The global surgical and medical device market is projected to grow from USD 130.4 billion in 2018 to USD 141.6 billion by 2028, at an annualized growth rate of 1.5%. The North American region dominated the market with a share of 39% in 2018 due to rising demand for orthopedic implants and joint replacements coupled with high health care expenditure per capita as well as favorable reimbursement policy; however, Asia Pacific is expected to witness the highest growth rate during the forecast period owing to rising prevalence of chronic diseases such as diabetes mellitus type 2 and obesity which are leading conditions that need surgery among other factors.
A surgical and medical device can be any object used in the diagnosis, treatment, or prevention of disease. It includes items such as heart-lung machines, respirators, blood transfusion equipment, artificial joint replacements (knees), pacemakers. The list goes on with many examples of devices that are implanted into the human body for various purposes.
The surgical and medical devices are products that help people with illnesses, injury or disabilities to treat their conditions. Surgical and Medical Devices can be in the form of implants, prostheses, orthopedic equipment, or dental supplies like dentures which are used for surgery purposes.
Some examples include pacemakers (Heart Pacing), Intraocular lenses (IOLs) which are surgically implanted into the eye to improve vision after cataract extraction as well as a variety of surgical lasers such as CO laser systems, excimer lasers & YAG laser systems among others. In addition, some other examples include artificial joints and heart valves made from metal alloys or polymers; bone cement; insulin pumps coupled with syringes and needles; dialysis machines, and artificial organs like the heart, lungs, or kidneys.
On the basis of type, the global surgical and medical device market is segmented into surgical and medical devices.
Surgical devices are mainly used for the treatment of various diseases or injuries, such as heart valve replacement procedures, coronary artery bypass grafting (CABG), total knee replacements, spinal fusions, etc.
Medical devices are a diverse group of products that can be broadly classified by their use in diagnostic procedures; therapy: surgery; monitoring system diagnostics; drug delivery systems; endoscopy & anesthesia machines & equipment; ophthalmic instruments; anesthesiology monitors; rehabilitation aids; respiratory equipment so on.
On the basis of the application, the global surgical and medical device market is segmented into OEMs and aftermarket.
OEMs are the original equipment manufacturers. OEMs produce medical devices for their own use and also distribute them to hospitals, clinics, and surgical centers as a part of an integrated supply chain management model. These products may include implants, arthroscopy kits, sutures, or other types of instruments.OEMs are used for the manufacturing of devices for commercial use.
The aftermarket is also a segment with great potential. The after-markets are designed mainly to repair or replace damaged products with new ones. The aftermarket surgical and medical device market is segmented into retail, hospital pharmacies, mail-order pharmacy distribution. Many surgical and medical devices are made for the aftermarket. Devices such as pacers, stents, respirators, catheters, electrocardiographs (ECGs), hearing aids, and contact lenses all have a market in the aftermarket. There is also an active auction site for brand-name preowned equipment where buyers can find deals on medical device equipment.
On the basis of region, the global surgical and medical device market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In 2015 North America held the largest share of over 38% in terms of revenue which is expected to grow at a CAGR of 0.78%, while Europe grew at a CAGR of -0.66%. The major players operating within this regional section include Becton Dickinson (BD), Johnson & Johnson (J&J), and Stryker Corporation among others.
Increasing incidence of diseases, which leads to higher demand for surgical and medical devices. For example, the number of cancer cases is expected to increase globally from 14 million in 2012 (around 12% of all cancers) to 22 million by 2030 (17%). Increasing demand for minimally invasive surgeries combined with the rising incidence of chronic diseases is the factor that drives this growth. The increasing number of joint replacements due to the aging population coupled with an increase in awareness about its benefits will also fuel the growth of the industry over the forecast period.
Up Market Research published a new report titled “Surgical and Medical Device Market research report which is segmented by Types (Surgical, Medical), By Applications (OEMs, Aftermarket), By Players/Companies Medtronic, Johnson & Johnson Services, CONMED, Becton, Dickinson and Company, 3M, B. Braun Melsungen, Stryker, Boston Scientific Corporation, Erbe Elektromedizin, GE”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Surgical and Medical Device Market Research Report|
|By Type||Surgical, Medical|
|By Application||OEMs, Aftermarket|
|By Companies||Medtronic, Johnson & Johnson Services, CONMED, Becton, Dickinson and Company, 3M, B. Braun Melsungen, Stryker, Boston Scientific Corporation, Erbe Elektromedizin, GE|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||234|
|Number of Tables & Figures||164|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Surgical, Medical and By Application OEMs, Aftermarket.
Some of the companies that are profiled in this report are:
Surgical and Medical Device Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Surgical and Medical Device Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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