More and more surgical procedures are being performed globally every year, driving the demand for new and improved surgical equipment, states a new report by healthcare experts GBI Research.
The new report* shows that this increase in surgical procedures is due to improving healthcare infrastructure in emerging countries, increasing cases of lifestyle diseases and technological innovations boosting the possible workload of surgeons.
According to the Centre for Disease Control (CDC), approximately 48 million surgical procedures are performed in the US each year, while emerging countries such as India and China hold huge future potential for surgery due to increased healthcare expenditure and huge patient populations. The spread of westernised living standards has led to a worldwide increase in diseases such as obesity, lung cancer, cardiovascular diseases and kidney disorders, expanding the patient population eligible for surgery.
Accessibility, affordability and patient comfort are also driving up demand for outpatient procedures. Outpatient surgery is found to be more cost-effective than inpatient surgeries, as they eliminate hospitalization costs, minimize the time spent in the operating theatre, and cut costs for staffing and travel.
Advances in anesthesia, surgical techniques and devices, have changed the way surgery is performed. Minimally Invasive Surgeries (MIS) can be applied to most surgical specialties, such as neurology, cosmetic, cardiothoracic, ophthalmology, orthopedic, urology, vascular and dentistry. MIS offer several benefits such as reduced post-operative pain, less visible scarring, faster recovery, reduced risk of infection, reduced bleeding, and improved accuracy. The use of laparoscopes means that surgeries such as hernia repairs and gallbladder and appendix removals can be carried out in outpatient settings, while laser vision correction is a popular outpatient procedure that also relies on new technology.
A growth in the number of Medicare-certified Ambulatory Surgical Centers (ASCs) in the US is also driving the demand for surgical equipment. ASCs have resulted in an improved accessibility resulting in an increased number of surgeries.
The increasing volume of surgical procedures being carried out is resulting in a growing demand for surgical equipment such as surgical sutures, electrosurgical devices and hand instruments. The global market for surgical equipment is therefore forecast to exceed $7 billion by 2018, following growth at a Compound Annual Growth Rate (CAGR) of 4.2% during 2011-2018.