As more and more surgeries are performed each year it makes sense that the surgical instrument storage and transport market will grow. The increase in surgeries can be attributed to increased education regarding health care, a growing global population and other factors. Minimally invasive surgery is another of the reasons for growth.
“The global minimally invasive surgical instruments market is expected to exceed more than $21.23 billion by 2022 at a compound annual growth rate (CAGR) of 12.3 percent in the given forecast period,” according to a Market Watch report.
The global general surgery devices market is expected to reach $25 billion by 2025, according to a new report by Grand View Research Inc. Government initiative and an increasing volume of surgeries is anticipated to boost growth in the market.
Global health initiatives for advanced surgical procedures are expected to boost the general surgery market. Advancements in polymer science and technology are directly co-related to the evolution of minimally invasive methods and associated medical device design that is anticipated to increase the demand over the forecast period.
An increase in research and development investments pertaining to general surgery devices and the commercialization of new devices are among the factors responsible for propelling the growth of the market. In October 2017, NIH provided funding of $169 million to Brain Research through Advancing Innovative Neurotechnologies Initiative for the introduction of innovative brain scanners to the market for better diagnosis and procedures.
Further key findings from the Grand View Research report suggest that the laparoscopes category dominated the minimally invasive surgery instruments segment, cosmetic benefits for patients and increase in insurance coverage for laparoscopic surgeries contribute to its growth.
Orthopedic surgery dominated the application category with around 16.4 percent share in 2016, according to Grand View Research.
North America captured a significant share in the global general surgery devices market. Favorable reimbursement policies, local presence of key market players and various initiatives undertaken by the government to provide access to advanced devices leads to a greater consumption of these devices, the report states.
Technavio’s latest market research report on the global surgical instruments market indicates that it is expected to grow at a CAGR of over 6 percent from 2018 to 2022. The increase in the volume of surgeries coupled with chronic diseases and older population is a major factor driving the market’s growth.