Surgical equipment is utilized for various functions during surgical procedures including making incisions, grasping certain tissues, holding tissues and organs back, and closing wounds. Electrosurgical devices, surgical handheld devices, and sutures and staples are some of the commonly used surgical equipment in surgery rooms. Technological advancements in the medical devices market, the rapidly increasing elderly population, the rise in the number of surgical procedures, and the increasing demand for minimally invasive procedures are some of the factors expected to propel the global surgical equipment market in the years to come.
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However, in a sector defined by ample growth opportunities, competition naturally remains high. This has prompted manufacturers of surgical equipment to adopt aggressive marketing and promotion campaigns to gain new customers.
This is helped by the fact that many hospitals are also focusing on adding more centers and operating rooms where surgeries can be performed with new surgical equipment. For instance, at the Andover-based Lawrence General Hospital, seven new operating rooms are expected to be inaugurated by August 2016. These operating rooms are expected to have more space and will occupy new surgical equipment. As hospitals are increasingly focused on delivering world-class services, more such investments are expected to be seen.
Surgical Sutures and Staples Segment to Drive Global Surgical Equipment Market
The availability of a variety of surgical devices is expected to propel the global surgical equipment market in the years to come. The global surgical equipment market was valued at US$8.43 bn in 2012 and is expected to reach US$11.28 bn by 2019, predicted to progress at a 4.20% CAGR from 2013 to 2019 owing to the increasing preference for minimally invasive surgeries.
The global surgical equipment market is segmented on the basis of geography and product type. By product type, the global surgical equipment market is classified into electrosurgical devices, surgical handheld instruments, and surgical sutures and staples. In 2012, the surgical sutures and staples segment accounted for a dominant share of 55% in the global surgical equipment market. However, the demand for electrosurgical devices is expected to increase in the years to come.
North America to be Dominant Region in Global Surgical Equipment Market
By geography, the global surgical equipment market is divided into Europe, North America, Latin America, Asia Pacific, and Rest of the World. Currently, the global surgical equipment market is led by North America, followed by Europe. Going forward, Europe and North America are predicted to maintain their dominance due to the rising demand for surgical equipment. The rising public investments in the healthcare sector are expected to propel the Asia Pacific surgical equipment market in the years to come.
Factors such as the high cost of surgical equipment, side effects of certain surgical devices, and the implementation of the Patient Protection and Affordable Care Act (PPACA) in the U.S. are predicted to restrict the growth of the global surgical equipment market. Leading players will find growth in emerging economies in Eastern European countries to increase their contribution in the global surgical equipment market. Some of the leading players operating in the global surgical equipment market are Ethicon, Inc., B. Braun Melsungen AG, CONMED Corporation, Integra LifeSciences Holdings Corporation, Stryker Corporation, and CareFusion Corporation.