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Surgical Equipment Market to 2016 - Emerging Economies to Provide Future Growth Opportunities
Surgical Equipment Market to 2016 - Emerging Economies to Provide Future Growth Opportunities
The Global Surgical Equipment Market to Exceed $7 billion by 2016
London,
London,
United Kingdom
(prbd.net)
22/06/2010
"The Global Surgical Equipment Market to Exceed $7 billion by 2016"
The global market for surgical equipment is forecast to exceed $7 billion by 2016 with a Compound Annual Growth Rate (CAGR) of 6% from 2009 to 2016. The market is expected to be driven by strong economic growth forecasts in emerging economies such as China and India leading to increased investments in healthcare infrastructure, growing demand for outpatient surgeries, technological advances in surgical equipment, increasing preference for minimally invasive surgeries and an aging population.
Emerging economies such as India and China are forecast to grow in excess of 8% for the next two years. Brazil which had muted growth in 2009 is forecast to grow in excess of 5% in 2010. The strong economic growth forecasts in emerging economies such as India and China are expected to lead to increased investments in healthcare infrastructure, high patient affordability, expansion of healthcare insurance in China and India and an improvement in healthcare services offered. Also China and India are the most populated countries in the world which should provide significant growth opportunities for years to come.
The US is the biggest market for surgical equipment, contributing 36% towards the global market in 2009. The value of this share in 2009 was $1.7 billion which is forecast to grow at a CAGR of 5% to reach $2.4 billion by 2016. However the contribution of the US towards the global market is expected to decline to 32% by 2016. Factors such as higher surgical equipment market growth in Japan, Europe and the emerging economies, healthcare reforms and declining reimbursement levels in the US are expected to lead to a decline in the contribution.
In 2009, Ethicon with a 35% share was the leader in the global surgical equipment market. This market dominance can be attributed to its major presence in the surgical sutures market, which is the largest category in the surgical equipment market, and the wide range of surgical equipment the company offers to its clients (including hospitals, clinics and outpatient centers). In addition, Johnson & Johnson, the parent company of Ethicon, exerts a great deal of influence on Group Purchasing Organizations (GPOs) especially in the US.
In 2009, the surgical sutures contribution towards the global surgical equipment market was 56%. This contribution is forecast to increase to 59% by 2016. The global market for surgical sutures was valued at $2.65 billion in 2009, and is forecast to grow at a CAGR of 7% to reach $4.3 billion in 2016. The market is expected to be driven by an increasing number of surgical procedures and technological advances in surgical sutures. In 2009, about 100 million surgical incisions were performed. Around 80 million wounds use some form of closure product such as sutures. Surgical wounds are forecast to increase at an annual growth rate of 3% for the next three to five years. The demographics and disease trends clearly point to an increase in the number of surgeries to be performed.
GBI Research’s new report, “The Future of Surgical Equipment Market, Market Analysis and Forecasts to 2016 - Emerging Economies to Provide Future Growth Opportunities” provides key data, information and analysis on the global surgical equipment market. The report provides market landscape, competitive landscape and market trends information on three surgical equipment market categories – Electrosurgical Devices, Hand Instruments and Surgical Sutures. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, key pipeline products and technology offerings.
Visit our report store: http://www.gbiresearch.com
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