General surgery market is set to reach $21.6bn by 2024

General surgery market is set to reach $21.6bn by 2024

The general surgery market is forecast to grow steadily moving into the next decade. The market was valued at $14.6 bn in 2017 and is expected to reach a value of $21.6 bn in 2024, increasing at a Compound Annual Growth Rate (CAGR) of 5.7%, according to GlobalData, a leading data and analytics company.

The general surgery market consists of several different categories of devices, including those used in bariatric surgery, biopsy, aesthetics, endoscopy, gynaecology, hernia repair, non-vascular stents, and surgical energy.

In 2017, the market for endoscopy devices was estimated to be $7.6 bn and is expected to grow at a CAGR of 7.3% to reach a value of $12.5 bn in 2024.

Vinie Varkey Healthcare Analyst at GlobalData, commented, “An increasing demand for minimally invasive therapies, and advancements in imaging technology is fuelling the growth of the endoscopes market which currently accounts for more than half of the general surgery market in terms of market size”.

An increasing emphasis on early diagnosis of diseases such as cancer, is fuelling the growth of the biopsy devices market. This is expected to grow at a CAGR of 2.2% from 2017 to 2024. Increasing obesity rates are expected to drive the market for bariatric surgery devices at a CAGR of 9.3% from 2017 to 2024 due to an increasing number of bariatric surgical procedures.

The robotic surgical systems market is expected to witness significant growth over the forecast period, with a CAGR of 13.5% from 2017 to 2024 for robotic surgical systems used within general surgery.

Varkey, adds, ‘‘The general surgery market saw a price erosion in many countries, and the trend is expected to continue throughout the forecast period. Budget constraints on healthcare systems, along with a purchasing process that is becoming more transparent and stakeholder-intensive – is expected to control the costs and effectiveness of the purchasing process; as well as the devices that come with it”.

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