Market Trends of Asia-Pacific General Surgical Devices Industry
This section covers the major market trends shaping the APAC General Surgical Devices Market according to our research experts:
Handheld Devices is Expected to Witness Growth Over the Forecast Period
In Asia-Pacific countries, the rising number of surgeries is leading to the increased usage of hand-held surgical devices. The development of advanced devices, like robotic hand-held surgical devices for laparoscopic interventions, enhances a surgeon's dexterity. Needle holders are very similar in shape to hemostats, featuring jaws and handles. Needle holders allow the needle to be locked into place for suturing in various tissue types.
The market is growing due to the rise in minimally invasive surgical procedures, increasing product launches, and an increase in outpatient surgeries. For instance, in November 2022, Venkateshwar hospital in India, with the support of Medtronic Private Limited, performed a urological procedure using the "Hugo" robotic-assisted surgery (RAS) system in North India. Additionally, in February 2022, Smith+Nephew launched its next-generation handheld robotics platform, the CORI Surgical System, in Japan. Smith+Nephew's CORI Surgical System expands on the increasing adoption and long-term success of its NAVIO Surgical System in Japan.
The presence of competitors, mergers, acquisitions, and product launches promote market growth as these improve the chances of product availability and competition. For instance, in September 2022, researchers from the Indian Institute of Technology developed a simple and portable device to detect an ischemic stroke. This low-cost diagnostic technique is anticipated to help in precisely detecting ischemic stroke and can be used in rural, poor, and remote areas for early diagnosis.
Therefore, the handheld devices segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
India is Expected to Dominate the General Surgical Devices Market
India is expected to witness growth in the market studied owing to factors such as increasing cases of accidents and injuries, a rise in healthcare expenditure, and government funding for health and welfare. As per the 2021 report from NCRB, the major traffic accidents in India comprised 4,03,116 road accidents, 17,993 railway accidents, and 1,550 railway crossing accidents in 2021. Since accident cases in India are considerably high, which can cause severe injury and lead to hospitalization and surgery, the market for surgical devices is anticipated to witness growth.
The Indian government invests and funds more in health and welfare, which boosts the market for surgical devices, allowing hospitals and healthcare systems to afford and purchase more surgical devices. For instance, as per the India Union Budget 2022-2023, to strengthen blood transfusion services, a new allocation of INR 404 crores (about USD 49 million) was announced to develop hospital-based or stand-alone blood centers. As per the same source, allocated INR 5,156 crores (about USD 625.6 thousand) outlay as part of the PM Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) announced in October 2021 to strengthen health infrastructure at mission mode approach and improve primary, secondary, and tertiary care services.
The presence of competitors and product launches are the major drivers of market growth. For instance, in April 2021, Dolphin Sutures Company launched non-absorbable polytetrafluoroethylene sutures, TEFLENE. It is a monofilament, non-absorbable, extremely smooth suture material composed of a strand of polytetrafluoroethylene (PTFE). The company also expanded its product portfolio in India. Furthermore, in February 2022, Bengaluru-based Futura Surgicare Pvt Ltd launched Hemostatic products under the brand Hemostax (Oxidised Regenerated Cellulose) under a new vertical, Dolphin Hemostats. Hemostax Standard is an absorbable hemostat that is designed to help surgeons control bleeding more efficiently. Such increased product launches in India promote market growth over the forecast period.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in India.
