.