Surgical Devices Market

Global Surgical Devices Market is valued at USD 21.43 Billion in 2022 and it is expected to reach USD 37.64 Billion by 2029 with a CAGR of 8.38% over the forecast period.

Global Surgical Devices Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: The market will expand due to the rising prevalence of chronic diseases and the development of new surgical techniques and technologies.

Scope of Surgical Devices Market Report:

The surgical devices market refers to the market for medical devices that are used during surgical procedures. These devices are designed to assist healthcare professionals in performing surgical procedures with greater precision, efficiency, and safety. The surgical devices market is a diverse and rapidly evolving industry, with a wide range of devices and technologies available to support surgical procedures.

The history of surgical devices can be traced back to ancient times, with evidence of surgical instruments dating back to as early as 2600 BCE in the Indus Valley civilization. Over time, surgical instruments and techniques have continued to evolve, with major advancements occurring during the Industrial Revolution in the 19th century and the development of advanced medical technologies in the 20th century.

Surgical devices have a wide range of applications, including in cardiovascular, orthopedic, neurosurgical, laparoscopic, and cosmetic surgery. These devices can include surgical instruments, implants, and equipment such as lasers and endoscopes. The end users of surgical devices are primarily hospitals, surgical centers, and other medical facilities where surgical procedures are performed.

COVID-19 Impact on the Surgical Devices market:

COVID-19 has had a significant impact on the surgical devices market, with both positive and negative effects. Some of the impacts of COVID-19 on the surgical devices market are:

Some Positive impacts: increased demand for surgical devices and equipment, particularly for devices used in the treatment of COVID-19 patients (such as ventilators and respiratory devices), growing adoption of minimally invasive surgical procedures, which can help reduce the risk of infection and improve patient outcomes. And also rising investment in R&D for the development of advanced surgical technologies, driven by the need to adapt to the changing healthcare landscape in the wake of the pandemic.

Some negative impacts: disruptions to the supply chain for surgical devices, resulting in shortages of critical products and delays in delivery, cancellation or postponement of non-urgent surgical procedures, a decline in the demand for surgical devices and equipment. As of February 17th, 2023, the global prevalence of COVID-19 is over 440 million confirmed cases and over 6 million deaths worldwide.

Key Players of Global Surgical Devices Market Report:

Some major key players for the global Surgical Devices Market report cover prominent players like -

• Medtronic
• Johnson & Johnson
• Stryker Corporation
• Zimmer Biomet
• B. Braun Melsungen AG
• Smith & Nephew plc
• Conmed Corporation
• Intuitive Surgical Inc.
• Olympus Corporation
• Boston Scientific Corporation
• Abbott Laboratories
• BD (Becton Dickinson and Company)
• Cardinal Health Inc.
• Cook Medical
• Danaher Corporation
• Edwards Lifesciences Corporation
• Fujifilm Holdings Corporation
• GE Healthcare
• Karl Storz GmbH & Co. KG
• Terumo Corporation
• Teleflex Incorporated
• Thermo Fisher Scientific Inc.
• W.L. Gore & Associates Inc.
• Wright Medical Group N.V.
• others

Global Surgical Devices Market Segmentation:

By Product:

• Handheld Devices

  • Forceps And Spatulas
  • Retractors And Dilators
  • Graspers
  • Cutting Instruments
  • Scissors
  • Others
• Laparoscopic Devices
• Surgical Robots

• Electro Surgical Devices

  • Generators
  • Consumables
• Wound Closure Devices
• Auxiliary Instruments
• Access Devices
• Other

By Application:

• Neurosurgery
• Plastic & Reconstructive Surgery
• Wound Closure
• Obstetrics & Gynecology
• Cardiovascular
• Urology
• Orthopedic
• Others

By End-User:

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Others

By Distribution channel:

• Direct sales
• Distributor sales
• E-commerce

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Revenue generation model:

The revenue generation model for the surgical devices market is based on the sale of surgical devices to healthcare facilities and medical professionals. Companies in the surgical devices market may also generate revenue through the provision of related services such as training and support for the use of their products.

Supply chain model:

The supply chain model for the surgical devices market involves the production and distribution of surgical devices through a network of manufacturers, distributors, and healthcare providers. Manufacturers of surgical devices typically work with distributors to deliver their products to medical facilities where they are used in surgical procedures.

Value chain model:

The value chain model for the surgical devices market includes the research and development of new devices and technologies, the production and distribution of these products, and the provision of related services such as training and support. Each stage of the value chain plays an important role in the overall success of companies in the surgical devices market.

Market Drivers:

Rising prevalence of chronic diseases: As the global population continues to age and the prevalence of chronic diseases such as cancer and cardiovascular diseases increases, the demand for surgical procedures and surgical devices is expected to rise. For example, according to the World Health Organization, the global burden of cancer is expected to increase to 23.6 million new cases per year by 2030.

In the US, the American Cancer Society (ACS) estimates that there will be approximately 1.9 million new cancer cases and 608,570 cancer deaths in 2021. The most common types of cancer in the US are breast, lung, prostate, and colorectal cancer. The ACS also reports the incidence of certain types of cancer is increasing, such as liver cancer and melanoma.

