The surgical equipment market size is estimated to reach USD 30.85 billion by 2030 at 5.40% CAGR during the forecast period 2022-2030. Surgical equipment is the tool that is used for physical modification of biological tissues or helps to provide access to the internal body. The inception of modern electronic technologies such as minimally robotic and power-assisted systems and invasive surgery equipment primarily drive the market growth of surgical equipment. The report on the market starts with an effective overview, which contains product definitions. It proceeds with the grouping of the market, elaborating on key segments.
The report gives visionary insights into the market dynamics that include drivers, restraints, opportunities, trends, pricing analysis, and key factors favoring investments within the market. The pricing analysis and supply chain analysis of the market, including the difference between surgical equipment used as per application, are also included in the report to help the readers understand the product framework in the surgical equipment market.
Covid-19 Analysis
Due to the pandemic outbreak, the medical facilities have increased their focus on sterilizing the surgical equipment. The government and the leading organization keep those under strong watch; investment towards the sterilization of the surgical equipment is composed to rush, particularly to prevent the virus from spreading. With the severe situation caused due to the outbreak of covid-19 around the world, the health care facilities are under a lot of pressure to adopt the necessary precautions. The surgical instrument manufacturers hold the grip and are taking a lot of care to effectively clean and sterilize the equipment before those are shipped to medical centers. This means greater investments toward the care and maintenance of this equipment.
Key Market Drivers
The increasing commonness of chronic disorders is expected to drive the global surgical equipment market forecast period overgrowth. In 2019 according to the American Cancer Society, there will be new cancer cases of an estimated 1,762,450 which will be diagnosed and 606,880 cancer deaths in the U.S.The increasing number of cases of accidents is also expected to help in the growth of the market. For instance, according to National Informatics Center, India recorded a total of 467,044 road accidents in 2018.
Market Challenges
The major drawback or challenge that the surgical instrument market faces is the contamination of the surgical instrument, which happens often. As the instruments are used for surgical purposes, a small amount of presence of bacteria can give the patient a high rate of contagious disease. And the second challenge that the market faced is that due to covid when the lockdowns were implemented, there was no run of vehicles on the road, which resulted in the less number of accidents and the rate of surgery decreased, and the supply chain was also disrupted.
Market Opportunity
The development of advanced visualization products for the surgery is predicted to offer profitable growth opportunities for the players in the surgical instrument market globally. The increasing funding of the hospital services is expected to help in the growth of the market. The biggest opportunity for the surgical equipment market share is the increase in the research and development investment by key industry players. This helps in the growth of the business.
Market Restraints
The contamination of the surgical instrument is predicted to be the one reason which can spoil the market growth. Due to lack of sterilization, there is the most chance that the surgical instruments get contaminated. Such contamination can lead to surgical site infection. The second restrain which keeps the surgical equipment market from growing is the sale of counterfeit surgical instruments.
Large unfulfilled surgical needs, rising senior population, growing healthcare costs and increasing surgical volume are the main factor estimated to operate the market growth during the predicted period. The patient must be aware that the cost benefits of early surgical intervention are rising with efficient patient counseling during physician visits.
On the basis of product type, the market is divided into surgical sutures, staplers, electrosurgical devices, handheld instruments, monitoring devices, electrosurgical generators, and others. Surgical sutures and staplers are again divided into non-absorbable and absorbable sutures. Handheld instruments are sub-divided into forceps, visual scope, sutures, and others. Electrosurgical devices are classified into electrosurgical instruments such as HET bipolar system, smoke evacuation system, electrosurgical pencils, electrosurgical generators, etc. Under the basis of application, the market is divided into wound closure, neurosurgery, urology, orthopedic surgery, cardiovascular surgeries, and others. On the basis of end-user, the market is divided into hospitals, ambulatory surgical centers, and others.
The largest share of the surgical equipment market is held by the Americas. The growth of the medical device sector, the availability of technologically-advanced surgical devices and the increasing emphasis on quality care are the major operators for the growth of the market. North America is the region with the largest share, whereas the U.S. is the largest contributor to the market's growth. In the U.S., the presence of key players in the medical device industry and more use of surgical devices operate the market. South America also exhibits great growth opportunities with an increase in the demand for surgical devices.
Germany, Europe, the U.K., and France are the major contributors to the growth of the market. The rise in the number of market players manufacturing surgical equipment, increase in outpatient surgeries, and growing government support operates the market in the European nations. For the increasing health care in Europe, U.K. and Germany have a major contribution.
The Asia Pacific surgical equipment market is operated by the huge demand for surgical devices and instruments, increasing awareness about quality care in hospitals and surgical centers, and the ever-increasing commonness of chronic diseases such as cardiovascular diseases. India and Australia show the fastest growth in the market owing to the availability of qualified and skilled medical professionals and growing healthcare expenditure.
The market growth is assigned to the increasing availability of specialty care services in countries such as Saudi Arabia and the United Arab Emirates. Africa shows steady growth with the demand for primary care services in the region.
Competitive Intensity Within The Industry
The surgical equipment market is a very competitive market, with most of the players competing to increase market shares it is proved by surgical equipment market analysis. Strong competition rapid growth in technological advancements are the main factors confronting the market. Some of the main key players operating in the market include Medtronic Plc., Peters Surgical SASU, Johnsons & Johnsons, Conmed Corporation, Novartis International AG, Smith & Nephew PLC, Boston Scientific Corporation, B. Braun Melsungen AG, Cousin-Biotech, Enthral Medical GMBH, Fuhrmann GMBH, Integral Lifesciences Holdings Corporation, and KLS Martin Group.
Recent Market Developments
Medtronic India launched EEA Circular Stapler with Tri-Staple Technology - the first 3-row Circular Stapler with varied height staples or use in colorectal procedures in India.
The company Aesculap Inc. announced the launch of SQ.line Surgical Instrument Portfolio.
Report Overview
The report shows the market overview, the market segmentation, the market key drivers, opportunity, surgical instrument market outlook, surgical instrument market trends etc.ROW
North America
Europe
Asia-Pacific
LAMA
| Report Attribute/Metric | Details |
| Market Size | USD 30.85 Billion |
| CAGR | 5.40% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Smith & Nephew (UK), Braun Melsungen AG (Germany), Ethicon US, LLC. (US), Erbe Elektromedizin GmbH (Germany), COVIDIEN (US), CONMED Corporation (US), MEDICON (US), Integra LifeSciences Corporation (US), Synergetics USA, Inc. (US), Stryker Corporation (US), KARL STORZ & Co. (US), KLS Martin (Germany) |
| Key Market Opportunities | Increasing research & development investments by industry players |
| Key Market Drivers | · Increasing emphasis on quality care· Availability of technologically-advanced surgical devices |
Frequently Asked Questions (FAQ) :
The projected CAGR of Surgical Equipment Market would be 5.40% during the forecast period of 2022 to 2030.
What could restraint the Surgical Equipment Market growth rate?
Smith & Nephew (UK), Braun Melsungen AG (Germany), Ethicon US, LLC. (US), Erbe Elektromedizin GmbH (Germany), COVIDIEN (US), CONMED Corporation (US), MEDICON (US), Integra LifeSciences Corporation (US), Synergetics USA, Inc. (US), Stryker Corporation (US), KARL STORZ & Co. (US), KLS Martin (Germany)
Applications included in the Surgical Equipment Market are orthopedic surgery, wound closure, neurosurgery, cardiovascular surgeries, urology, and others.
End users mentioned in the report are ambulatory surgical centers, hospitals, and others.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
