Surgical Equipment Market: Overview
According to Transparency Market Research’s latest report on the global surgical equipment market for the historical period 2018-2019 and forecast period 2020 - 2030, the global surgical equipment market is driven by the rise in the number of surgeries
According to the report, the global surgical equipment market was valued at ~US$ 9.7 Bn in 2019. It is anticipated to expand at a CAGR of ~4% from 2020 to 2030.
Key Drivers of Surgical Equipment Market: Gaining Popularity of Health Insurance in Emerging Countries such as India
Health insurance is gaining momentum in the countries such as India. Currently, 15% of the population is covered by government health insurance companies and 2% by private health insurance. Several private insurance companies have entered the market and empaneled hospitals to provide cashless treatment to patients of insurance companies. According to the data provided by Narayana Health in 2017, India needed around 65 crore surgeries per year to meet the growing demand for different types of surgeries. However, currently, India conducted around only 2 crore surgeries per year, and this deficiency is due to lack of affordability of healthcare as well as less number of specialized surgeons. Therefore, the high rate of penetration of healthcare insurance and awareness about the advantages of healthcare insurance prompt patients to undergo treatment, and this is expected to help to meet the demand for surgeries and boost the demand for surgical equipment
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The surgical equipment market is highly fragmented. The market consists of several small to medium-sized companies that compete with each other and larger enterprises. Several regional and local manufacturing players offer low-cost surgical equipment such as cutting instrument, sutures, dilators, etc., especially in countries such as China, Brazil, India, and Germany.
Moreover, high preference for low-cost endosurgery instruments and the habit of using consumable instruments, such as forceps and pencils for a long time in repeated surgery in rural area hospitals, have restraint sales volume of surgical equipment of numerous manufacturing companies. This is hampering the surgical equipment market.
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This report profiles major players operating in the global surgical equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global surgical equipment market is highly fragmented, owing to the presence of numerous global as well as regional players doing business in the surgical equipment market
Leading players operating in the global surgical equipment market are o
Medtronic plc
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CONMED Corporation
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Olympus Corporation
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BD
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Stryker
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Meril Life Science Pvt. Ltd.
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Integra Lifescience Corporation
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Ethicon, Inc.
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Healthium Ltd.
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Key players in the global surgical equipment market are engaged in regulatory approvals, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to augment the global surgical equipment market. A few expansion strategies adopted by players operating in the global surgical equipment market are: o
o
In 2018, Medtronic launched Signia Stapling System. This provides an ideal solution to pioneering intelligence-based minimally invasive surgery, which offers real-time feedback and based on Adaptive Firing technology measures the firing force and adjusts the stapler's speed based on tissue variability measurements. This drive the demand for new advanced surgical equipment. In 2018, Apax Partners LLP is a U.K.-based private equity firm, acquired India-based medical devices company Healthium MedTech Pvt. Ltd to invest in the surgical equipment market
The report on the global surgical equipment market discusses individual strategies, followed by company profiles of manufacturers and suppliers of surgical equipment. The competition landscape section has been included in the report to provide readers with a
dashboard view and a company market share analysis of key players operating in the global surgical equipment market. More Trending Reports by Transparency Market Research – Platelet-rich Plasma Market https://www.globenewswire.com/news-release/2022/03/10/2401154/0/en/Platelet-richPlasma-Market-to-Grow-at-CAGR-of-11-2-During-Forecast-Period-Notes-TMR-Study.html Multiplexed Diagnostics Market https://www.globenewswire.com/news-release/2022/03/17/2405471/0/en/MultiplexedDiagnostics-Market-to-Rise-at-CAGR-of-17-9-during-Forecast-Period-Observes-TMR-Study.html About Us Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge. Each TMR Syndicated Research report covers a different sector — such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement. Contact Us Rohit Bhisey Transparency Market Research, 90 State Street, Suite 700, Albany, NY 12207 Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Email: sales@transparencymarketresearch.com Website: https://www.transparencymarketresearch.com/