Asia Pacific Surgical Staplers Market Leading to a Revenue of USD 0.79 Bn and Du
Posted by facto on October 14th, 2019
Asia Pacific is projected to be the fasted growing surgical staplers market in the world. The Asia Pacific surgical staplers market is expected to grow at a CAGR of 9.6% leading to a revenue of USD 0.79 Bn by 2023.
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Considering the demographics of the region, about half of the Asian countries currently have less than a 5% share of the older population. The countries with a higher share of younger population are located in South Central Asia - Afghanistan (2.5% geriatric), South-Eastern Asia (e.g., Laos, 3.8% geriatric), and Western Asia (e.g., Kuwait - 2.3%; Yemen - 2.7% geriatric). However, East Asia is one of the oldest sub-regions globally that includes the one of oldest countries in the world—Japan (26.6% geriatric). Overall, in 2016, 12.4% of the population in the Asia-Pacific region was 60 years or older, which is lower than North Americas 17% (approx.). This unique mix serves a as a major driver for the growth of the surgical staplers market in the Asia-Pacific.
Also, Asian countries like China and Japan are large medical devices markets after the U.S. and European Union and are bound to expand more given the fact that the percentage of the geriatric population in Japan is expected to increase from 24% in 2012 to 40% in 2050. These people will require specific age related surgeries. Thus, manufacturers of surgical devices shall get a boost in this region.
The Asia-Pacific surgical staplers market is segmented by product into manual and powered surgical staplers and by type into reusable and disposable surgical staplers. Manual Surgical Staplers dominated the market share in 2017 while the reusable surgical is expected to grow at a higher CAGR in the forecast period (2018-2023).
Asia-Pacific surgical staplers market is further segmented based on its applications - abdominal surgery, cardiac surgery, orthopaedic surgery, general surgery and other surgeries. In 2017, the abdominal surgeries segment held the biggest share of the market.
Key growth factors:
o Increased medical tourism in countries like Thailand, South Korea, and India (A cardiac operation at best of Indian hospitals costs less than 30% of what it would cost in Europe or the United States) over the years due to the availability of cheaper but quality surgical procedures drives the surgical staplers market in the Asia Pacific region.
Threats and key players:
o Expenditure on healthcare in the Asia-Pacific, though increasing, is still quite low compared to regions like North America. (Healthcare expenditure in NA was USD 3306 Bn per capita in 2015 while in APAC it was almost half of NA with USD 1537 Bn per capita). This might act as a challenge to the adoption of surgical staplers.
What's covered in the report?
1. Overview of the Asia-Pacific surgical staplers market
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Joined: October 7th, 2019
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