Smoke Evacuation System Market: Opportunities & Challenges

October 09 19:22 2019
Smoke Evacuation System Market: Opportunities & Challenges

CONMED Corporation is one of the leading market players in the global smoke evacuation system market as the company has a strong presence in the established markets of the US, the UK, and Canada.
Factors such as rising demand for minimally invasive surgical procedures, increasing number of cosmetic and plastic surgeries, technological advancement and growth in geriatric and obese population requiring operating procedures, worldwide are driving the growth of the smoke evacuation systems market during the forecast period.

The smoke evacuation systems market is expected to grow at a CAGR of 6.6% from USD 161.9 million in 2019 to USD 222.9 million by 2024. Factors such as rising demand for minimally invasive surgical procedures, increasing number of cosmetic and plastic surgeries, technological advancement and growth in geriatric and obese population requiring operating procedures, worldwide are driving the growth of the smoke evacuation systems market during the forecast period. However, limited clinical evidence to establish operational efficacy of target products may restrict the growth of the market to a certain extent.

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What opportunities do emerging countries have for Smoke Evacuation System market?

Emerging countries (such as China, India, South Korea, Brazil, and Mexico) offer significant growth opportunities to players operating in the global smoke evacuation products market. This can be attributed to the increasing public and private initiatives undertaken by market stakeholders across these countries coupled with low regulatory barriers for trade, continuous improvement in healthcare infrastructure, growing patient population, rising healthcare expenditure, strengthening distribution network of market leaders in these regions, and the rising trend of medical tourism in these countries. The availability of high-quality surgical treatments at lower costs than developed markets has attracted a large number of medical tourists.

In addition, the increasing popularity of cosmetic surgeries, electrosurgery, and developing healthcare infrastructure in the emerging countries also showcase high growth potential for the smoke evacuation system market. In order to leverage opportunities in these markets, manufacturers are strategically focusing on expanding their presence in developing nations. In addition to this, regulatory policies in the Asia Pacific are more adaptive and business-friendly than developed markets, due to less-stringent regulations and data requirements. Increasing competition in mature markets will also prompt manufacturers to focus on emerging markets for growth.

China witnessed the continuous expansion of healthcare infrastructure coupled with fast-paced economic growth, rising patient population, and public-private initiatives to support research. Similarly, the Indian market also reported an increasing prevalence of target diseases (such as cancer and CVD) and a fast-growing surgical device manufacturing industry, coupled with a shift toward the adoption of advanced medical devices for the early and effective treatment of target diseases. In line with the ongoing trend, several government initiatives were undertaken during 2010–2018 across emerging markets (to strengthen and expand their healthcare infrastructure.

Additionally, the rising number of well-skilled doctors and surgeons and a sharp uptick in target surgical procedures across these countries is poised to contribute to the overall demand for surgical products and accessories. Thus, to leverage the latent growth opportunities offered by emerging countries, prominent global players are increasingly focused on enhancing their presence and product offerings in emerging markets.

How rising price pressures is a challenge in Smoke Evacuation System market?

In response to increasing government pressure to reduce healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs) and integrated health networks (IHNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with suppliers as well as manufacturers of the surgical devices. The GPOs and IDNs (integrated delivery networks) negotiate heavily for the bulk purchase of surgical products. This bulk-purchasing trend increases price pressures and decreases the profit margins of market players engaged in the manufacturing and marketing of surgical devices and smoke evacuators.

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