Market Trends of Canada General Surgical Devices Industry
This section covers the major market trends shaping the Canada General Surgical Devices Market according to our research experts:
Handheld Devices Segment Under Product is Expected to Record Highest CAGR Over the Forecast Period
Handheld surgical devices are being widely used due to the advancements that aid in easier and more efficient surgical outcomes. Some of the most often used handheld surgical devices include graspers, dilators, retractors, scalpels, and forceps. All these devices have various applications in departments like neurosurgery, cardiovascular, orthopedic, plastic and reconstructive surgery, obstetrics, and gynecology. The development of advanced robotic hand-held surgical devices for laparoscopic interventions enhances a surgeon's dexterity, making the device a desirable option. Hence, the handheld devices segment is expected to hold the largest market share during the forecast period.
The rising prevalence of obesity in the region is expected to increase the demand for liposuction procedures which is expected to increase the growth of the market. For instance, as per the report published by World Obesity Federation 2022, the prevalence of obesity in Canada is estimated at 38.5% by 2030, which is considered very high. Hence the demand for liposuction procedures is expected to increase which needs handheld liposuction devices thereby increasing the growth of the segment over the forecast period.
Moreover, the recent product launches by key market players in the country focusing on handheld surgical instruments are likely to play a vital role in the growth of the segment. For instance, in November 2021, Smith and Nephew launched its Real Intelligence brand of enabling technology solutions, as well as its next-generation handheld robotics platform, the CORI Surgical System, in Canada. Such product launches with new technology increase the scope and add to the segmental growth in the nation over the forecast period.
Orthopaedic Application Segment is Expected to Have a Significant Growth Over the Forecast Period
The application of general surgical devices in orthopedics is expected to have a significant impact on the market due to the large waiting time for orthopedic surgeries and the growing elderly population in the region. For instance, as per the Fraser Institute, 2021, the number of orthopedic surgeries for which patients are waiting after an appointment with a specialist in Ontario, Canada is estimated as 46,542 in 2021 compared to the previous year. It also stated that orthopedic surgeries had the longest wait time in Canada, with a national average of 30.2 weeks in 2021. Furthermore, as per the Health Authorities in British Columbia, 2022, the surgery wait time for an adult - hip replacement surgery is estimated at 48.1 weeks to complete 90% of hip replacements. The cases waiting for hip replacement surgery as of September 2022 are estimated at 4,368 which is expected to grow over the period. Thus, the increase in the wait time for orthopedic surgeries will pool the cases for the future which is going to increase the demand for general surgical devices and boost the market growth over the forecast period.
Moreover, with the implementation of new technology in surgical procedures, it is expected to have growth in the surgical devices market. For instance, in December 2021, Medtronic received a Health Canada license for use of the Hugo robotic-assisted surgery system. This robotic-assisted surgery needs various surgical devices to be equipped in the platforms which are expected to have significant growth over the study period.
