Published Date : 10 Feb 2023
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.
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
|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|
|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|
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.
Market Key Players:
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