PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1340710
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1340710
The global trocar device market is estimated to grow at a CAGR of 6.23%, reaching US$1,174.515 million in 2028 from US$769.231 million in 2021.The increasing use of trocars in hospitals and other facilities can be seen due to increasing chronic diseases such as cardiovascular diseases, obesity, and diabetes. These diseases are affecting many people, thus increasing the need for surgeries.
As per the American Heart Association, which released the Heart and Stroke Statistics 2022 update, cardiac arrest remains one of the major health crises in the country. More than 365,000 are out of hospital cardiac arrest (OHCA) annually in the U.S., and almost 90% of them are fatal. The annual OHCA of any age was estimated as 3,56,461 or nearly 1,000 people each day. Such statistics prove the demand for cardiovascular surgeries is increasing in the coming year, increasing the need for trocars and trocars devices in the projected period.
The increase in demand can also be attributed to the growing number of plastic surgeries. As per the latest report by the International Society of Aesthetic Plastic Surgery (ISAPS), there was an increase of 19.3% overall in procedures done by plastic surgeons in 2021. There were more than 12.8 million surgical procedures and 17.5 million non-surgical procedures. The increase in such surgeries is also pushing the market for trocar devices to grow in the coming years, as the beauty industry, specifically the beauty surgeries market, is anticipated to have significant growth in the projected period.
The rise in the geriatric population is driving the market. The increasing number of chronic diseases among the elderly can be seen, and the need for surgical operations on them can be one of the reasons for increasing demand. For instance, according to the National Center of Biotechnology Information article, in 2022, approximately 53% of all surgical procedures are performed on patients over 65 years. Almost one-fifth (20.8%) of the population in the European Union comprises people aged more than 65 years in 2022, as per Eurostats. Moreover, as per the statistics by WHO, 1 in 6 people will be more than 60 years old by the year 2030. The share of people over 60 years old will be 1.4 billion by the year 2030 and 2.1 billion by the year 2050.
The increase in urological surgeries is also pushing the market upward. For instance, renal cysts, cystic kidney diseases, and pelvic cancer increasingly affect many people. According to an article by the National Institutes of Health in September 2021, end-stage renal disease has affected more than half a million people in the United States annually. In the coming years, more surgeries related to urological disease are estimated to be performed on people, increasing the demand for trocar devices.
There have been several technological advancements in trocars in recent years, such as the development of single-use trocars and trocars with built-in cameras. These advancements have made trocars safer and more effective, increasing their demand. For instance, debuting in 2022, the Aesculap® Visera™ Smart Trocar integrates a real-time visualization camera, aiding surgeons in precise anatomy assessment and injury avoidance. Its safety feature prevents accidental camera activation, enhancing surgical precision and efficiency through improved visual insight into the operative site.
The bolstering growth for global trocar devices is fueled by technological progress, a rise in minimally invasive surgical interventions, and an increasing emphasis on enhancing healthcare facilities. For example, the Centers for Disease Control and Prevention (CDC) estimates that the number of people over 65 in the USA will increase from 47 million in 2015 to 88 million in 2050. Consequently, the trocars market is poised to benefit from increased demand, aligning with healthcare trends towards less invasive medical interventions. The consistent need for cosmetic minimally invasive procedures, as evidenced by the recorded figures of procedures performed in 2021 in the USA, reflects a robust inclination towards enhancing personal appearance through less invasive means.