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Handheld Surgical Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery

2:39 pm ET September 24, 2020 (Globe Newswire) Print

Reportlinker.com announces the release of the report "Handheld Surgical Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967825/?utm_source=GNW

The global handheld surgical devices and equipment market is expected to decline from $4.3 billion in 2019 to $3.7 billion in 2020 at a compound annual growth rate (CAGR) of -12.4%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Several medical facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. This is because the global public health organizations have recommended the medical facilities to postpone elective procedures, surgeries, and non-urgent visits, and to prioritize urgent and emergency visits and procedures in order to protect staff and preserve personal protective equipment and patient care supplies. This has decreased the demand for surgical equipment. Also, the production of surgical equipment also slowed down due to extended lockdown and closure of factories manufacturing the equipment. The market is then expected to recover and grow at a CAGR of 3.6% from 2021 and reach $4.9 billion in 2023.

The handheld surgical devices market consists of sales of handheld surgical devices and related services. Handheld surgical devices include forceps, scalpels, retractors and scissors.

The handheld surgical devices and equipment market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North American Market is the largest market for handheld surgical devices and equipment and is expected to continue to do so during the forecast period.

In April 2019, Johnson & Johnson through its subsidiary Ethicon Inc., acquired Auris Health, Inc. for approximately $3.4 billion in cash. Additional $2.5 billion will be paid on reaching certain predetermined milestones. Johnson & Johnson uses Auris Health's robotic platform technology across multiple surgical specialties including lung cancer.

The competitive pricing among manufacturers will restrain the handheld surgical devices market. Increasing number of local manufacturers are offering handheld surgical instruments at lower prices compared to major global manufacturers, as a result companies are competing heavily on price and often need high sales volumes to be profitable.

Use of handheld devices and equipment in minimally invasive surgeries is increasing. The low cost of handheld instruments compared to robotic systems is the major factor for increasing use of these devices in most of the surgical settings. Technical advancements in handheld surgical instruments are increasingly adopted by surgeons due to the improvement in the ease of use of these instruments.

Medical devices are classified as Class I, Class II, and Class III devices by FDA based on their risks and the regulatory controls necessary to provide a reasonable assurance of safety and effectiveness. Hand-held surgical devices are nonpowered, hand-held, or hand-manipulated device such as scalpels, forceps, retractors, intended to be used in various general surgical procedures. Hand-held surgical devices are categorized as Class I medical device. Class I devices generally have the lowest risk to the patient and/or user. These devices are exempted from the premarket notification procedures 510(k).

Increasing demand for aesthetic surgeries drives the handheld surgical devices and equipment market. The demand for aestheic surgeries can be attributed to increase in percapita disposable income. According to the American society of plastic surgeons, there are more than 17.7 million cosmetic surgical procedures are performed in the USA in 2018.

Read the full report: https://www.reportlinker.com/p05967825/?utm_source=GNW

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