Overview:
The global report published by Market Research Future (MRFR) indicates a possibility for the handheld surgical devices market growth reaching 6.8% CAGR during the forecast period encompassing 2018 to 2023.
Various factors like growing demand for better healthcare provisions, increasing expenditure in the sector, improved technological support, rising participation from major companies, and others would help the market in its growth.
But strict government regulations may delay the launching of new products owing to which the market may witness obstacles in the coming years.
Segmentation:
The global market, covering details of the handheld surgical devices market, has been segmented in MRFR’s report based on application, product, and end user. This segmental analysis would facilitate easy market percolation by revealing insights and providing inputs.
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By application, the study with the details of the global market for handheld surgical devices includes urology, neurology, gynecology, orthopedics, wound closure, cardiovascular, and others. Rising incidents of accidents and other trauma-related cases are boosting the demand for easy access to handheld surgical products to provide physicians with an opportunity to work within the golden hour and save lives. In wound closure, cardiovascular, and neurology, this type of surgical instrument would gain better acceptance. Also, the growing number of ambulatory services are expected to promote the demand for such instruments.
By product, the global study on the handheld surgical devices market can be segmented into retractors, dilators, graspers, forceps and spatulas, cutter devices, auxiliary devices, and others. The auxiliary devices segment has been segmented in the report into cannulas, clamps, and closure devices. The cutter devices segment includes lancets, trocars, and scissors. 'Others' segment encompasses blunt dissectors, curettes, punches, and snares. These products require stainless steel primarily. Self-retaining retractors are gaining substantial traction as it provides opportunities to work hands-free. Forceps have a notably big market share.
By end user, the study with the details of the handheld surgical devices market has been segmented into clinics, research and academic institutes, ambulatory surgical centers, hospitals, and others. The clinics segment is a lucrative option for the market to explore and increase its revenues.
Regional Analysis:
The Americas would explore various possibilities across the globe to increase their market reach as major companies based out their operation from the region, and they are looking for expansion opportunities. The presence of countries like the US and Canada is a game-changer as both these countries are known for their extensive budgetary expenditure for the healthcare sector. Europe would enjoy a similar kind of market scenario and try exploring opportunities to increase market revenue. Developing the healthcare sector in the Asia Pacific region would be the reason behind the rise in the value of the CAGR. The report says it will be the highest.
Competitive Landscape:
Companies making their presence felt through strategic maneuverings in the handheld surgical market are Integra LifeSciences Corporation, B. Braun Melsungen AG, Pelion Surgical, Medtronic, Smith & Nephew, Millennium Surgical Corp, Medicon Eg, Johnson & Johnson, Zimmer Biomet Holdings, Becton, Dickinson, and Company (BD), Elite Medical, Aspen Surgical, KLS Martin, Thompson Surgical, Stryker, CooperSurgical Inc., and others. These companies are banking on their innovations, hike in research-related funding, mergers, collaborations, acquisitions, and other tactical methods. MRFR’s understanding of the moves of these companies would assist in developing future strategies.
Industry News:
In March 2020, Parvizi Surgical Innovation, LLC, announced that it would invest in a Sydney-based company called Navbit Holdings Pty Ltd. The later company is innovating significantly to boost its market position and ensure the high-level proliferation of handheld surgical devices market.
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