Market Trends of General Surgical Devices Industry
Handheld Device is Expected to Witness a Significant Growth in the General Surgical Devices Market Over the Forecast Period
Hand-held surgical devices and equipment are nonpowered, hand-held, or hand-manipulated devices such as scalpels, forceps, and retractors intended to be used in various general surgical procedures. The development of advanced devices, like robotic handheld surgical devices for laparoscopic interventions, enhances a surgeon's skills. Many innovations have been made due to the need for high reliability, accuracy, and patient safety. Factors such as a rise in cesarean sections, increased product launches, and advancements in handheld surgical devices are expected to augment the segment's growth. For instance, according to the WHO June 2021 update, cesarean section use continues to rise globally, accounting for more than 1 in 5 (21%) childbirths in 2021. If this trend continues, by 2030, the highest rates are likely to be in Eastern Asia(63%), Latin America and the Caribbean (54%), Western Asia (50%), Northern Africa (48%), Southern Europe (47%) and Australia and New Zealand (45%). Moreover, several countries are also experiencing a rise in surgical procedures owing to the rising burden of non-communicable diseases and injuries.
Moreover, the key player focused on strategic partnerships, mergers, and acquisitions to launch innovative and technologically advanced products to fuel the market demand. For instance, in November 2021, Orthalign launched Lantern, the latest handheld innovative tool for knee replacement surgery. Similarly, in November 2021, Smith & Nephew expanded its Cori handheld robotic system to Europe, Australia, New Zealand, India, and Canada. The CORI surgical system is an advanced handheld robotics-assisted platform for total and uni-compartmental knee arthroplasty. The solution is ideal for outpatient surgery and ambulatory surgical centers (ASCs).
Thus, owing to the rise in surgical procedures and the strategic launch of advanced handheld devices, the studied segment is expected to grow significantly over the forecast period.
North America is Expected to Witness a Healthy Growth Over the Forecast Period
North America is expected to hold a notable market share in the studied market throughout the forecast period due to the rise in the adoption of minimally invasive surgical procedures and established healthcare systems coupled with the presence of key players. Further, the increase in injuries due to sports activities and road accidents also bolsters the demand for general surgical devices in North America. For instance, according to the National Safety Council (NSC), in July 2021, 526,000 injuries were reported due to personal exercise, 500,000 players were injured due to basketball, 457000 to bicycling, and 341,000 to football. NSC also reported that 199,000 swimming injuries were treated in the emergency room. Spine, shoulder, head, and knee injuries accounted for more than 50% of these injuries.
Similarly, an increase in surgery cases in Canada is likely to bolster the general surgery devices market over the forecast period. For instance, according to the June 2022 update by Canadian Institute for Health Information, among the approximately 110,000 joint replacements performed in 2020-2021, more than 7,300 were performed as day surgery, representing a four-fold increase from the previous year. Hence, an increase in surgical procedures leads to a rise in the adoption of general surgical devices, thereby driving the market growth.
Besides, key activities by the market players, such as mergers and acquisitions, partnerships, and product launches, help propel the region's market growth. For instance, in November 2022, Olympus launched the moresolution Power Morcellator, manufactured by TROKAMED GmbH and available in the U.S. through a distribution agreement with Olympus America, Inc. The moresolution Morcellator is designed for advanced gynecologic procedures with large, calcified tissue specimens. Similarly, in June 2022, Xenco Medical expanded its ASC surgical device portfolio through the FDA clearance and launch of its Multilevel CerviKit.
Thus, owing to the increase in sports injuries the rise in surgical procedures, and strategic activities by the key players, North America is expected to witness significant growth over the forecast period.
