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Surgical Equipment Market Size, Report By 2030

The global surgical equipment market size was exhibited at USD 9.88 billion in 2022 and is projected to hit around USD 17.82 billion by 2030, growing at a CAGR of 7.5% from 2022 to 2030.

Surgical equipment is a device widely used for doing specific actions. It is used for performing desired effects during surgery, like modifying biological tissue. Various surgical equipment has been invented. Some are made for general use in all sorts of surgeries. Some are designed for certain specialities or specific procedures. There are various types of surgical equipment: graspers, clamps, occluders for blood vessels, surgical scissors, bone cutters, needle drivers, retractors, positioners, distractors, stereotactic devices, rongeurs, scalpels, dilators, specula, suction tips, tubes, sealing devices, injection needles, tactile probes, cranial drills, dermatomes, rulers, calipers, etc. These are handheld tools used by surgeons for the performance of surgical tasks. 

Growth Factors 

Factors such as the increasing prevalence of chronic conditions, the introduction of minimally invasive surgery instruments, and the launch of robotic and power-assisted systems significantly contribute to the surgical equipment market growth. In line with this, the rising demand for robotic-assisted surgery and the rapid geriatric population prone to gastric, intestinal disorders, and other health conditions positively influence the global market growth. Furthermore, growing research and development activities create a positive outlook for the market. Apart from this, a rise in the incidence of lifestyle diseases and high healthcare costs catalyze market growth. Moreover, rapid technological advancement in minimally invasive surgeries propels the market growth. 

Additionally, a rise in the number of ambulatory surgical centres boosts the overall market growth. Besides, the COVID-19 pandemic had a negative impact on the market. The market witnessed a decline in the sales of surgical equipment. The nationwide lockdown led to a major disruption in the supply chain. Many surgeries and procedures were postponed due to a change in healthcare priorities. This affected the surgical equipment market growth negatively. Several ambulatory surgical centers were closed. However, the surgical equipment market has recovered in the past year. The market is further expected to grow at a significant rate over the forecast period. Besides, the growing geriatric population is a growth-inducing factor. People 60 and above are more prone to disorders that require surgery. 

Surgical Equipment Market Report Scope

Report Coverage Details
Market Size in 2023 USD 2 Billion
Market Size in 2030 USD 2 Billion
Growth Rate CAGR of 7.2%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2022
Forecast Period 2022 To 2030
Segments Covered By Product, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Report Highlights: 

  • Based on product, surgical sutures and surgical staplers dominated the market and accounted for the largest revenue share. This is due to the increasing demand for sutures and staplers. These are used in wound closure procedures. Staplers help in rapid wound healing. Rapid technological advancements are expected to catalyze the suture segment growth. Electrosurgical devices are expected to witness a promising CAGR in the coming years. This is due to the increasing product usage in minimally invasive surgeries. Handheld surgical devices are expected to see a significant revenue share. The rising demand for disposable instruments creates a positive outlook for the market.  
  • Based on application, other segments dominated the market and held the largest revenue share. Obstetrics and gynecology are expected to witness a promising CAGR in the coming years. Factors such as rapid growth in the number of childbirths and increasing prevalence of female reproductive organ disorders. Plastic and reconstructive surgery is expected to witness the fastest growth. This is due to technological advancements and inflating disposable income.  
  • Based on region, North America dominated the market and held the largest revenue share. It is expected to maintain its dominance in the coming years. Factors such as the presence of the best hospitals, the emergence of new players, and high healthcare expenditure significantly contribute to market growth across the region. Rapid technological advancements in the USA positively influence market growth. The increasing demand for minimally invasive surgeries is expected to drive market growth across the region. Asia Pacific is expected to witness a promising CAGR in the coming years. Inflating disposable incomes of individuals catalyzes market growth across the region. The rising geriatric population is enhancing the demand for orthopedic and cardiovascular procedures. 

Market Dynamics:

Market Driver: Increasing popularity of health insurance 

The increasing popularity of health insurance significantly contributes to market growth. In line with this, health insurance is gaining widespread traction, especially in developing countries. It is issued by both government and private health insurance companies. The emergence of new private insurance companies catalyzes market growth. They are also making healthcare organizations offer cashless treatment to patients. The decline in the number of surgeries has been seen due to the inability to afford healthcare. Therefore, the availability of health insurance on a large scale will propel market growth across the globe. The benefits offered by health insurance will make people buy it. All these factors are expected to drive the surgical equipment market growth.  

Market Opportunity: Strategic Collaborations 

The strategic collaboration by the key market players offers lucrative opportunities for market growth across the globe. The market players are collaborating and developing cutting-edge surgical equipment, which is expected to significantly contribute to the market growth. The market players are entering into a partnership to develop single-handed surgical suturing devices. These devices are becoming famous for improving patient outcomes and reducing healthcare costs. The leading are gaining a competitive edge over the new players. The leading surgical equipment manufacturers are posing tough competition to new market players. The leading players have state-of-the-art manufacturing facilities. The surgical equipment manufacturers are heavily investing in research and development activities, thus offering numerous opportunities for market growth. 

Market Restraint: The presence of a large number of market players 

The surgical equipment market is highly divided. The market has many small to medium-sized companies. They compete with one another and also against large companies. Various market players offer low-cost surgical equipment, especially in developing countries. This is one of the key factors restricting market growth. 

Market Challenges: Increasing preference for low-cost endosurgery instruments 

Increasing preference for low-cost endosurgery instruments challenges the surgical equipment market growth. In line with this, the rising preference for consumable instruments, like forceps in surgeries in rural areas healthcare organizations, is hampering the sales of surgical equipment. This is the main factor challenging the surgical equipment market growth.  

Key Developments: 

  • In December 2020, Zimmer Biomet acquired A&E Medical Corp. 
  • In September 2019, Medtronic launched a robot-assisted surgery system, Hugo RAS. 

Market Key Players:

  • B Braun Melsungen AG
  • Conmed Corporation
  • Cadence
  • Stryker Corporation
  • Olympus Corporation
  • Ethicon, Inc.
  • Micron Biomedical
  • Alcon Laboratories
  • Medtronic
  • Aspen Surgical

Market Segmentation

By Product

  • Surgical Sutures & Staplers
  • Handheld Surgical Device
  • Electrosurgical Devices

By Application

  • Neurosurgery
  • Wound Care
  • Obstetrics & Gynecology
  • Cardiovascular
  • Orthopedic
  • Plastic & Reconstructive Surgery
  • Others

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