Technological advancements: The development of new surgical technologies, such as robotic-assisted surgery, 3D printing, and advanced imaging systems, is expected to drive growth in the surgical devices market. In 2019, the US Food and Drug Administration (FDA) cleared a total of 106 robotic-assisted surgical devices for use in various surgical procedures. The da Vinci Surgical System, developed by Intuitive Surgical, is the most widely used robotic-assisted surgical system, with over 6,000 systems installed worldwide as of 2020.

Market Restraints:

High cost of surgical procedures and devices: The high cost of surgical procedures and surgical devices, particularly for advanced technologies such as robotic-assisted surgery, may limit their adoption in some regions and among certain patient populations. The average cost of a surgical procedure in the US can range from $10,000 to over $50,000, depending on the type of procedure and the complexity of the case.

The cost of surgical devices can also be significant. For example, a single-use surgical stapler can cost up to $300, while a robotic-assisted surgical system can cost over $1 million. The high cost of surgical procedures and devices can result in a financial burden for patients, as well as increased healthcare costs for insurers and healthcare providers.

Limited access to healthcare: In many low- and middle-income countries (LMICs), limited access to healthcare facilities and a shortage of trained healthcare professionals may limit the demand for surgical procedures and surgical devices. For example, according to the World Bank, only 41% of the population in low-income countries has access to basic healthcare services.

According to World Health Organization in LMICs, up to 5 billion people cannot access safe, timely, and affordable surgical and anesthesia care, resulting in a global unmet need for surgery of 143 million procedures annually. It is estimated that 33 million people worldwide face catastrophic health expenditures (defined as spending more than 10% of household income on healthcare) as a result of surgery.

Opportunity factors:

Opportunity factors in the surgical devices market include the growing demand for minimally invasive surgical procedures, the development of new surgical techniques and technologies, and the increasing demand for surgical devices in emerging markets. Companies that can effectively respond to these opportunities may be well-positioned for growth in the surgical devices market.

Market trend specific to product and technology development:

Market trends in the surgical devices market related to product and technology development include the development of minimally invasive surgical devices, the integration of advanced technologies such as robotics and artificial intelligence into surgical procedures, and the use of 3D printing and other advanced manufacturing techniques to produce surgical devices.

Market trend specific to customer trends:

Market trends in the surgical devices market related to customer trends include the increasing demand for personalized and patient-specific surgical devices, the growing emphasis on patient safety and satisfaction, and the increasing importance of cost-effectiveness and efficiency in healthcare delivery. Companies that can effectively respond to these trends may be well-positioned for success in the surgical devices market.

Market Competition Nature:

The surgical devices market is highly competitive, with a large number of global and regional players competing for market share. Here are some past and future strategies that key market players may use to gain a competitive edge:

Product innovation: Key players in the surgical devices market are investing heavily in research and development to develop innovative products that are more effective, easier to use, and have fewer side effects. For example, companies are developing surgical robots that can perform a wider range of procedures, as well as new types of surgical instruments that can be used in minimally invasive procedures.

Mergers and acquisitions: In recent years, there has been a trend towards consolidation in the surgical devices market, with larger companies acquiring smaller ones to expand their product portfolios and market reach. For example, in 2019, Boston Scientific acquired BTG, a company that specializes in interventional medicine, for $4.2 billion.

Geographic expansion: Key players are expanding their geographic presence by entering new markets and strengthening their existing presence in emerging markets. For example, Johnson & Johnson has expanded its presence in China in recent years by investing in research and development and partnering with local companies.

Strategic partnerships and collaborations: Key players are forming strategic partnerships and collaborations to expand their product portfolios and improve their research and development capabilities. For example, Medtronic has partnered with surgical robotics company Mazor Robotics to develop robotic-assisted surgical systems.

Digital transformation: Key players are adopting digital technologies to improve patient outcomes and streamline their operations. For example, companies are developing digital platforms to provide remote monitoring and support to patients, as well as to enable more efficient supply chain management.

In summary, key players in the surgical devices market are using a combination of product innovation, mergers and acquisitions, geographic expansion, strategic partnerships and collaborations, and digital transformation to gain a competitive edge and capture market share.

Geography Analysis:

North America:

North America is the largest market for surgical devices due to the high prevalence of chronic diseases, advanced healthcare infrastructure, and adoption of robotic-assisted surgery. The United States is the largest market for robotic-assisted surgical systems in North America, with a market share of over 80%. And in 2020, Intuitive Surgical, the leading manufacturer of robotic surgical systems, reported revenue of USD 4.4 billion, with over 5,500 da Vinci surgical systems installed worldwide, the majority of which are in North America.

Europe:

Europe is the second-largest market for surgical devices. Germany, France, and the United Kingdom are the major markets in the region. Driving factors for the surgical device market in Europe include the increasing prevalence of chronic diseases, such as cancer and diabetes, and the growing demand for minimally invasive surgical procedures. Cancer is the second leading cause of death in Europe, accounting for 26% of all deaths. Additionally, the increasing investment in research and development and the development of advanced technologies further support the growth of the surgical device market in Europe.

Key Benefits of Global Surgical Devices Market Report–

• Global Surgical Devices Market report covers in-depth historical and forecast analysis.
• Global Surgical Devices Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Surgical Devices Market report helps to identify opportunities in the marketplace.
• Global Surgical Devices Market report covers extensive analysis of emerging trends and competitive landscape.