Developing Healthcare Infrastructure in Emerging Economies to Benefit Surgical Staplers Market
Published On : Nov 13, 2018 | Category : Healthcare
Technological advancements has enhanced and grown the capabilities in the healthcare sector. Nowadays, surgeries are performed with advanced surgical devices and innovative techniques. One such device is surgical staplers that are vastly used in developed economies. In addition, technological advancements in this sector are expected to drive the demand in the market. Growing demand for minimally invasive surgery is likely to benefit the growth in this market. The demand for surgical staplers has grown largely as compared to surgical sutured as it is faster, economical, and cause fewer injections than stitches. However, availability of alternatives procedures and functional failure of surgical stapler during surgical procedures might restrict the growth of the market.
According to the report published by Transparency Market Research, the global surgical staplers market is projected to rise at 7.5% CAGR during the forecast period from 2018 to 2026. By rising at this growth rate, the valuation of the market is expected to reach US$4 bn by the end of 2026. In 2017, the market was valued at US$2 bn.
Developed Economies to Play Crucial Role in Expanding Surgical Staplers Market
Developed countries in Europe and North America hold 70% of the total share in the global surgical staplers market. The demand for high demand for surgical staplers in these regions is mainly because of technological advancements carried out and large number of surgical procedures that are carried out in these regions. Moreover, large number of geriatric population present in developed countries has boosted the demand for surgical staplers in these regions. On the other hand, rising number of surgical procedures carried out in developing economies such as China and India has increased growth opportunities for this market. Surgical staplers are also widely used during bariatric surgeries, which could further provide impetus to the market. Growing prevalence of obesity and sedentary lifestyle has grown the need for bariatric surgeries, thus driving the need for surgical staplers.
Rising Preference for Minimally Invasive Surgery to Fuel Demand in Surgical Staplers Market
Technological advancements in the healthcare sector has grown various opportunities and has enhanced the capabilities in this sector. One such technology is minimally invasive surgeries that have gained huge traction in the last few years. Minimally invasive surgeries includes laparoscopic procedures, general surgeries, flexible endoscopic procedures, and colorectal surgeries that are performed often on the patients across the globe. Furthermore, the demand for minimally invasive surgeries is increasing because they help in fast recovery, involves minimal complications, the patient feel less pain, and it also reduced the risk of infection.
Research and Development activities Key Strategy used by Leading Players
Few player who dominate the global surgical staplers market hold 80% of market share. Due to the dominance of these players, the surgical staplers market is consolidated in nature. The big companies in the surgical staplers market are Johnson & Johnson Services, Inc. (Ethicon Inc.)Grena Ltd., Covidien Plc, Purple Surgical International Ltd., Golden Stapler Surgical Co. Ltd, Victor Medical Instruments Co., Ltd., and Dickinson and Company. Leading companies are also making efforts in resercah and development to develop better quality product. For instance, Ethicon announced the outcome of the studies carried out to compare two products in early 2017, where it compared Medtronic’s ENDO GIA Manual Staplers and Ethicon’s ECHELON FLEX Powered Staplers. The results showed that Ethicon’s product was related with clinical and monitory benefits and reduced rate of complications related to bleeding. In the same time, Medtronic released its new stapling system, Signia Stapling System. This was the newest addition to the firm's minimally invasive procedure product portfolio.