Surgical Devices Market Projected to Reach Over USD 127.48 Billion in 2023 with a Strong 10.5% Growth Rate

The Global Surgical Devices Market is valued at approximately USD 127.48 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 10.5% over the forecast period 2024-2030. Surgical devices are indispensable tools and instruments employed by doctors and surgeons during medical procedures to conduct surgeries and other medical interventions.

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These devices are meticulously crafted to assist in cutting, dissecting, suturing, and other essential tasks inherent in surgical procedures. Ranging from basic handheld tools like scalpels and forceps to advanced equipment such as surgical robots and laparoscopic instruments, surgical devices are pivotal in ensuring precision, accuracy, and efficiency during surgeries, thereby contributing to enhanced patient outcomes.

The surgical devices market is poised for significant growth driven by rapid technological advancements, the increasing prominence of robotic surgeries, and the expanding aging population. Additionally, the surge in chronic diseases, rising demand for minimally invasive procedures, and the expansion of healthcare infrastructure are key factors propelling the market forward. However, the risks associated with surgical procedures and the high costs of surgical devices may impede market growth. On the contrary, the development of innovative surgical devices, untapped potential in emerging markets, and an increasing focus on personalized medicine and patient-centric care are creating lucrative opportunities for market growth.

The surgical sutures and staples segment is expected to dominate the surgical devices market during the forecast period due to the rising number of surgical wounds globally and the need for effective wound closure solutions. Surgical sutures and staples are crucial in providing reliable methods to close surgical wounds, ensuring faster wound healing and reducing infection risks.

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The key regions considered for the Global Surgical Devices Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Surgical Devices Market in terms of revenue. The growth of the surgical devices market in North America is driven by technological advancements, increasing prevalence of chronic diseases, rising geriatric population, and high healthcare expenditure. Additionally, favourable government initiatives, a well-established healthcare infrastructure, and the adoption of minimally invasive surgical procedures further support market expansion. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period 2024-2032.

Major market players included in this report are:

Olympus Corporation

Becton, Dickinson and Company (BD)

Johnson & Johnson

Stryker Corporation

Boston Scientific Corporation

Medtronic plc

Karl Storz SE & Co. KG

Smith & Nephew plc

Abbott Laboratories

Teleflex Incorporated

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The detailed segments and sub-segment of the market are explained below:

By Device Type:

Disposable Surgical Device

Reusable Surgical Device

Medical Robotics & Computer-assisted Devices

By Product:

Surgical Sutures and Staples

Auxiliary Instruments

Energy-based & Powered Instruments

Other Products

By Application:

Orthopaedic Surgery

Laparoscopy

Neurosurgery

Wound Closure

Other Applications

By Region:

North America

U.S.

Canada

Europe

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Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

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Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

Key Questions Addressed in the Market Report:

What are the consumer buying behaviors and preferences within the market?

What are the essential success factors and considerations for entering or expanding within the market?

What potential risks and challenges do market participants face?

What investment opportunities exist, and what are the expected returns?

How is the market segmented, and how should target markets be identified?

What marketing and advertising strategies are employed by successful market players?

What are the barriers to market entry and the level of competitive intensity?

What are the forecasts and projections for the market’s future?

What strategies are recommended for market participants to achieve success?

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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)

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