Global Trocars Market – Overview
Trocar is a surgical instrument that is used in various surgical procedures to insert implements into a blood vessel. The growing number of surgeries over the past few years is increasing the market size of trocars. Moreover, factors such as the increasing preferences for minimally invasive surgeries, the rising prevalence of chronic disorders that require surgery, and favorable reimbursement policies are escalating the market on the global platform.
Trocars market trends report has valued the industry size at USD 0.5 billion in 2022 and is projected to grow from USD 0.53 Billion in 2023 to USD 0.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 – 2030).
Additional factors having a synergistic effect on the growth of the Trocars market include the increasing number of technological advancements, a growing number of ambulatory services, and government initiatives.
On the flip side, factors such as the product recall and failures alongside the strict government regulation and time-consuming approval process are expected to impede market growth.
Global Trocars Market – Segmentations
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Product : Disposable Trocars, Reusable Trocar, Reposable Trocar, and Accessories among others.
By Tip : Bladeless, Optical, Blunt, and Bladed.
By Application : General Surgery, Urological Surgery, and Pediatric Surgery among other surgeries.
By End-user : Hospitals, Clinics, and others.
Global Trocars Market – Regional Analysis
The North American Region heading with the growing prevalence of several diseases such as cancer and hernia, accounts for the leading market for trocars devices, globally. Moreover, technological advancements in the manufacturing of these devices is a key force driving the growth of this market.
Additionally, favorable reimbursement policies and the presence of well-developed healthcare infrastructure, and increasing geriatric population are some of the key driving forces contributing to the growth of the regional market.
The U.S., backed by a large number of patients undergoing cancer surgeries, majorly contributes to an increase in the demand for Trocars in the region. Moreover, factors such as the high healthcare expenditures alongside the availability of materials required for the production of these devices and technological expertise drive the growth of the regional market.
The European region, led by the well-established medical devices market accounts for the second-largest market for trocars. European countries like the U.K, Germany, and France spend a lot on the manufacturing of medical and surgical devices. Moreover, the increase in occurrences of chronic diseases such as cancer that have led to the rise in the number of surgeries and hence, the rise in the market growth in the region. Also, the presence of a developed healthcare sector and the resurging economy in the region drive the market growth in Europe.
The Trocars market in the Asia Pacific region is emerging as a promising market owing to the increasing occurrences of obesity, cancer, and various other diseases requiring surgery. Moreover, continuously growing healthcare sector led by the rapid economic growth in the APAC that is increasing the per capita healthcare expenses is a dominant driving force behind the growth of the regional market.
Recent economic data suggests that China along with Southeast Asia is expected to join the ranks of the deep-pocketed Asian economies such as Taiwan and Korea.
China, owing to the presence of huge geriatric population and the increasing number of obese populaces, leads the Trocars market in the APAC. Whereas India due to the vast population base, rapidly changing economy, and the increasing number of manufacturers of these devices, accounts for the second largest market in the region.
Whereas, the Middle East & Africa (MEA)region has the least market share due to the lack of awareness and low healthcare expenditures. The Trocars market in the MEA region will exhibit moderate growth during the corresponding period.
Global Trocars Market – Competitive Analysis
The structure of the Trocars market is changing due to the acquisition of local manufactures by multinational companies. Due to the increasing competition in the market, multination companies are using the strategy of acquisition, which has increased the profit of the company as well as significantly reduced the competition.
Key leading players holding the Trocars market share include Medtronic, Johnson & Johnson Services, Inc., The Cooper Companies, Inc., B. Braun Melsungen AG, Conmed Corporation, Teleflex Incorporated, Applied Medical Resources Corporation, GENICON, INC., Laprosurge, and Purple Surgical among others.
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