The global surgical procedures volume market is one of the more mature ones in the healthcare industry. Despite that, it is still clocking in an impressive growth rate. The reasons for this are as diverse as the procedure types within the market itself.
The global market for surgical procedures volume is expected to continue expanding at a CAGR of 5.6% from 2015 to 2023 in terms of revenue. This revenue was calculated to be US$1.3 bn in 2014 and is expected to reach US$2.2 bn by the end of 2023.
How Does the Gynecological Segment of the Healthcare Industry Impart to the Surgical Procedures Volume?
The gynecology segment holds a massive opportunity for manufacturers of surgical devices in the form of cesarean section surgeries. The overall gynecological surgical procedures as a segment of the global surgical procedures volume market is expanding at a very fast rate currently. This will continue to occur in the coming years, owing to the increasing number of women opting for cesarean section surgery during childbirth. This is directly attributed to the changing lifestyles of both men and women in developed economies, the rising rate of disposable incomes available to individuals, and the lightning fast development rate of the healthcare industry in emerging economies. The gynecological segment is also benefitting from a greater influx of patients getting tested and treated for issues such as cervical cancer, uterine fibroids, and menorrhagia.
Does the Growing Geriatric Demographic Have any Effect on Surgical Procedures Volume?
The effect of the geriatric demographic on the global surgical procedures volume market is a twofold one. Firstly, this demographic is expanding in percentage across the world. The elderly are the most prone to illness and accidents and are therefore the primary recipients of treatments and surgeries. Secondly, the overall global population itself is increasing at an alarming rate, further adding to the overall geriatric numbers. As a result, the overall presence of the geriatric demographic as a driver to the global surgical procedures volume market is immense. It will continue to be a primary driver for the market as mortality rates reduce even further and economies develop even faster.
What Type of Advancements Have Benefitted the Global Surgical Procedures Volume Market the Most?
The scope of growth of most device and hardware-based markets often depends on the level of innovation and the use of modern technologies for manufacturing. The same applies to the global surgical procedures volume market and it is no stranger to the use of latest technologies. Some of the key advancements being made in this market are in the field of non-invasive surgical instruments. Minimally-invasive surgery is the mantra of the decade for the healthcare and medical devices industries, as the benefits of succeeding in its implementation earn an organization humongous benefits. It starts with significant reduction in the recovery period a patient needs post-surgery, which implies a shorter stay in a hospital. This is a two-way advantage as it allows both the patient and the hospital cut down on overall costs, while also allowing the hospital to increase the number of patients it can treat per year. This carries forward in the form of outpatient minimally invasive surgery procedures, which significantly reduce the cost of treatment and the time taken to treat a patient.