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Owing to a rising geriatric population, the surgical kits market is set to chart impressive growth. Between, 2017 and 2025, the market will attain USD 38.03 billion worth, as per a Transparency Market Research study.
The geriatric population is rising at a dizzying pace and as per a recent study – it is believed that by 2050, one in six people in the world will fall into the age bracket of 65 and over. And, those in the age group of 60 and over, the number would touch the 2 million mark. It is interesting to note the rise is significant from the 900 million the community population was pegged at in 2015.
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A year back in 2018, history was created in terms of demographics as for the first time. It is in this year that number of children was less than the number of geriatrics. And, as old people are susceptible to infections and chronic diseases that might require surgery, the global surgical kits market will see growth over the forecast period.
North America to Maintain a Dominant Position over the Forecast Period
Factors such as technological advancement and a robust healthcare infrastructure and reimpbursement framework are supporting North American dominance over the global surgical kits market. Besides, the region, along with North America is set to witness a rapidly ageing population that will lead to a ratio of people aged 65 and above to the rest of the population to a 1:4. This is leading to demand for surgical kits in both ASCs (Ambulatory Surgical Centers) and Hospitals. Besides, a rise in popularity of minimally invasive surgeries is driving the demand for surgical kits up significantly.
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As awareness levels increase, in tandem with disposable incomes, Asia Pacific (APAC) will also show a tremendous growth chart. This growth will also be attributable to a large consumer base and government initiatives aimed at improving healthcare outcomes. The population in some of the economies like Japan is ageing at a notable pace but the effect will be temporary.
Global Surgical Kits Market Landscape to be Slightly Fragmented
The landscape is fragmented and key players flanking the market include Kimberley-Clark Corp., Medline Industries Inc, Cardinal Health, Paul Hartmann AG, Hogy Medical, 3M Co., Medica Europe BV, OneMed, and Stradis Healthcare.
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The determinants of which of the players player gains a competitive edge are the innovation and use of technology behind products. Other core strategies that the players resort to, in order to make the most of the market growth, are strategic collaborations and partnerships. These are particularly useful when market penetration is to be made deeper or know how is to be combined.
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