Global Surgical Procedures Market to Generate 372,837 thousand units by 2030, Outlines a New Report by Next Move Strategy Consulting
Next Move Strategy Consulting
6 min read
Next Move Strategy Consulting
The rising cases of chronic diseases such as cancers, cardiovascular diseases (CVD), and others lead to an increased demand for surgical intervention. This, in turn, drives the growth of the surgical procedures market.
New York, May 20, 2023 (GLOBE NEWSWIRE) -- According to a new research report by Next Move Strategy Consulting, the Surgical Procedures Market size was 2,94,237 thousand units in 2022, and is predicted to reach 3,72,837 thousand units by 2030, with a CAGR of 3.1% during the forecast period, 2023–2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 1,693 pages, accompanied by 1,414 tables and 1,414 figures, the report aims to become a source of guidance for market players, investors, and startups to devise strategies for the next few years and achieve sustainable growth.
Technological advancements in the field of medical science
Growing geriatric population
Opportunities
Introduction of augmented reality (AR) and virtual reality (VR) in surgical procedures
The report provides an extensive analysis of changing market trends in the global surgical procedures industry based on drivers, restraints, and opportunities. The rise in chronic illnesses such as cancer and cardiovascular diseases is fueling demand for surgical procedures, resulting in growth of the surgical procedure market. Factors such as the high prevalence of conditions including obesity, high blood pressure, and high cholesterol are contributing to the increase in cardiovascular diseases, which, in turn, drives the demand for surgical procedures.
Additionally, a recent report published by the World Health Organization in February 2022 indicated that cancer is a significant cause of mortality worldwide, accounting for roughly 10 million deaths in 2020 or nearly one-sixth of all deaths. Unhealthy lifestyle choices, including poor diet, lack of physical activity, and tobacco and alcohol consumption, are contributing to the increase in cancer cases and the need for surgical intervention. These factors drive the demand for surgical procedures.
However, the high cost of surgical procedures makes the surgeries unaffordable for many individuals. This, in turn, restrains the market growth. Lead Analyst for the life sciences and healthcare category at Next Move Strategy Consulting, stated, “The introduction of augmented reality and virtual reality in surgical procedures creates opportunity for the market.”
Asia-Pacific accounted for the highest share in 2022, and is expected to dominate during the forecast period. According to the National Bureau of Statistics of China, malignant neoplasms, commonly called cancer, were responsible for 25.43% of the deaths caused by major diseases in urban China in 2020. Moreover, the increase in R&D initiatives by the hospitals and manufacturers of surgical devices creates an opportunity for the growth of the surgical procedures market in the region. For instance, in August 2022, the Torch Project, initiated by the Hospital Management Institute of the National Health Commission (NHC) and supported by Johnson & Johnson MedTech, provides young surgeons with standardized surgical skills training. This plan was expected to cover 2,000 healthcare institutions in China within three years. Such initiatives further propel the growth of the market.
On the other hand, the rest of the world is estimated to grow steadily during the forecast period, due to advancements in medical technology, including robotic surgery. Robot-assisted procedures allow surgeons to conduct surgical procedures with greater precision and accuracy. Additionally, the rising government investments in the healthcare sector with a focus on improving healthcare infrastructure across the country have resulted in the expansion of hospitals and clinics in the region. Such investments contributes towards the growth of the market. For instance, in June 2022, Egypt's Government declared that it spent a total of USD 30.49 billion on the health sector between 2014 and 2021, exhibiting a growth rate of 285%. Thus, the increased investment facilitates the construction of new hospitals, the expansion of existing surgical facilities, and the provision of medical equipment & supplies, further leading to the growth of the market
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the surgical procedures industry. This analysis is also helpful in determining the highest revenue-generating and fastest-growing segments and taking the next steps accordingly.
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