Seizing Opportunities: Surgical Instruments Market Growth, Competitive Landscape, and Industry Development Forecast 2026

Posted April 8, 2024 by Prachi001

The global gynecology surgical instrument market is projected to grow at a CAGR of 7.1%, Report provides crucial industry insights that will help your business grow.

Gynecology Surgical Instruments Market is expected to reach USD 2.44 Billion by 2021 from USD 1.73 Billion in 2016 at a CAGR of 7.1% during the forecast period. Major factors driving the growth of this market include a high incidence of gynecological diseases, increasing awareness of gynecological diseases, and rising government investments for providing advanced healthcare facilities & services. In addition, emerging Asian markets have opened an array of opportunities for players in this market. However, the increasing preference for robotic surgeries may restrain the growth of this market.

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Key Player

The market is highly fragmented with several big and emerging players. Key market players include B. Braun Melsungen AG (Germany), CooperSurgical Inc. (U.S.), Ethicon, Inc. (U.S.), KARL STORZ GmbH & Co. KG (Germany), KLS Martin Group (U.S.), MedGyn Products (U.S.), Olympus Corporation (Japan), Richard WOLF GmbH (Germany), Sklar Surgical Instruments (U.S.), and Tetra Surgical (Pakistan).

Boston Scientific Corporation

Boston Scientific Corporation dominated the gastrointestinal stent market in 2020. The company focuses on increasing its share in the market by strategically investing in R&D activities. R&D expenditure increased from USD 1,113 million in 2018 to 1,143 million in 2020, with a 2.6% increase from 2018 to 2020. The company is focusing on improving its performance through new capabilities, processes, and advanced innovative technologies, expanding commercial presence globally, and including cost-reduction initiatives. In June 2019, the company presented its plan to extend its product pipeline and strategic investments in the high-growth markets to deliver strong financial performance across the companys MedSurg, Rhythm and Neuro, and Cardiovascular segments. The company has major revenue coming from the US, accounting for 56% of total revenue.

Cook Medical

Cook Medical is the second leading player in the gastrointestinal stent market. The company has its sales and marketing offices all over the globe and provides its products to 135 countries. The company offers a wide range of gastrointestinal stent products for biliary, pancreatic, duodenal, and esophageal applications. The company also focuses on inorganic growth through partnership and collaboration with relevant businesses. For instance, in June 2018, Cook Medical collaborated with Taewoong Medical to expand the distribution network for Taewoong’s stents in the US. This distribution collaboration includes the Niti-S Through the Scope (TTS) Esophageal Stent, the flagship product of Taewoong Medical. Such strategic developments have supported Cook Medical to enhance its market share in the gastrointestinal stent market.

Micro-Tech (Nanjing) Co., Ltd.

Micro-Tech (Nanjing) Co., Ltd. is a third prominent player in the gastrointestinal stent market with immensely diversified gastrointestinal stent offerings. It also has a wide distribution network in Europe, North America, and Oceania. R&D is a significant focus area for the company. The company also collaborates with medical institutes and university laboratories to develop quality products. In order to increase its geographic presence and customer base, Micro-Tech has adopted expansions as one of its major growth strategies. For instance, in June 2018, the company hosted the International Distributors Meeting. This meeting was attended by distributors across the 26 countries for a deep understanding of Micro-Tech product offerings.

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Based on region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share of this market in 2016. However, the Asian market is expected to grow at the highest CAGR mainly due to the increasing awareness programs, high incidence of gynecological diseases, increasing government initiatives focusing on women’s health, and improvements in the healthcare sector of Asian countries.

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Categories Health , Marketing , Medical
Tags gynecology surgical instruments market , gynecology surgical instruments marketshare , gynecology surgical instruments marketgrowth
Last Updated April 8, 2024