PUBLISHER: The Business Research Company | PRODUCT CODE: 1387712
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387712
“Handheld Surgical Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on handheld surgical devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for handheld surgical devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The handheld surgical devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
2) By Application; Neurosurgery; Cardiovascular; Orthopedic; Plastic & Reconstructive Surgery; Obstetrics & Gynecology; Other Applications
Hand-held surgical devices and equipment are essential non-powered, hand-held, or manually manipulated tools used in a variety of general surgical procedures to aid in precision and control.
The primary product categories within hand-held surgical devices include scalpels, forceps, retractors, dilators, graspers, and other related instruments. Forceps, for example, are handheld tools designed for grasping and holding objects during surgical procedures. These devices find applications in a range of surgical specialties, including neurosurgery, cardiovascular surgery, orthopedic surgery, plastic and reconstructive surgery, obstetrics and gynecology, and other medical fields. These hand-held surgical devices are used by a diverse set of healthcare facilities and end-users, including hospitals, specialized clinics, long-term care centers, ambulatory surgery centers, and others, to support a wide array of surgical procedures.
The handheld surgical devices market research report is one of a series of new reports from The Business Research Company that provides handheld surgical devices market statistics, including handheld surgical devices industry global market size, regional shares, competitors with a handheld surgical devices market share, detailed handheld surgical devices market segments, market trends and opportunities, and any further data you may need to thrive in the handheld surgical devices industry. This handheld surgical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The handheld surgical devices and equipment market size has grown strongly in recent years. It will grow from $6.8 billion in 2023 to $7.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to several factors, including the aging population, the increasing adoption of minimally invasive surgery (MIS) techniques, the expansion and improvement of healthcare infrastructure, and the emphasis on regulatory compliance in the field of surgical devices and equipment. These factors have contributed to the demand for hand-held surgical devices and their growth in this period.
The handheld surgical devices and equipment market size is expected to see strong growth in the next few years. It will grow to $9.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to various factors, including the integration of telemedicine and remote surgery, the expansion of emerging markets, the increasing use of robotics and automation in surgical procedures, and the trend towards personalized medicine. Noteworthy trends expected during this period include the development of miniaturized and portable surgical devices, the use of smart and connected devices for improved surgical outcomes, the adoption of sustainable and eco-friendly materials, and the incorporation of augmented reality (AR) and virtual reality (VR) technologies to enhance surgical practices.
The growing demand for aesthetic surgeries is a key driver for the handheld surgical devices and equipment market. This demand is primarily linked to an increase in per capita disposable income. According to the 2022 data from the American Society of Plastic Surgeons (ASPS), approximately 1.5 million cosmetic procedures were performed in 2022 alone. Notably, liposuction ranked as the leading cosmetic surgery in 2022, with a remarkable 325,669 surgeries performed.
The increasing prevalence of chronic disorders is expected to boost the handheld surgical devices market. Chronic diseases, also known as non-communicable diseases (NCDs), encompass long-term medical conditions that typically advance slowly and persist over an extended duration. The rising incidence of chronic diseases has led to a growing demand for handheld surgical devices tailored for minimally invasive procedures. These devices empower healthcare professionals to execute surgeries with enhanced precision and minimal invasiveness, contributing to improved patient outcomes. For instance, as of September 2022, the World Health Organization reported that chronic diseases, or NCDs, accounted for approximately 74% of global annual deaths, totaling 41 million deaths. These chronic diseases include 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Hence, the increasing prevalence of chronic diseases is a driving force behind the growth of the handheld surgical devices market.
The competitive pricing among manufacturers may pose challenges to the handheld surgical devices market. An increasing number of local manufacturers are offering handheld surgical instruments at lower price points in comparison to major global manufacturers. Consequently, this price competition often necessitates high sales volumes to maintain profitability.
In the United States, the Food and Drug Administration (FDA) classifies medical devices into Class I, Class II, and Class III based on their associated risks and the regulatory controls required to ensure safety and effectiveness. Hand-held surgical devices, including instruments such as scalpels, forceps, and retractors, fall within Class I medical devices. Class I devices typically present the lowest risk to both patients and users and are exempt from premarket notification procedures (510(k)).
Prominent companies in the handheld surgical devices market are investing in smart surgical tools to gain a competitive advantage. Smart surgical tools are medical devices that incorporate advanced technology to enhance surgical precision, dexterity, and safety. For instance, in November 2021, OrthAlign Inc., a U.S.-based medical device company, introduced Lantern, a smart surgical tool designed for knee replacement surgery. This single-use handheld device offers precise alignment for individual patients, streamlining surgical workflows, and reducing operating room durations. Lantern is specifically engineered for efficiency in ambulatory surgery centers (ASCs) and provides a cost-effective alternative to computer-assisted surgical systems. It received FDA clearance in 2020 and continues to expand its applications, including total hip arthroplasty and soft tissue balancing assessments, marking significant advancements in orthopedic surgical technology.
In October 2022, Aspen Surgical Products, a portfolio company of Audax Private Equity based in the United States, acquired Symmetry Surgical for an undisclosed sum. This acquisition enhances Aspen's product portfolio with additional brands, diversifying its offerings. Symmetry Surgical is a U.S.-based manufacturer of surgical instrumentation.
Major companies operating in the handheld surgical devices and equipment market include B. Braun Melsungen AG, Medtronic PLC, Smith & Nephew, Johnson & Johnson Services Inc., Integra LifeSciences Corporation, Zimmer Biomet, CooperSurgical Inc., Becton Dickinson and Company, Moria, Pelion Surgical, Elite Medical, Millennium Surgical, Gsource LLC, Medicon eG, Sklar Corporation, Ethicon US LLC., Erbe Elektromedizin GmbH, CONMED Corporation, Synergetics USA Inc., Stryker Corporation, Karl Storz SE & Co. KG, KLS Martin, Grena Ltd., Maxer Endoscopy GmbH, GPC Medical Ltd., Teleflex Incorporated, Cook Medical LLC, Richard Wolf GmbH, Microline Surgical Inc., Applied Medical Resources Corporation, Olympus Corporation, Boston Scientific Corporation, Wexler Surgical Inc., Surgmed Group
North America was the largest region in the global handheld surgical devices market in 2023. Western Europe was the second-largest region in the global handheld surgical devices market. The regions covered in the handheld surgical devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the handheld surgical devices and equipment market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The handheld surgical devices and equipment market consists of sales of spatulas, dilators, graspers, auxiliary instruments, cutter instruments, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.