The global surgical procedures volume market is dominated by a few players, although they are facing significant competition from local players in respective regional markets. The availability of advanced wound closure material presents a potential threat for the sutures and staples market. However, surgical handheld instruments face major roadblock only from internal substitutes (electrosurgical devices), having no impact on the overall surgical equipment market.
The global surgical procedures volume market was valued at US$1.3 bn in 2014. Expanding at a healthy CAGR of 5.6% during the forecast period of 2015 to 2023, the valuation is estimated to reach US$2.2 bn by the end of 2024.
Vast Population Base makes Asia Pacific Most Profitable Region
On the basis of procedure, the global surgical procedure volume market has been segmented into cardiovascular, orthopedic, neurosurgery, ophthalmic, gynecology, and other procedures, including urology and dental. The ophthalmic procedure segment held the maximum share in the global market in 2014, accounting for US$42.3 bn that year, primarily due to increasing number of ophthalmic surgeries across the globe and the introduction of advanced surgical technologies. However, the gynecology procedure segment is anticipated to grow at a high CAGR of 6.6% during the forecast period. The prominent factors attributed to this growth include a rise in the prevalence of gynecology diseases, changing lifestyle, and surgical up-gradation. The report finds that in 2014, the volume of surgical procedures was 135,986,269, which is anticipated to reach 222,157,438 by 2023.
Geographically, the report studies the regional markets of North America, Europe, Asia Pacific, Latin America, and the Rest of the World. In 2014, Asia Pacific held the maximum market share, at 40.3%, and the region is expected to remain highly prominent during the forecast period. This demand from Asia Pacific is owing to factors such as massive patient base, increasing incidence of cardiovascular diseases, traumatic injuries, neurological disorders, and the introduction of advanced surgical technologies.
Prevalence of Cardiovascular Diseases Driving Demand
Rising geriatric population directly affects the growth and development of cardiac pacemaker products. This is primarily due to the fact that elderly people are highly susceptible to heart diseases such as sick sinus syndrome and atrioventricular blockage. According to the American Heart Association, cardiovascular disease is the leading cause of death globally. Currently, 17.3 million deaths occur per year. A rise in injuries, technological advancements, and rising incidences of cardiovascular, gynecological, neurological, and urological disorders are also seen as factors boosting market growth
Conversely, the rising cost of healthcare as well as complications and infections related to surgical procedures are the factors that may hinder the growth of the global surgical procedures volume market. The shift towards minimally-invasive surgeries is seen as an opportunity in the market.
Download exclusive Sample of this Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1289
The author of the report states, “The future of surgery includes making smaller scars, and giving rise to fewer complications. The focus will be on key technologies such as single-incision laparoscopic surgery (SILS).” The author also identifies the development of robotic surgeries for market players to focus on, which is now widely used in operating rooms to perform highly complex and intricate surgeries, with less pain and recovery time.
The information presented in this review is based on a Transparency Market Research report, titled, “Surgical Procedures Volume Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”