The global surgical equipment market is expected to reach$12.1 billion by 2020 registering a CAGR of 11.1% from 2014 to 2020. The surgical equipment market has witnessed significant changes with evolving technology such as minimally invasive surgeries, surgical robotics and the introduction of power assisted surgical tools. These technologies exemplify the recent and unique advancements in the field of medical devices and amplify the effectiveness of surgical procedures. Moreover, high prevalence of chronic diseases and growing healthcare awareness has boosted the market growth for surgical equipments. This research report is provides pin-point analysis of the global surgical equipment market, including market estimates and trends through 2020.
The report contains an in-depth analysis of different segments such as surgical equipment types, applications and geography. The different types of surgical equipments included in this report are surgical sutures and staples, electrosurgical devices and handheld surgical devices such as scalpels, forceps, retractors and scissors. The report provides information regarding the application of these devices in different surgical procedures such as, Neurosurgery, Plastic and reconstructive surgeries, Wound Closure, Urology, Obstetrics, and gynecology, Thoracic surgery, Microvascular, Cardiovascular, Orthopedic surgery, Laparoscopy and Others. The competitive structure of the global surgical equipment market is analyzed with Porter’s Five Forces tool. The report confers various value chain contributors such as manufacturers, suppliers, service providers and payers. However, the report excludes supporting surgical equipments and accessories such as sterilization equipment, anesthesia systems, diagnostic systems and implants.
When contemplating the choice between disposable or reusable surgical instruments, factors such as cost, safety and efficacy of the instruments must be considered. In recent years, rising cost and infection control has led to a shift in the inclination of healthcare professionals for disposable surgical equipments in routine healthcare practices. A number of surgeons and healthcare units have discovered that disposable forms of instruments costs seven to ten times less as compared to reusable versions of the same instruments. Using high-quality disposable instruments also reduces the chances of cross-contamination and eliminates the need for expensive repairs for surgical tools. The global market for disposable and reusable surgical instruments exhibits a tremendous competitive market scenario due to new innovations in minimally invasive surgeries such as laparoscopy and endoscopy. Manufacturers could incur certain hidden costs with regard to reusable surgical instruments such as cleaning solution price, staff required for cleaning and the maintenance cost of the equipment throughout its life span. Moreover, intricate surgical equipments are hard to clean and pose a risk for contamination that could result in infectious diseases.
On the contrary, reusable instruments are used in surgeries based on the surgeon’s preference and the suitability of instruments for surgical procedures. Many surgeons in ambulatory surgical centers (ASCs) prefer to reuse the surgical equipments to reduce the overhead cost. Reusable instruments also offer the benefits of lower disposal cost and lower tax expenses due to decrease in frequency of purchase for new equipment.
China Surgical Equipment Market Snapshot:
Improved healthcare access, shift in preference to minimally invasive surgeries and government support are expected to boost the market for surgical equipments in China. Moreover, ageing population, and enforcement of the one-child policy are long term drivers for industry growth. Reasonably-priced handheld supplies dominate the Chinese market due to bulk demand for these instruments. Electrosurgical devices are expected to grow with fastest CAGR during 2013-2020, resulting from improved safety, precision and ergonomics offered by instruments.
China surgical Equipment market, by types, 2015 (%)
Top Impacting Factors
Soaring Age of Minimally Invasive Surgeries
Traditionally, minimally invasive surgeries were used only for diagnosis. Recent developments in technology have brought a paradigm shift in patient preferences from traditional to minimally invasive surgeries. The application of minimally invasive techniques in surgical procedures has benefitted patients by offering several advantages such as, cost effectiveness, faster recovery, less trauma and pain, less blood loss and smaller scars. Different types of surgical equipments are used for these procedures and manufacturers are focusing on developing instruments that would provide precise and accurate results with retaining aesthetic body structure where surgery has been performed. Single point laparoscopy and robotic assisted surgeries are the most popular minimally invasive surgeries. However, reduction in the cost of developing technology is the main challenge faced by manufacturers of surgical equipments. In the near future, the manufacturers are expected to overcome the cost issues due to rapidly changing technology and the advent of new minimally invasive equipment.
Growing Number of Geriatric Population
Growing number of geriatric people is the prime driver for the surgical equipment market. As a person ages, he becomes more susceptible to diseases due to decreased immunity. The growing geriatric population results in the high demand for artificial organ implant surgeries due to the degeneration of body parts that results in non-functioning original organs. This factor would continue to boost the growth of the market in the near future due the rising number of aged people.
Advent of Electrosurgical devices
Growing demand for minimally invasive surgery has led to the development of new and innovative technologies and boosted the market growth. Newer technologies include Da Vinci surgical systems, C-arm devices and other electrosurgical and power assisted surgical equipments. The advent of new technology has reduced the complexity of critical surgical procedures such as cardiac surgery and neurosurgery. Due to the rapid evolution of technology, this factor is expected to mount during the forecast period.
The surgical equipment market is highly diversified and is mainly driven by local manufacturers. Although original equipment manufacturers hold the dominant share in the market, these local manufacturers can afford to sell the cheaper versions of branded (industrial/original) equipment. This impacts the market share of original equipment manufacturers. Hence, the key leaders of the surgical equipment market have to face the potential threat from local manufacturers and this forces them to lower the equipment prices to retain their market position. This factor will continue to soar in coming years due to an increasing number of local manufacturers.
