Albany, NY -- (SBWIRE) -- 09/20/2017 -- According to this research report, the overall opportunity in the global surgical drainage devices market was worth US$2.8 bn in 2015. Expanding at a 2.60% CAGR over the period from 2016 to 2024, the market is anticipated to touch US$3.5 bn by the end of the forecast period. The demand for active drainage devices is much higher than passive devices, thanks to the rising level of awareness among consumers pertaining to the benefits active devices offer, such as minimal tissue trauma, reduced risk of wound infection, and no excoriation of skin. The scenario is likely to remain so over the period of the forecast, states the market study.
Continued Dominance by North America in Global Surgical Drainage Devices Market
The report further presents a geographical analysis of the worldwide market for surgical drainage devices. As per the study, Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe are the prime regional markets for surgical drainage devices across the world. With a share of nearly 40%, North America led the global market in 2016. Researchers anticipate that this regional market will remain dominant throughout the period of the forecast, thanks to the rising base of geriatric population, increasing incidence of cardiovascular disorders, and the escalating uptake of advanced treatment procedures.
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Among other regional markets, Asia Pacific is expected to witness a high-paced growth over the forthcoming years, thanks to the presence of ample opportunities and untapped potential. The growing awareness among consumers and the rising prevalence of lifestyles diseases are likely to reflect positively on the demand for these devices in this region during the forecast period. The Middle East and Africa and Latin America and are also projected to experience a healthy growth rate in their respective markets for surgical drainage devices in the near future, reports the research study.
Increase in Surgical Procedures to Fuel Demand for Surgical Drainage Devices
The demand for surgical procedures has increased substantially across the world since the past few years. The main factors behind this are the increasing incidence of road accidences and sports injuries and the rising population of elderly people, who are prone to various types of chronic diseases and infections. According to a TMR analyst, "the rising adoption of surgical procedures, worldwide, is the key driving force behind the upswing in the demand for surgical drainage devices."
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Another important factor behind the growth of the global surgical drainage devices market is the escalating uptake of expensive treatments, boosted by the increasing disposable income of consumers. In addition to this, the technological advancements and the growing usage of these devices are likely to stimulate this market significantly over the forecast period. However, the market may face issues from the lack of clinical knowledge and expertise among practitioners in the years to come, which may impact the market negatively over the years to come, notes the study.
The intense rivalry between the leading players, Acelity L.P. Inc., Smith & Nephew Plc., and Cardinal Health, defines the competitive landscape of the global market for surgical drainage devices, finds a report by Transparency Market Research (TMR). These three manufacturers held nearly 74% of the overall market in 2015.
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Hitherto, the key participants concentrated more on product innovation and advancements in technology. However, a shift in their focus towards mergers and acquisitions can be observed in the coming years. Analysts expect the increase in acquisitions to lead to market consolidation and result in heightened competition.
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