The new report by Expert Market Research titled, ‘Global Surgical Equipment Market Report and Forecast 2023-2031’, gives an in-depth analysis global surgical equipment market assessing the market based on product, category, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2032)
- Historical Market Size (2023): USD 24 billion
- Forecast CAGR (2024-2032): 7.5%
- Forecast Market Size (2032): USD 46.2 billion
The surgical equipment market is primarily driven by an increase in the number of surgical operations because of sports injuries, accidents, and cardiac surgeries as a result of the increased prevalence of cardiovascular illnesses and other chronic ailments for which surgery is recommended as a treatment option. Due to the delay in surgical services caused by the COVID-19 epidemic, demand for surgical equipment has decreased. The surgical equipment industry is expected to be stifled by infections associated to the equipment used, as well as a rigorous regulatory environment.
Surgical Equipment Market Definition and Major Segments
Surgical equipment is a collection of instruments that help with the physical alteration of biological tissue or the provision of access to the interior organs. The advent of new electronic technologies such as minimally invasive surgery equipment, robotic and power-assisted systems is driving the surgical equipment industry.
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The classification of the market on the basis of product are:
- Surgical Sutures and Staplers
- Handheld Surgical Equipment
- Forceps and Spatulas
- Auxiliary Instruments
- Cutter Instruments
- Ligating Clips
- Electrosurgical Devices
By category, the market is divided into:
- Reusable Surgical Equipment
- Disposable Surgical Equipment
Market can be classified on the basis of its application as:
- Plastic and Reconstructive Surgeries
- Wound Closure
- Obstetrics and Gynecology
- Thoracic Surgery
- Cardiovascular Surgery
- Orthopaedic Surgery
- Ophthalmic application
- Veterinary application
- Dental application
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Surgical Equipment Market Trends
Electrosurgical instruments is projected to have the largest market share by product due to the growth in the number of operations performed globally and their extensive usage in all sorts of procedures. However, the worldwide market for manual handheld surgical equipment is expected to decline throughout the projected period due to a shift in consumer preferences from traditional (invasive) to minimally invasive surgeries. The electrosurgical devices market is the fastest growing due to increased demand for less invasive surgeries and technological developments.
The cardiology category is predicted to hold the largest market share. An increase in the frequency of coronary and percutaneous cardiology procedures, as well as increasing awareness of the advantages of early detection of cardiovascular diseases, can be attributed to the factors.
North America is expected to lead the market growth over the forecast. This is due to an increase in the number of senior patients, as well as a bigger patient population and more surgical operations. Surgical equipment is used in gynecology, abdominal surgeries, cardiothoracic and orthopedic treatments, and other specialties. Furthermore, due to increased healthcare infrastructure and an increasing senior population, Asia Pacific is expected to be the fastest-growing surgical equipment market in the world.
Key Market Players
The major players in the market are B. Braun Melsungen AG, CONMED Corporation, Cadence Inc., Olympus Corporation, Stryker Corporation, Medtronic plc and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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