by General surgery devices are medical instruments that are used in performing general surgical procedures to treat diseases, diagnose health conditions, and repair injuries. Some key general surgery devices include surgical sutures, staplers, handheld surgical equipment, electrosurgical devices, and wound closure devices. The growing prevalence of lifestyle diseases and chronic conditions worldwide has increased the need for surgical treatments. Minimally invasive surgical technologies allow surgeons to perform complex procedures through small incisions using specialized instruments with improved accuracy and visualizations through laparoscopy. This has significantly reduced post-surgical complications and recovery time for patients.
The Global General Surgery Devices Market is estimated to be valued at US$ 16.46 BN in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global General Surgery Devices Market Size are Medtronic Plc, Johnson & Johnson Service; Inc., Conmed Corporation, Integra LifeSciences, Smith & Nephew, Becton, Dickinson and Company (Bd), B. Braun Melsungen Ag, Cadence Inc, Integer Holdings Corporation, Olympus Corporation, Stryker, Boston Scientific Corporation, Erbe Elektromedizin Gmbh and 3M Healthcare.
The growing demand for minimally invasive surgeries along with rising healthcare expenditure across developing nations are expected to offer significant growth opportunities. Technological advancements are also enabling the development of advanced energy-based surgical instruments with improved precision and surgical robot-assisted systems for complex minimally-invasive procedures.
Market Drivers
The increasing geriatric population suffering from chronic diseases is a key factor driving the demand for general surgical treatments. According to the United Nations, the share of global population aged over 60 years is estimated to nearly double from 12% to 22% between 2015 and 2050. Moreover, the growing adoption of unhealthy lifestyles leading to long-term health issues such as obesity is also propelling the need for surgical interventions globally. Favorable reimbursement structures in developed countries and rising healthcare spending in emerging nations are further facilitating market growth.
Challenges in the Global General Surgery Devices Market
Some of the key challenges faced by the global general surgery devices market are:
1. Stringent regulatory policies – Medical devices are subject to strict regulations pertaining to quality, safety, efficacy and approval procedures. This increases the compliance burden for companies.
2. Rapid technological change – To stay ahead of competition, companies have to continuously invest in R&D to develop innovative products. This increases costs.
3. Pressure on pricing – Government agencies and insurance companies put downward pressure on prices to control healthcare expenditure. This squeezes profit margins.
4. Supply chain and logistics issues – Disruptions due to pandemic and geopolitical conflicts affects availability of raw materials and distribution of finished products.
5. Talent crunch – Attracting and retaining skilled professionals in areas like engineering, research and manufacturing is challenging.
SWOT Analysis
Strength: Wide product portfolio and strong brand image of key players; Growing demand for minimally invasive surgeries.
Weakness: Heavy reliance on limited number of customers; High R&D and manufacturing costs.
Opportunity: Emerging markets offer major untapped growth potential; Technological advancements enabling new applications.
Threats: Threat of substitutes and commoditization of products; Currency fluctuations and economic slowdowns.
In terms of value, North America holds the major share in the global general surgery devices market currently. This is attributed to factors like advanced healthcare infrastructure, high healthcare spending, and high adoption rates for new technologies. Europe is another major regional market owing to supportive regulatory environment and presence of key industry participants.
The Asia Pacific region is expected to register the highest growth during the forecast period from 2024 to 2030. Rapid economic development, growing medical tourism, rising income levels and expanding health insurance coverage are driving the market in the Asia Pacific region. China, India and other Asian countries present lucrative opportunities for general surgery device manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
