Market Research Report
Surgical Drainage Devices Market with COVID-19 Impact Analysis, By Product, By Application, By End User and By Region - Size, Share, & Forecast from 2021-2027
|Surgical Drainage Devices Market with COVID-19 Impact Analysis, By Product, By Application, By End User and By Region - Size, Share, & Forecast from 2021-2027|
Published: February 1, 2021
AnalystView Market Insights
Content info: 254 Pages
Delivery time: 2-3 business days
The global surgical drainage devices market was valued at USD 3.21 billion in 2020, growing with 4.3% CAGR during the forecast period, 2021-2027.
Surgical drainage devices are used to drain out accumulated fluids, air, and blood that facilitate wound healing. These healing wounds and devices help to reduce infection occurrence in orthopedic surgeries, and abdominal procedures.
The surgical drainage devices market is estimated to witness significant growth in the next few years, owing to the growing prevalence of chronic disorders, and a growing number of surgical operations. According to the American Geriatric Society, in the U.S. the adult population with age 65 & above is projected to get double between 2010 & 2050. This is anticipated to boost the demand for surgical services, especially in vascular surgery operations. In addition, increasing alcohol and smoking consumption is leading to cause cancer. Thus, the rising cancer-related surgeries are expected to propel the demand for surgical drainage devices over the forecast period. These devices help to efficiently remove the air and fluid during the surgeries.
According to the National Institute of Health (NIH), in 2017, in Central Latin America, the surgical needs ranged from 3,383 operations per 100,000 people, while in the Africa region it accounts for 6,495 operations per 100,000 people. Thus, the increasing need for surgical needs is projected to rise the utility of surgical drain operations. A variety of drain devices with different shapes and sizes are available for surgeries. All these devices help to reduce fluid characterization, and air buildup in a surgical operation. Surgical drainage devices also play a vital role in joint replacement surgeries.
Based on product, the active product type segment dominated the market with the largest revenue share in 2019. These devices help to evacuate air and fluid using a wall or vacuum suction. The application segment consists of neurosurgeries, cardiothoracic surgeries, orthopedics, abdominal surgeries, and others. By end-user, the hospital segment led the market with the highest revenue share in 2019.
North America region held the highest market share in the global market in 2019. Supportive government initiatives for reducing chronic diseases, the rising R&D investment are propelling regional growth. Asia Pacific is anticipated to expand at the highest CAGR rate over the forecast period. The growing prevalence of chronic disorders across the countries such as Japan, China, and Indonesia is augmenting regional growth. The Latin America region is projected to grow at a significant rate from 2021 to 2027.
The market is heavily fragmented with small, medium, and large scale players. Prominent players in the industry include Teleflex Incorporated, Medtronic, Cardinal Health, and Stryker Corporation. These key players in the industry are increasingly focusing on strategic initiatives like new product development, expanding business through distribution agreements. For example, in 2019, Cardinal Health has collaborated with PANTHERx Specialty Pharmacy to enhance its therapeutic capabilities.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows: