DUBLIN--(BUSINESS WIRE)--The "Handheld Surgical Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global handheld surgical devices and equipment market was valued at about $6.2 billion in 2018 and is expected to decline to $6.15 billion at a CAGR of -0.2% through 2022.
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.
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.
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).
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.
Major players in the market are B. Braun Melsungen AG, Medtronic, Smith & Nephew, Johnson & Johnson Services, Inc. and Integra Life Sciences Corporation.
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