The global surgical equipment market is envisaged in a report by Transparency Market Research (TMR) to find a select group of companies exhibiting their dominance over each segment. This could be evidenced with the command taken by Covidien plc, B. Braun Melsungen AG, and Ethicon, Inc. over the surgical sutures and staples market. U.S. market’s group purchasing organizations (GPOs) have been mostly covered by these companies working on the demand from healthcare providers that purchase surgical instruments at affordable prices en masse. The largely fragmented market is said to be distributed among local and multinational vendors.
By the end of 2019, the global surgical equipment market is foreseen by TMR to earn an around US$11.28 bn. With respect to type of product, surgical sutures and staples accounted for a larger share of the market in the recent years. However, market analysts prognosticate this segment to lose its share to electrosurgical devices. In terms of regional segmentation, the market is foretold to testify the rise of Europe and North America as dominating segments. However, Asia Pacific and Rest of the World are expected to post a high growth rate.
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Technological Innovation Birthing Sophisticated Products to Shape Market
Convenience is one of the chief factors taken into consideration by patients going under the knife and also surgeons performing surgical procedures. In this regard, surgical equipment with increased sophistication is anticipated to gain strong demand in the coming years. Technological development has been key for rising application of sophisticated surgical equipment. This has also brought about the growing trend of using minimally invasive equipment.