Asia-Pacific General Surgical Devices Market Size

APAC General Surgical Devices Market Analysis

The Asia-Pacific market for general surgical devices is expected to register a CAGR of 4.6% during the forecast period.

COVID-19 had a significant impact on the Asia-Pacific market for general surgical devices in the initial phases, as the surgeries and procedures were delayed due to global lockdowns. However, with the easing of restrictions, the industry rebounded strongly. Over the previous two years, the market recovery has been led by increased sales of surgical devices, new product launches, and a high prevalence of injuries and accidents.

Factors such as the increasing demand for minimally invasive devices, cases of injuries and accidents, and healthcare expenditures in emerging economies are boosting the market's growth. For instance, as per the 2021 report published by the NCRB, Government of India, traffic accidents resulted in injuries to 3,73,884 persons in 2021. Furthermore, as per the WHS Statistics Australia 2022 report, 52,316 traumatic joint/ligament and muscle/tendon injuries were recorded in Australia in 2021. The main reason for injury hospitalization in Australia was found to be an accident or fall. Hence, considering the growing cases of injuries and accidents, the market for general surgical devices is expected to grow significantly.

The increasing healthcare expenditures in emerging economies and the adoption of minimally invasive devices for surgery are promoting market growth. For instance, per the Parliament of Australia 2022 update, the total spending on healthcare in 2022-23 is estimated at USD 105.8 billion, representing 16.8% of the Australian government's total expenditure. Moreover, as per the India Union Budget 2022-2023, the government allocated INR 86,200 crores (about USD 10.6 million) to the Ministry of Health and Family Welfare, a nearly 16.5% increase in comparison to INR 73,932 crores (about USD 10.4 billion) in 2021 driven by increased allocation to centrally sponsored public health schemes to continue building sustainable healthcare infrastructure and ensure system preparedness to handle the increasing healthcare needs of the country. Such increased healthcare expenditure and funding are expected to boost market growth over the forecast period.

For instance, the growing burden of chronic diseases, along with the rising geriatric population, is likely to lead to increased demand for general surgical devices. Spending on healthcare in Asian countries is also expected to increase during the forecast period. For instance, according to the e-Stat, in Japan, households spent an average of around JPY 15,162 (USD 102.03) on medical treatments in 2022. Thus, the growing burden of diseases is expected to increase the demand for general surgical devices during the forecast period.

Hence, as per the factors mentioned above, the market studied is likely to witness growth over the forecast period. However, stringent government regulations and improper reimbursement for surgical devices restrain the market growth.