Surgical Equipment Market have wide applications in distinctive surgical techniques, for example, neurosurgery, plastic and reconstructive surgeries, wound closure, urology, obstetrics and gynaecology, thoracic surgery, micro-vascular, cardiovascular, orthopaedic surgery, laparoscopy and others. The market is driven by increasing number of surgeries, & hospitals, increasing prevalence of different diseases and increasing geriatric population have boosted the market growth. Moreover, technological advancement, increasing number of ambulatory services and government initiatives have a synergistic effect on the market. However, high cost of the devices, shortage of skilled labour and strict regulatory policies are the major restraints for the market
Global Surgical Equipment Market - Competitive Analysis
Medtronic Plc. (U.S.), Stryker Corporation (U.S.), Johnsons & Johnsons (U.S.), Conmed Corporation (U.S.), Alcon Laboratories Inc. (U.S.), Smith & Nephew Plc (U.K), Zimmer Holdings Inc. (U.S.), Boston Scientific Corporation (U.S.), B. Braun Melsungen AG (Germany), KLS Martin Group (U.S.), Abbott Laboratories (U.S.), Olympus Corporation (Japan), Karl Storz GmbH & Co. Kg (Germany), Cook Medical (U.S.), and Teleflex Incorporated (U.S.) are some of the prominent players at the forefront of competition in the Global Surgical Equipment Market and are profiled in MRFR Analysis.
The structure of surgical equipment devices is changing due to acquisition of local manufactures with multinational companies. Boston Scientific’s had acquired SciMed, Microvasive, Schneider and EP Technologies. Baxter acquired Edwards Division, IV Systems, Clintec and Hyland Division. Because of increasing competition in the market, multination companies are using strategy of acquisition, which has increased the profit of the company as well as significantly reduced the competition.
April, 2017 – Medtronic plc had announced results of the ENDURANCE Supplemental trial in a late-breaking clinical trial session of the 2017 International Society for Heart and Lung Transplantation (ISHLT) Scientific Meeting in San Diego. According to company reports, the study evaluated company's HVAD(TM) System as a long-term therapy for patients needing heart pumps (left ventricular assist devices, or LVAD) who received improved blood pressure management. Medtronic is among the world's largest medical technology, services and solutions companies. Medtronic employees more than 88,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries.
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Global Surgical Equipment Market - Regional Analysis
Depending on geographic region, surgical equipment market is segmented into four key regions: Americas, Europe, Asia Pacific, and Middle East & Africa. Americas is the largest market for surgical equipment owing to increasing prevalence of different diseases and increasing geriatric population. Moreover, technological innovation in manufacturing of surgical equipment also is also responsible for the growth of this market in the U.S. Large number of patients undergo different kind of surgeries contribute to an increase in the demand of surgical equipment in Americas. Laparoscopic surgeries are done on a large scale in South America favouring the growth of this market. Canada are focusing on exporting surgical equipment’s and surgical suturing material to countries worldwide, which is increasing market in this region. Furthermore, increasing number of hospitals and healthcare services, availability of raw material and better access to labour will fuel the growth of this market. Europe is second largest market due to increasing prevalence of different types of diseases especially cardiovascular disease are increasing continuously in the developed as well as developing countries due to diabetes, hyper tension and lifestyle habits like smoking, sedentary work and lack of exercise has increased the prevalence of disease. Moreover, increase in chronic diseases has led to increase in the number of surgeries and healthcare organization. European countries like U.K, Germany and France spend a lot on the manufacturing of medical and surgical devices. Asia pacific is fastest growing region during forecast period. China dominates the Asia Pacific surgical equipment market owing to the presence of huge geriatric population. India accounts for the second largest market, which is followed by Japan and Australia. Huge population base, rapidly changing economy, increasing prevalence of chronic diseases, increasing healthcare expenditure, and increasing number of companies have encouraged the market growth in India and China. Recent economic data suggests that China and Southeast Asia are poised to join the ranks of the high-growth Asian economies such as Korea and Taiwan. On the other hand, the Middle East & Africa have the least market share. Additionally, factors such as lack of awareness, low healthcare expenditures will restrain the market during the corresponding period.