The governments of developed economies provide a suitable regulatory framework for the production and standardization of surgical equipments. The regulatory framework also provides patent protection to innovators and prevents malpractices in surgical equipment manufacturing. The circumstances in developing economies are different and many of the developing economies do not have a suitable regulatory framework for the manufacturing and import of surgical devices. Due to inadequate regulations, substandard equipment is sold in the market. This substandard equipment would increase the threat of harmful effects on patients. This factor would freeze in the near future as many countries are in the process of developing and implementing regulatory directives for surgical equipments.
Incompetent quality assurance
Surgical equipments require high quality assurance, specifically the assurance of sterilization and decontamination, as it comes in contact with sterile body compartments and tissues. Improper sterilization leads to microbial contamination of equipment and increases the risk of infections in patients. High risk of infections from contaminated surgical equipments could alter the demand for surgeries by shifting the patient’s preference to therapeutics. However, the governments of many countries have enforced regulatory guidelines for the standardization of surgical equipments. Hence, the impact of this factor would decline in the near future.
Competition from Substitute products
A number of substitute products, which can act as suitable alternatives to existing materials are available in the market. For instance, surgical staples and sutures can be substituted with advanced wound closure material such as glues, medical adhesives and sealants. The impact of this factor will increase in the near future due to rapidly changing technology, which will lead to the development of alternative products or technology.
This report offers the following benefits in particular:
An in-depth exposure to the global surgical equipment market is provided and light is shed on market dynamics that would prove crucial in understanding the market
Quantitative analysis of the current market and estimations through 2013-2020 would assist strategists to design business strategies to capitalize on the prevailing opportunities in the market
Porters Five Forces analysis examines the competitive structure of the global surgical equipment market and also provides a deeper understanding of the influence factors for market entry and market expansion
Pin-point analysis of geographic segments proffers identification of most profitable segments to capitalize on
Strategic analysis of the key leaders and their business strategies within the global surgical equipment market provided would assist stakeholders to make more informed business decisions
KEY MARKET SEGMENTS
MARKET BY TYPE
Surgical Sutures and Staples
Handheld Surgical Devices
MARKET BY APPLICATION
Plastic and Reconstructive Surgeries
Obstetrics and Gynecology
MARKET BY GEOGRAPHY
The global surgical equipment market is expected to grow at a healthy CAGR during the forecast period. Inception of modern electronic technologies such as minimally invasive surgery equipment, and robotic & power assisted systems are primarily driving the surgical equipment market. Introduction of da Vinci Surgical System by Intuitive Surgical is one of the significant milestones of the surgical equipment industry and it has provided a platform for robotic assisted surgeries. Electrosurgical devices and power assisted systems are also the recent trends that are improving the performance of surgical procedures. Despite promising growth opportunities, inadequate quality assurance concerning performance, improper sterilization procedures for reusable equipment and the absence of favorable regulatory framework in some regions (such as developing economies) stand as restraints for the market. In the United States, the FDA has enforced strict regulatory guidelines for the manufacture and standardization of surgical equipments. Under these guidelines FDA has enforced general control, pre-marketing control and post-marketing control for surgical devices. Emerging economies are lucrative markets for surgical equipment manufacturers due to their associated benefits, such as growing medical tourism, increasing disposable incomes of consumers, growing healthcare awareness and favorable government regulations.
Catheterization is type of co-procedure performed along with varied medical procedures including, angioplasty, cardiac electrophysiology, neurological surgery among others. The global catheters market is primarily driven by the increasing prevalence of cardiovascular diseases along with the increasing demand for minimal invasive surgeries. The demand for the catheters market is also fueled by the rising incidences of diabetes, cardiovascular diseases, urinary bladder failure, and kidney failure.
The demands of diagnostic markets are increasing. Where conventional diagnostic tools were focused on producing accurate and consistent results, todayâ€™s market demand extend to early diagnosis with accurate and consistent results. There are significant challenges in presenting accurate results in the early stage of diseases, especially in case of cancer.
Hydrogel is a water-insoluble polymer chain network that can retain high water content within its structure (about 90% water in the gel base). Hydrogels are used in hygiene products such as baby diapers, sanitary pads, adult incontinence pads, and soft contact lenses. In addition, they are increasingly used in wound care dressings for cleansing and debriding necrotic tissues in wounds. They are also used during the treatment of partial or thick wounds, necrotic wounds, burns, and autolytic debridement.
Pain management, also termed as algiatry, is a branch of medicine that utilizes an interdisciplinary approach to ease and improve the quality of life of those suffering with pain. Pain is an ultimate result of trauma or tissue damage and the intensity of pain varies from person to person. Pain can be classified based on its occurrence and duration along with the affected body part. First line of treatment for pain management is pharmaceutical therapeutics or pain killer drugs, most of which are well known brands. The other pain management methods include physiotherapy, pain managing devices and chiropractor therapy.
Veterinary equipment and disposables are required for treatment and diagnosis of animal diseases. Availability of laboratory diagnostic equipment, analysers and disposables for treatment of various animal related diseases are highly valued by pet lovers and owners, this has raised the demand of veterinary equipment and disposables market.
Bone cement supports artificial joints of shoulder, knee, and elbow for more than half century. Bone cement plugs the gap between bone and prosthesis. Orthopedic casting material is made up of plastic, itâ€™s a shell that encloses limb to stabilize broken bones.
The healthcare sector across Europe is witnessing a dramatic shift and is inclined towards less invasive diagnostic procedures. Dermatology diagnostic equipment aids in both easy as well as painless diagnosis. Furthermore, these devices help in the detection of different skin diseases including Melanoma. Besides this, dermatoscope plays a vital role in better diagnosis, even beyond what a human eye can capture