Increase in number of surgeries coupled with technological advancements globally, are the major factors influencing market growth.
Market Size – USD 17.10 Billion in 2020, Market Growth – CAGR of 7.1%, Market Trends –Rise in demand for plastic or reconstructive surgeries
The Surgical Devices Market is estimated to reach USD 29.52 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing number of surgical procedure along with technological advancements in surgeries that are expected to become the most common growth factors globally in the coming years.
The growth in the market is driven by factors such as the increasing number of surgical procedures which has led to the growing demand for surgical tools with developing predominance & incidence of several chronic diseases and increase in aging population. Growing demand for plastic and reconstructive surgery, rising healthcare expenditure, and accelerating need for technologically advanced and minimally invasive surgical procedures are anticipated to promote the market growth further during the forecast period. Stringent government regulations and lack of proper compensation for surgical devices may hinder the market growth during the forecast period.
Due to the presence of key players, favorable reimbursement policies, and rising number of surgical procedures and several initiatives taken by the government to provide access to advanced devices for general surgery & training sessions for physicians, North America accounts for the largest market share of 31.3% in 2020.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Johnson & Johnson Services, Inc., Stryker, Medtronic, CONMED Corporation, Becton, 3M, Dickinson and Company, Integra LifeSciences, B. Braun Melsungen AG, Smith & Nephew, Erbe Elektromedizin GmbH, Boston Scientific Corporation, and Zimmer Holdings Inc., among others.
Market Segmentation by Types:
By Device type Outlook (Revenue, USD Million; 2020-2028)
By Product Outlook (Revenue, USD Million; 2020-2028)
Application Outlook (Revenue, USD Million; 2020-2028)
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Surgical Devices market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
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Further key findings from the report suggest
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