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Pharmacy benefit management market
Safety Scalpel Market Report Overview
The global safety scalpel market size is USD 364 million in 2023. As per our research, the market is expected to reach USD 437.2 million in 2029, exhibiting a CAGR of 3.1 % during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with safety scalpel market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Safety scalpels are disposable scalpels with a safety tool that usually involves a sheathable plastic guard that when actively arranged covers the scalpel blade. The supervisory requirements needed for product launches by various market players are moderately low. The aggressively increase in the number of medical facilities being established across the world is expected to play a vital role in the augmented demand for these products, thereby further augmenting revenue growth for the global market in the probable future. Better-quality sharpness and sturdiness mean less pressure is needed to operate, improving control and reducing chance of injury. The growing popularity and increasing government expenditure on healthcare are expected to ignite the sales of safety scalpel. Availability of reimbursement policies and the growing prevalence of various chronic and infectious disease are expected to bolster the market growth. Increased number of surgical procedures due to growing demand from patients dealing with sports injury is expected to push the demand for safety scalpel. Introduction of new and innovative products also further accelerate the development. Based on application the global market is segmented into hospitals, clinics, and others. Hospitals are estimated to account for a larger share of the worldwide market due to an increase in the number of surgeries performed. Rise in the occurrence of cardiovascular diseases and the rise in medical tourism has witness substantial growth in the region. The market is growing at a steady rate and with the rising adoption of strategies. Rapid expansion of the healthcare industry especially across emerging economies and the growing popularity to boost the market. Growth in healthcare expenditure for capital equipment, installed base of different kind of products for scalpels market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the scalpels market. This is defined as a medical instrument that is generally utilized for anatomical dissection and surgeries.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in supply chain
COVID-19 pandemic has tremendously affected the entire world. The pandemic has led to significant changes in consumer behaviour, with more individuals spending online and selecting health and safety. Due to outbreak of COVID- 19 travel restriction and social distancing measures have resulted in reduced demand. Shortage of raw materials and labours had hampered the industry due to which there disruption of supply chain and demand. COVID 19 negatively impacted the safety scalpel market growth.
Latest Trends
"Technological advancement to boost the market growth "
High implementation of advanced technology and the existence of large players in county are likely to create generous growth opportunities for the market. Technological improvement and expansion will further enlarge the performance of the product. Developments in technology have led to the expansion of new and better-quality materials contributing to the market growth. Team up with other firms can lead to the enlargement of new products, services, technologies that can help to motivate growth and income. Some players focus on product improvement to meet consumer requirements and likings.
Safety Scalpel Market Segmentation
- By Type Analysis
According to type, the market can be segmented into safety scalpel with metal handle, safety scalpel with plastic handle.
Safety scalpel with metal handle capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into hospitals, clinics, others.
Safety scalpel market players cover segment as hospitals will dominate the market share during forecast period.
Driving Factors
"Increasing technological advancement to upsurge the market growth"
The safety scalpel market is estimated to benefit from the constant technological advancements, which are helping in improving the performance of instruments. Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the market growth.
"Increase in elderly population to enhance the market."
Global geriatric population is rising at a rapid pace and this is anticipated to drive the demand for negligibly invasive procedures. Increase in geriatric populations across the world and the consequent increase in chronic disease occurrence rates which require surgical assistance or treatment are also other factors that are projected to support in enhancing the income growth.
Restraining Factors
"High cost to decline the market growth"
The key limitation for the market will be high cost associated with the devices is expected to obstruct the market growth. The rise in concerns regarding the risks associated with surgical procedure is projected to challenge the safety scalpel. The cost of these tools can be focus to unpredictability due to factors such as supply-demand inequalities. Unexpected price increase or supply disruptions can affect profitability of market players.
Safety Scalpel Market Regional Insights
"Asia Pacific to dominate the region due to rising healthcare expenditure"
Asia Pacific is further expected to witness growth in the safety scalpel market share. The region is anticipated to witness major growth over the forecast period due to rising healthcare expenditure, and growing adoption of advanced medical devices are some factors contributing to North America's dominance. Market is likely to raise due to an upsurge in demand. Economic development in countries will lead to growth of manufacturing sector. Improving healthcare infrastructure & facilities due to increasing patient awareness regarding available treatments & surgeries along with a rise in disposable income levels which leads people to opt for better treatment options.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are enthusiastically contributing in strategic events that are aimed at upholding strong market position and growing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They outlay strictly on research and development in order to arise with more new technology so that they can maintain and progress their existing market. The market modifications are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Hill-Rom (U.S.)
- Swann-Morton (U.K.)
- Huaiyin Medical (China)
- Surgical Specialties (U.S.)
- KAI Group (Japan)
Report Coverage
The report provides examination and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent expansion analysis are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers nationwide and regional level market size and forecast. The report gives businesses the ability to research new outlook in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 364 Million in 2023 |
Market Size Value By |
US$ 437.2 Million by 2029 |
Growth Rate |
CAGR of 3.1% from 2023 to 2029 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the safety scalpel market expected to touch by 2029?
Safety scalpel market is expected to touch USD 437.2 million by 2029.
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What CAGR is the safety scalpel market expected to exhibit during 2021-2029?
Safety scalpel market is expected to exhibit CAGR of 3.1% during 2021-2029.
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What are the driving factors of the safety scalpel market?
Global geriatric population is rising at a rapid pace and this is anticipated to drive the demand for negligibly invasive procedures.
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Which are the key players or most dominating companies functioning in the safety scalpel market?
The dominating companies in the safety scalpel market are Hill-Rom, Swann-Morton, Huaiyin Medical, KAI Group, and Feather.