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Surgical procedures volume market is expected to exhibit a strong CAGR of 5.6% by 2023 according to new research report

Medical Market Research

According to the report, the global surgical procedures volume market stood at 1.3 Bn procedures in 2014 and is estimated to reach 2.2 Bn procedures by 2023 at a CAGR of 5.6% from 2015 to 2023.

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Technological advances have not only expanded the surgical market by offering innovative medical devices, but have also made the treatment process easier for surgeons. Minimally-invasive surgeries entail shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time.

These advantages increase the number of patients opting for minimally-invasive surgeries.

For instance, usage of MEMS is a growing trend in the cardiac pacemaker market.

MEMS-built pacemakers are less invasive and cheaper. In April 2014, da Vinci Xi Surgical System, developed by Intuitive Surgical, Inc., would also support the growth of the Minimally-invasive surgeries.

Outpatient minimally invasive surgery (MIS) techniques have increased rapidly in the U.S. MIS are less expensive as compared to open surgery, and it eliminates hospital stay and reduces risk of complications.

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The global surgical procedures volume market has been broadly segmented into cardiovascular, orthopedic, neurosurgery, ophthalmic, gynecology, and other procedures such as urology and dental. Based on procedure type, the ophthalmic procedures segment dominated the global surgical procedures volume market in 2014.

Rising global geriatric population is a major factor driving the ophthalmic procedures segment. Ophthalmic procedures are further segmented into cataract surgery, refractive surgery, and glaucoma surgery.

Cataract surgery held the largest share in the ophthalmic procedures segment. Demand for cataract surgery is expected to surge in the next few years, as more baby boomers reach 65 years of age across the world.

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According to projections by the World Health Organization (WHO), the world’s population is likely to increase by about one-third in 10 years. At the same time, the number of people older than 65 years will double.

Hence, 32 million cataract operations will be performed by 2020, up from 12 million in 2000. Moreover, advances in medical technologies, particularly the diffusion of less invasive surgical interventions, and better anesthetics have increased the efficacy and productivity of the surgeries.

Refractive surgery was the fastest growing sub-segment of the ophthalmic procedures segment in 2014. Nearly 8.4% of the population of North America is hyperopic and 23.9% is myopic.

Over 150 million people in the U.S. use corrective eyewear to compensate for refractive errors, spending over US$ 15 Bn each year.

Refractive surgeries have become more successful than ever before due to the development of better and efficient devices, with minimum hospital stay and higher efficiency. Hence, refractive surgery is expected to witness the highest growth rate in the near future.

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The gynecology segment is expected to expand at the highest growth rate during the forecast period due to changing lifestyle and rising disposable income, increase in per capita income in the emerging markets, and better diagnosis of gynecological disorders such as menorrhagia, uterine fibroids and cervical cancers. Cesarean section was the largest sub-segment of the gynecology segment in 2014.

The segment is expected to dominate the market during the forecast period. Cesarean section rates are increasing globally, primarily because many patients opt for the procedure on request without clinical indication.

According to the U.S. Centers for Disease Control, about 33% women in the U.S. had a cesarean delivery in 2013.

C-section rate in the U.S. has risen nearly 60% since 2000, to 33% in 2012. Less pain associated with the delivery as compared to vaginal delivery is the major reason women are opting for cesarean section deliveries than normal vaginal deliveries.

Brazil and China have the most number of C-section deliveries. In Brazil, C-section deliveries account for over 55% of all the births, with more women opting for the procedure each year.

According to the World Health Organization, rates of cesarean delivery vary widely from country to country, ranging from 0.6% in South Sudan to 55.5% in Brazil. Thus, technological development, higher disposable income, greater personal health among the masses would further propel the C-section procedure segment during the forecast period.


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