Surgical Equipment Market Expected to Reach USD 11.28 Billion Globally in 2019
According to a new market report published by Transparency Market Research "Surgical Equipment Market (Surgical Sutures and Staples, Surgical Handheld Instruments, and Electrosurgical Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global surgical equipment market was valued at USD 8.43 billion in 2012 and is expected to grow at a CAGR of 4.2% from 2013 to 2019, to reach an estimated value of USD 11.28 billion in 2019.
Surgical equipment such as sutures, staples, scalpels, forceps, retractors, scissors, and electrosurgical devices are used for a number of functions during surgical procedures. For instance, sutures and staples are used to close the wound after an injury; scalpels are highly sharp edged cutting instruments used for making incisions, and forceps are used for holding, clamping, dilating and suctioning during surgical procedures. In this report, the global market for surgical equipment has been segmented into three major product types, namely, surgical sutures and staples, surgical handheld instruments and electrosurgical devices. Of these, surgical sutures and staples market has been further segmented into surgical sutures and surgical staples individually, while the market for surgical handheld instruments has been segmented into scalpels, forceps, retractors and scissors.
Browse Global Surgical Equipment Market Report with Full TOC at http://www.transparencymarketresearch.com/surgical-equipment-market.html
In 2012, the surgical sutures and staples segment accounted for the largest share (55.6%) of the total surgical equipment market revenue. However, during the forecast period 2013 to 2019,owing to slow growth rate, it is likely to lose some of its share. On the other hand, the electrosurgical devices market segment is expected to show highest growth at a CAGR of 6.1%,owing to the growing demand for minimally invasive procedures that extensively utilize these devices.Covidien plc, ERBE Elektromedizin GmbH and CONMED Corporation are the major players in the electrosurgical devices market with a combined market share of around 60% in 2012.The market for surgical sutures and staples is dominated by players such as Ethicon, Inc., B. Braun Melsungen AG and Covidien plc. In the surgical handheld instruments market, B. Braun Melsungen AG, Integra LifeSciences Holdings Corporation, Covidien plc, Aspen Surgical Products, Inc., and KLS Martin LP are prominent players with significant market shares.
During the forecast period 2013 to 2019, the market for surgical equipment will be majorly driven by factors such as year on year increase in the number of surgical procedures, rise in demand for minimally invasive procedures, worldwide aging population and technological developments leading to innovative products. Due to the fact that electrosurgical devices play key role during minimally invasive procedures, rise in the demand for these procedures will in turn trigger the demand for electrosurgical devices. On the other hand, factors such as rising demand for advanced wound closure materials such as glues and fibrin sealants, implementation of Patient Protection and Affordable Care Act (PPACA) in the U.S., side effects associated with products leading to product recalls, and intense price competition from local manufacturers may pose significant challenges before players operating in the surgical equipment market.