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(CityRegions.Com, May 10, 2018 ) The study of “US General Surgical Devices Market-Analysis of Growth, Trends and Forecasts (2018-2023)” provides the market size information, In-Depth Analysis along with Competitive Insights and Segmentation.
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The US General Surgical Devices Market is expected to register a CAGR of 6.5% during the forecast period, 2018 to 2023. Increasing demand for technologically advanced surgical devices, favorable reimbursement policies, and growing investment from the private sector in healthcare are the factors augmenting the growth of the US general surgical devices market.
Favorable Health Insurance Policies
The reimbursement system in the United States consists of public/private and third-party payment system. For instance, in 2016, 53 million people over 65 years of age were covered by the federal Medicare program. According to the Census Bureau’s report on health insurance coverage, the uninsured rate dropped from 10.4% to 9.1% in 2014. The growing aging population, well-established health insurance coverage system from the public and private, and drop in uninsured rate are likely to drive the growth of the US general surgeries market. Additionally, the presence of key players, technological advancements, easy availability of surgical devices in hospitals, and growing awareness regarding minimally invasive surgeries are the factors driving the growth of US general surgical devices market.
Stringent Regulatory Environment
The US regulatory process is time-consuming as compared to other European countries. For instance, the devices that need communication with FDA regarding a clinical study for the low- to moderate- risk device before making a regulatory submission, the premarket process for such devices takes an average of 31 months for clearance. In contrast, an average of seven months is required in Europe for clearance of the same devices. Thus, a stringent regulatory process and a cut down in the reimbursement scenario are also likely to impede the growth of the US general surgical devices market.
Orthopedic to Dominate the Market
The general surgical devices market is segmented by product, applications, and geography. By application, it is segmented into obstetrics and gynecology, plastic and reconstructive surgeries, urology, cardiology, orthopedic, and others. The orthopedic segment dominates the general surgical devices market owing to the rise in a number of orthopedic surgeries in the country owing to the high incidence of bone-related diseases, such as arthritis and osteoporosis.
Key Developments in the Market
March 2016: W. L. Gore & Associates, Inc. (Gore) launched GORE® SYNECOR Biomaterial, a unique hybrid device for hernia repair.
January 2017: Ethicon Endo-Surgery, Inc. acquired Megadyne Medical Products, Inc., a private company which manufactures electrosurgical tools used in operating rooms worldwide.
Major Players: B. BRAUN MELSUNGEN AG, BOSTON SCIENTIFIC CORPORATION, , CADENCE INC. INTEGER HOLDINGS CORPORATION, MAQUET HOLDING B.V. & CO. KG., MEDTRONIC, CONMED CORPORATION, OLYMPUS CORPORATIONS, STRYKER CORPORATION, AND JOHNSON & JOHNSON, amongst others.
Reasons to Purchase this Report
Current and future US general surgical devices market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Companies Mentioned:
B. BRAUN MELSUNGEN AG, BOSTON SCIENTIFIC CORPORATION, , CADENCE INC. INTEGER HOLDINGS CORPORATION, MAQUET HOLDING B.V. & CO. KG., MEDTRONIC, CONMED CORPORATION, OLYMPUS CORPORATIONS, STRYKER CORPORATION, AND JOHNSON & JOHNSON
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Some of Major Point From TOC
1. Introduction
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
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Hector Costello
+1 (214) 884-6817
sales@orbisresearch.com
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