The absorbable surgical sutures market, valued at $1,346.3 million in 2008, is forecast to grow by 6.5% annually for the next seven years, to reach $2,107 million by 2015. High physician acceptance, low tissue reaction, consistent performance, guaranteed non-toxicity and low costs due to the advances in manufacturing technology are driving the growth in the absorbable sutures market.
The electrosurgical disposables and accessories market valued at $767.8 million in 2008 is forecast to grow by 6.6% annually for the next seven years to reach $1,200.8 million by 2015. The key factors driving growth in the electrosurgical disposables and accessories market are increasing stress laid on reducing the incidence of nosocomial infections and the high standards imposed in hospitals.
Ethicon, Inc. a subsidiary of Johnson & Johnson, Covidien Limited and B.Braun Melsungen accounted for 51.7% of the market share in the global surgical equipment market in 2008. Ethicon was the leader with 32.4% of the market. These three companies are expected to maintain their leadership position in the future due to a combination of factors like long term market presence, continuous product improvement and development, and high acceptance of the products by hospitals and medical professionals.
The surgical hand instruments market, valued at $1,264.8 million in 2008 is forecast to grow annually at the rate of 3.8% for the next seven years reaching $1,647.4 million in 2015. The surgical hand instruments market is a highly maturated market with low single digit growth rates achieved in the last seven years. The market grew at an annual rate of 3.5% in the last seven years. Long life of the hand instruments, improvements in sterilization techniques and the shrinking hospital budgets postponing the purchase of new equipment is restraining the market from achieving higher growth rates.
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A new report by Global Markets Direct, the business intelligence specialists, finds that a long term growth is expected in the global surgical equipment market due to the rapid aging of the population in the US and Japan and the increasing affluence of the emerging economies. Electrosurgical disposables and accessories and absorbable surgical sutures are the key segments driving revenue growth and investor interests in the surgical equipment market. Global Markets Direct’s report, “The Future of the Surgical Equipment Market to 2015”, highlights this as one of the key driver for the global surgical equipment market.
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