The Europe surgical staplers market is expected to grow at a CAGR of 8.10%, leading to a revenue of US$2.13 billion by 2023.
Minimally invasive surgeries have a high rate of growth in the region in terms of patient acceptance. Currently, the baby boomers' generation belongs to the age group of 40-50, and this group forms a sizeable portion of the population in Europe. This generation is well informed about the technological developments in the field of healthcare, resulting in the robust acceptance of newer technologies like that of minimally invasive surgeries and thereby creating a direct demand for surgical staplers in the region.
Additionally, countries like France, UK, Spain and Italy are expected to show good growth rates of adoption of such staplers due to a conducive growth environment contributed by government support on healthcare and greater awareness in the surgeon community.
The gradual aging of the European population -more than 17.5% percent is aged 65 or older- is expected to increase demand for the treatment of conditions related to old age and result in a hike in need for elderly care in successive years. Governments will continue to play the most prominent role in healthcare provisioning and spending. The revenues from surgical staplers that are used in geriatric population-specific procedures like cardiac surgeries, orthopaedic surgeries are expected to have a higher growth rate.
The Europe surgical staplers market is segmented by product into manual and powered surgical staplers and by type into reusable and disposable surgical staplers. The powered surgical staplers dominated the market share in 2017 while the reusable surgical stapler is expected to grow at a higher CAGR during the forecast period (2018-2023).
The Europe surgical staplers market is further segmented based on its applications - abdominal surgery, cardiac surgery, orthopaedic surgery, general surgery and other surgeries. In 2017, the abdominal surgeries segment held the biggest share of the market.
Key Growth Factors
More than 75% of spending on health care is publicly financed on an average in EU countries, and out-of-pocket payments account for 15% of the total healthcare spending. Most people are covered by healthcare insurance (European Health Insurance Card) financed by the government. Thus, opting for critical surgeries of high cost is not a problem.
This drives forward the surgical staplers market in the region. Additionally, the share of the population aged 65 years and above is increasing in Europe and the population above the age of 60 is expected to grow from 18% at present to 30% by 2060, leading to rise in age-related surgeries like orthopaedic and cardiac, giving a boost to the surgical staplers market.
Medical Tourism has increased a lot in recent years where patients from Europe visit developing countries like India to seek low-cost medical surgeries. This may lead to drop in the number of surgeries in Europe and hinder the growth of surgical staplers market in Europe.
Also, political turmoil such as Brexit and Eurozone crises are hindering the growth of the surgical staplers market and the companies often want to relocate to more politically stable regions.
- Covidien (Medtronic)
- Dextera Surgical
- Intuitive Surgical
- Johnson & Johnson
- Grena Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/2rtk6h/the_2_13_billion?w=4