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Exploring Opportunities in Emerging Regions Could Help Surgical Equipment Manufacturers Gain Sustainable Growth, Says TMR

Posted on Aug 30, 2016

A limited number of players currently dominate the global surgical equipment market. These include ERBE Elektromedizin GmbH, Covidien, plc, Ethicon, Inc. (J&J), B. Braun Melsungen AG, and CONMED Corporation. These companies together accounted for over 62.9% of the market in 2012, states Transparency Market Research (TMR) in a new study. Other than intense rivalry creating an obstacle for these companies, competition from local players also poses a threat to their expansion goals. 

According to TMR, the global surgical equipment market stood at US$9.5 bn in 2015 and is expected to reach US$11.2 bn by the end of 2019. Regionally, North America has proven lucrative for surgical equipment manufacturers. It led the global surgical equipment market in 2012 with a share of 39.6%. TMR expects North America to retain the position through the forecast period between 2013 and 2019. 

By product, the sutures and staples segment led the market in 2015 and was valued at US$5.2 bn in the year. However, the rising demand for advanced wound closure products such as hemostats, fibrin, glues, and other sealants is expected to dampen the growth witnessed by this product segment to an extent. 

Demand for Surgical Equipment to Increase in Response to Rising Demand for Minimally-invasive Surgeries 

“The year-on-year rise in the number or surgical procedures conducted globally has been the key factor driving the demand for surgical equipment,” said a lead TMR analyst. The rising incidence of trauma conditions resulting from road accidents and natural disasters, the growing prevalence of obesity, increasing cases of cardiovascular ailments, and rising number of sports injuries are a few of the factors creating opportunities for growth in the sales of surgical equipment. 

Besides this, the burgeoning demand for minimally invasive surgeries has also paved the way for research and development into advanced surgical devices. Spurred by these factors, the demand for advanced surgical equipment manufacturers is poised to increase in the forthcoming years. Leading companies are also expected to focus on technical developments, thus resulting in the advent of innovative products with advanced features. This will subsequently create attractive prospects for the market players to capitalize on in the near future. 

Demand for Advanced Wound Care Materials to Dampen Market’s Growth 

Despite witnessing a positive rise over the last couple of years, the demand for advanced wound closure materials and devices is dampening the market’s growth to an extent. While traditional wound closure products such as stature and staples still represent the majority share in the market, the growing acceptance of advanced materials such as high-strength medical adhesives and sealants poses a challenge to surgical equipment manufacturers. 

Furthermore, advanced wound closure products offer several advantages such as reduced blood loss, less healing time, and improved clinical outcomes, owing to which, their demand is expected to increase in the near future. The implementation of the Patient Protection and Affordable Care Act in the U.S., also negatively impacts the sales of surgical equipment. This act was implemented to provide better healthcare coverage to U.S. citizens. However, as per one of its clauses, an excise tax of 2.3% was to be levied on medical devices, which could adversely influence the surgical equipment market. 

Besides this, awareness regarding the side-effects associated with the use of a few surgical devices, leading to their product recalls, have restrained the market’s expansion to an extent. The prevailing price competition will also create bottlenecks for manufacturers of surgical equipment. 

Rising Healthcare Expenditure in Emerging Economies to Create Growth Opportunities for Surgical Equipment Manufacturers 

Emerging economies across regions such as Latin America, Asia Pacific, and Eastern Europe present great opportunities for surgical equipment manufacturers. The rising healthcare expenditure in these regions will fuel the demand from the surgical equipment market. “Besides focusing on emerging markets in Asia Pacific and Latin America, enterprises could also invest in the research and development of advanced products to enjoy sustainable growth in the market,” the TMR report’s author observes. 

This review is based on information published by Transparency Market Research in a report, titled “Surgical Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.” 

The report segments the global surgical equipment market as: 

Global Surgical Equipment Market, by Product Type: 

  • Surgical Sutures and Staples
  • Surgical Handheld Instruments
  • Electrosurgical Devices

 

Global Surgical Equipment Market, by Geography: 

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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