The global and North America surgical market continues to show growth with market researchers predicting continued expansion in coming years. This growth will, no doubt, boost the surgical instrument storage and transport market.
The global general surgery devices market size is expected to reach $26.5 billion by 2026 registering a compound annual growth rate (CAGR) of 8.5%, according to a new report by Grand View Research Inc. An increasing number of surgical procedures being performed coupled with technological advancements is anticipated to drive the market. Moreover, rising awareness and patient affordability for plastic or reconstructive surgeries is expected to propel the number of procedures conducted during the forecast period.
Global health initiatives for the advanced surgical procedure is expected to boost the market. In January 2017, Ethiopia Federal Ministry of Health (FMOH) launched the Health Sector Transformation Plan (HSTP) and Safe Surgery (SaLTS) program that prioritizes safe surgery and makes anesthesia care and emergency surgical services accessible and affordable.
Technological advancements are also contributing to the market growth. Several key companies are investing in research and development for the development of innovative products. For instance, development of medical robots to assist surgeons is a key advancement in the field. Medical robots offer several advantages, such as a 3D view of the operating field, reduced blood loss and transfusions, lower risk of infection, faster recovery time, minimal scarring and high precision.
Furthermore, a growing aging population and cases of road accidents and increased health care expenditure in emerging economies are likely to boost the market during the forecast period. According to the World Health Organization (WHO), the world’s population aged 60 years and older is expected to reach 2 billion by 2050 from 900 million in 2015. Members of the geriatric population are more susceptible to a number of diseases, which is likely to increase the need for effective treatments, thereby driving the global general surgery devices market.
According to an analysis of Reports and Data, the global surgical Instruments market was valued at $11.75 billion in 2018 and is expected to reach $21.52 billion by year 2026, at a CAGR of 7.9%. The expected rise in the growth is subjected to various applications for which the surgery procedure is required.
“This industry has a huge potential for progress. But there are some factors which may hinder its development. The cost involved with the equipment is high which leads to high cost for surgery procedures, also the demand for alternatives to the surgery procedures are also increasing day by day in the industry which is another major hindrance factor to the development of this industry,” according to Reports and Data.