Surgical Devices Market to See 10.1% Annual Growth Through 2024
Industry Boosted by Global Increase in Minimally Invasive Surgical Procedures
WELLESLEY, Mass., November 28, 2019 (Newswire.com) - The global increase in minimally invasive surgical procedures and the increase in the prevalence of chronic diseases are two factors driving growth in the global surgical devices market, according to a report by BCC Research, “Surgical Devices Market: A BCC Research Overview.”
The market expects to see a compound annual growth rate (CAGR) of 10.1% through 2024, when it could be worth $138.5 billion.
Major players in the market include: Boston Scientific, Johnson & Johnson, Medtronic and Sanofi.
Research Highlights
- Asia-Pacific surgical devices market should grow from $19.1 billion in 2019 to reach $31.9 billion by 2024 at a CAGR of 10.8% for the period of 2019-2024.
- South America surgical devices market should grow from $7.3 billion in 2018 to reach $11.9 billion by 2024 at a CAGR of 10.3%.
- North American surgical devices market should grow from $29.8 billion in 2019 to reach $47.8 billion by 2024 at a CAGR of 9.9%.
Read the full report here: https://www.bccresearch.com/market-research/healthcare/surgical-devices-market-report.html
“Continued expansion and preference for minimally invasive surgeries, widely known as MIS, have increased the demand for advanced surgical instruments such as laparoscopes, cannula/trocar systems, sutures and staples, and electrosurgical devices,” write BCC analysts. “MIS is an emerging trend in the health care sector, highly preferred by surgical specialists in neurology, ophthalmology, cosmetic surgery, in cardiothoracic, orthopedic and vascular procedures, urology and dentistry.”
The Role of Emerging Economies in the Market
The report adds that although much of the future growth of the surgical devices market lies in U.S and Europe, growth is also expected to come from the emerging economies where the number of new health care facilities is rapidly increasing and disposable income is on the rise, leading to an increase in the number of surgeries performed. Emerging economies, such as India, China, Russia and Brazil, have a large population of underserved patients, providing potential opportunities for both existing market players, as well as new entrants.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.
Source: BCC Research
