New York, NY -- (SBWIRE) -- 01/15/2021 -- The rising number of surgeries, along with technological advancements, are the major factors influencing the market growth.

Market Size – USD 15.99 billion in 2019, Market Growth - CAGR of 7.1%, Market Trends –Rise in demand for plastic or reconstructive surgeries

It is projected that the market size for surgical devices will hit USD 28.40 billion by 2027. This can be primarily attributed to the rising number of surgical procedures and technical developments in surgery that are projected to become the most prevalent growth drivers globally in the coming years.

The market growth is driven by factors, such as the rising number of surgical procedures that have led to a growing demand for surgical instruments with increasing prevalence and incidence of many chronic diseases and a rise in the ageing population. In order to further fuel market growth during the forecast period, the growing demand for plastic and reconstructive surgery, increasing healthcare spending, accelerating the need for technologically advanced and minimally invasive surgical procedures are expected. During the forecast period, stringent government regulations and a lack of adequate reimbursement for surgical devices could hinder market development.

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North America accounted for the largest market share of 31.3% in the year 2019, owing to the involvement of major players, favorable reimbursement policies, a growing number of surgical procedures and many steps taken by the government to provide access to advanced equipment for general surgery & training sessions for doctors.

Further key findings from the report suggest

A surgical device is an instrument or equipment designed for a surgery or procedure for performing specific acts or taking out desired results. The rising penchant for minimally invasive surgeries such as electrosurgery contributes to consumer demand.

Due to the increasing demand for plastic and reconstructive surgery and also the growing number of aged patients worldwide, the global market for surgical devices is growing at a rapid rate.

During the forecast period, the reusable surgical device segment is projected to rise at the highest rate of 7.2%.

Reusable surgical devices are commonly used by surgeons around the world to reduce overhead costs, particularly by surgeons working in an ambulatory surgical center (ASC) or in small medical settings. The primary factor for the growth of this segment is the presence of specific diagnostic and therapeutic medical technologies that enable fast and precise diagnosis.

During the forecast period, the use of laparoscopes is expected to rise at the highest rate of about 7.4%. The factors leading to its growth include aesthetic advantages for patients, minimally invasive surgery, and an increase in laparoscopic surgery insurance coverage.

The availability of advanced systems, coupled with the involvement of seasoned employees, is also some of the variables that are expected to provide this segment with lucrative opportunities. This segment is expected to dominate the market in the coming years because of the increasing preference for disposable devices such as syringes, needles, and catheters.

At a 7.1% CAGR during the forecast period, the disposable surgical device industry is expected to cross USD 10.75 billion by 2027.

Innovative product creation and collaborative innovations are some of the main strategic measures that players in this sector have taken to fortify their place in the competition

APAC region is projected to grow during the forecast period at the highest rate of around 7.4%. The growth is due to the growing population and the evolving healthcare network that is expected to stimulate the market in the future.

Key participants include Stryker, Johnson & Johnson Services, Inc., Medtronic, Becton, CONMED Corporation, 3M, Integra LifeSciences, Dickinson and Company, B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Smith & Nephew, Boston Scientific Corporation, and Zimmer Holdings Inc., among others.

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For the purpose of this study, the Global Surgical Devices Market is segmented on the basis of device type, product, application, and region:

Device Type Outlook (Revenue, USD Million; 2017-2027)

Disposable Surgical Device
Reusable Surgical Device
Medical robotics & computer-assisted devices

Product Outlook (Revenue, USD Million; 2017-2027)

Surgical Sutures and Staples
Auxiliary Instruments
Energy-based & Powered Instruments
Others

Application Outlook (Revenue, USD Million; 2017-2027)

Orthopedic Surgery
Laparoscopy
Neurosurgery
Wound Closure
Others

Regional Outlook (Revenue, USD Million; 2017-2027)

North America
U.S.
Europe
France
U.K.
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa

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