Surgical Device Market Worth 7 Billion

December 15, 2016
Surgical Device Market Worth 7 Billion

The surgical device market is currently worth 7 billion dollars and will dramatically increase value in the future. This is good news for those who are the key players in the manufacturing industry, and for medical care centers. By 2024, the surgical device market is projected to jump to around 17.5 billion. There are many contributing factors to this increased valuation; including technical, professional, and business decisions over the next 8 years.

This impact affects everyone involved in healthcare; from those who are medical professionals, to insurance companies, and even the patients.  With the popularity of patients becoming insured under the Affordable Care Act, more people are having the surgeries they need but before couldn’t afford. As people have been living longer than ever previously recorded, there is an influx in the population of the elder generation; often those who require many surgeries. The article “General Surgery Devices Market Size Worth USD 17.5 Billion by 2024” is written by Grand View Research, Inc. and claims that, “demand for advanced devices is growing steadily due to heightened awareness levels of newer technologies and the subsequent increase in the adoption of minimally invasive,” procedures.  Minimally invasive procedures allow patients less time healing, and a lowered risk of infection. Thereby, advanced surgical equipment is incredibly beneficial.

The article made a few interesting assertions from their study. Orthopedic Surgeons performed the largest number of surgeries. The majority of surgeries done in 2015, used disposable surgical parts and were also listed as the most expensive surgeries; as the device can only be used once on a patient. With the growing elderly population and government funding technically advanced computer surgeries; the cost of surgeries are going to increase more than two fold. It will be interesting to see how surgical trends emerge and evolve over the next 8 years.

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