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The global general surgical devices market is expected to register a CAGR of 6.5% during the forecast period 2018 to 2023. North America dominates the market due to increasing demand for technologically advanced surgical devices and favorable reimbursement policies in the region.
Technological Advancement in General Surgical Devices
Technological advancements by major players in surgical devices have boosted demand for general surgical devices among the end users, such as hospitals and surgical centers. Innovations in devices for surgical treatment have reduced hospital stays of patients, which results in a drop of the overall treatment cost. Hence, these devices are anticipated to gain popularity during the forecast period. Key players are investing in the development of new devices with novel technology. For instance, In August 2016, Ethicon US, LLC part of the Johnson Johnson, launched ProxiSureTM Suturing Device, an advanced laparoscopic suturing device designed to improve precision in minimally invasive surgery. These technological advancements in general surgical devices will likely boost the market during the forecast period. Rising demand for minimally invasive surgeries, increase in the number of surgical procedures, and growing incidences of injuries and accidents are the factors driving the market growth of the global general surgical devices market.
Stringent Regulatory Process
The stringent regulatory processes in the United States, Japan, and some countries of Europe for medical devices are the major restraining factors for the general surgical devices market. General surgical devices fall under Class III devices, which have a stringent regulatory requirement that demands more capital investment from key players, and thus increases the overall cost of devices. Further, lack of skilled technicians is also likely to impede the growth of the global general surgical devices market.
North America to Dominate the Market
North America dominates the general surgical devices market due to the presence of wellestablished market players, rising technological advancement, and a favorable reimbursement scenario. AsiaPacific is expected to grow tremendously during the forecast period owing to factors, such as the presence of huge patient pools, rising trend toward minimally invasive surgical procedures, and a growing medical tourism industry in the emerging countries of the region.
Key Developments in the Market
March 2016: W. L. Gore Associates, Inc. Gore launch of GORE SYNECOR Biomaterial, a unique hybrid device for hernia repair.
October 2017: Johnson Johnson acquired German software company, Surgical Process Institute SPI, for the digitalization and standardization of surgical workflows in the operating theatre.
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 global 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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