The Surgical Rasps market studied is anticipated to register a CAGR of nearly 4.6%, during the forecast period.
- Certain factors that are driving the market’s growth include an increasing number of surgeries and rising healthcare expenditure.
- The growing burden of diseases and innovative medical treatments account for nearly two-thirds of the rise in spending. Spending on healthcare in countries, such as China and India, is expected to increase during the forecast period. According to a report by the World Economic Forum, it is estimated that one-third of all global health expenditure will be incurred by emerging economies, by 2022. Certain investments in the healthcare sector offer attractive long-term financial benefits. Medical care is one such area in which individuals tend to increase spending as incomes grow. The healthcare industry in the emerging markets has been growing rapidly in BRICS (Brazil, Russia, India, China, and South Africa). In 2014, the healthcare market, in BRIC countries, capitalized at more than USD 850 billion, at a compound rate of 9.1%, which is significantly greater than the aggregate GDP growth rate of those countries. Such factors potentially drive the demand for Surgical Rasp’s adoption across the world.
Key Market Trends
Ambulatory Surgical Centers Shows Lucrative Opportunity in the Global Surgical Rasps Market
- Ambulatory care or outpatient care is medical care that is provided on an outpatient basis. The prevalence of chronic diseases is increasing across the world, due to the rapidly aging population and greater longevity of people with chronic conditions, eventually leading to tremendous pressure on the healthcare system all across the world. Since surgery addresses a broad spectrum of conditions that incur large social, economic, and health burdens, hence it is an indivisible and indispensable part of health systems. Throughout the past few decades, surgery has been increasingly prioritized by the global health community or governments, even in low- and middle-income countries. As a result, the number of surgical procedures has risen significantly in order to address the global disease burden, thus leading to a rise in the utilization and adoption of Surgical Rasps.
- Over the past few years, with the move to value-based care, hospitals and healthcare systems are facing extreme competition from ambulatory service sites, particularly those who offer physician office-based procedures, and ambulatory surgery. Gaining in popularity across the world, ambulatory surgery centers (ASCs) provide both operational and economic efficiencies, enabling ease of patient access, very competitive pricing, and increased opportunities for physician engagement. Thus, with the increasing number of surgeries, the Surgical Rasps market is expected to increase in the future.
North America Dominates the Global Surgical Rasps Market
North America is expected to dominate the overall market throughout the forecast period. In the North American region, the United States holds the largest market share, and this is due to better regulations of surgical devices and growing awareness among the population to approach for such procedures in case of injuries and chronic disease problems. The companies also have well-established direct channel collaboration with hospitals and clinics to serve the studied market.
The global Surgical Rasps market is competitive and consists of a few major players. Companies, like Ambler Surgical, Bornemann Maschinenbau GmbH, Black Smith Surgical, Surgipro, Inc., Millennium Surgical Corp, among others, hold a substantial share in the market.
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