Introduction of novel technologies such as robot assisted surgical tools and development of minimally invasive surgical equipment are amongst key factor driving the global surgical equipment market. Furthermore, growing geriatric population coupled with increasing number of surgical procedures is expected to propel the growth of surgical equipment market over the forecast period. Innovation in surgical instruments which offer improved outcomes and growing demand for minimally invasive procedures are few critical success factors for the growth of global surgical equipment market over the estimated period of six years.
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On the basis of product type surgical equipment market is segmented into surgical handheld instruments, surgical sutures and staples and electrosurgical devices. The surgical handheld instruments are further segmented as retractors, forceps, scissors and scalpels. As of 2012, surgical sutures and staples emerged as highest revenue contributing product segment in global surgical equipment market. However, electrosurgical devices are expected to witness lucrative growth over the forecast period owing to the growing demand for minimally invasive surgical procedures that immensely use these devices.
North America, Asia Pacific, Europe and RoW are amongst regional market included in the scope of study. North America emerged as the most revenue generating regional market owing to the continuous R&D initiatives coupled with technological advancements which is leading to the development of novel products which is further expected to boost the growth of the regional market. However, Asia Pacific is expected to grow at a lucrative CAGR over the next six years due to increasing awareness pertaining to the advanced surgical equipment, rising healthcare expenditures and presence of a large patient base which are likely to undergo various surgical procedures.
Various companies are adopting strategies such as collaboration, expansions and acquisitions to keep a strong foothold in the surgical equipment market. Key players operating in surgical equipment market includes KLS martin group, Zimmer holdings Inc., Smith & Nephew PLC, Ethicon Inc., Alcon Laboratories Inc., Carefusion Corporation, Conmed Corporation, Stryker Corporation and Medtronic Inc. Stryker, Carefusion and Zimmer are the key players dominating the market for electrosurgical devices segment which is attributing for the tremendous growth in the surgical equipment market over the forecast period.
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