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The North American general surgical devices market is expected to register a CAGR of 6.8% during the forecast period 2018 to 2023. The United States dominates the market due to increasing demand for technologically advanced surgical devices, favorable reimbursement policies, and growing investment from public and private sectors in healthcare.
Growing RD Spending for Novel Surgical Devices
Medical device manufacturers in North America, especially the United States, are known for their innovation, and their development of technologically advanced devices. Investment in medical devices RD has been increased significantly since the last decade in the United States. The RD spending on medical devices has grown from USD 2.9 billion in 2010 to USD 7.3 billion in 2011. The region is expected to witness increased RD investment during the forecast period. The growing RD investment in the region will possibly propel the invention of novel surgical devices, which will drive the market growth. Additionally, growing collaboration between public and private sectors and demand for innovative surgical tools are others factors driving the growth of the North American general surgical devices market.
Stringent Regulatory Environment
The inefficient, unpredictable, and expensive regulatory processes in the United States are jeopardizing the North American medical devices industry. The US regulatory process consumes more time for approval as compared to other regions. For instance, the devices which need communication with FDA regarding a clinical study for the low to moderate risk device before making a regulatory submission, the premarket process for such devices takes an average of 31 months for clearance. In contrast, an average of seven months is required in Europe for clearance of the same devices. Thus, a stringent and long regulatory process and cut down in the reimbursement scenario are also likely to impede the growth of the North American general surgical devices market.
United States to Lead the Market
The United States dominates the general surgical devices market due to the presence of wellestablished market players, and rising investment in the technological advancement of surgical devices. An aging population and growing life expectancy in the country are further likely to boost the market for general surgical devices. Mexico is expected to grow significantly during the forecast period, owing to factors, such as growing medical tourism industry in the country and rising healthcare expenditure.
Key Developments in the Market
March 2016: W. L. Gore Associates, Inc. Gore launched GORE SYNECOR Biomaterial, a unique hybrid device for hernia repair.
January 2017: Ethicon EndoSurgery, Inc., acquired Megadyne Medical Products, Inc., a private company, which manufactures electrosurgical tools used in operating rooms worldwide.
Major Players: B. BRAUN MELSUNGEN AG, BOSTON SCIENTIFIC CORPORATION, , CADENCE INC. INTEGER HOLDINGS CORPORATION, MAQUET HOLDING B.V. CO. KG., MEDTRONIC, CONMED CORPORATION, OLYMPUS CORPORATIONS, STRYKER CORPORATION, AND JOHNSON JOHNSON, amongst others.
Reasons to Purchase this Report
Current and future North American general surgical devices market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel
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Health care (or healthcare) is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, a...