Surgical Equipment Market Size, Share, and Trends

Surgical Equipment Market (By Product: Surgical Sutures & Staplers, Handheld Surgical Device, and Electrosurgical Devices; Application: Neurosurgery, Wound Care, Obstetrics & Gynecology, Cardiovascular, Orthopedic, Plastic & Reconstructive Surgery, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 - 2032

  • Last Updated : November 2023
  • Report Code : 1381
  • Category : Healthcare

The global surgical equipment market was estimated at USD 10 billion in 2022 and is expected to reach USD 19.95 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.20% during the forecast period 2023 to 2032. 

Surgical Equipment Market Size 2023 to 2032

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Surgical Equipment Market Size in the U.S. 2023 To 2032

The U.S. surgical equipment market was valued at USD 2.20 billion in 2022 and is projected to expand USD 4.32 billion by 2032,rpresenting at a CAGR of 7% between 2023 to 2032.

U.S. Surgical Equipment Market Size 2023 To 2032

Based on region, North America dominated the global surgical equipment market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. North America is characterized by increased prevalence of chronic diseases and growing geriatric population. The increased awareness regarding the benefits of the surgical treatments and rising demand for the minimally invasive surgeries across the region is fostering the market growth. Moreover, the presence of strong and developed healthcare infrastructure in the region benefits the market owing to the increased penetration of hospitals, clinics, and ambulatory services. Furthermore, the increased disposable income, increased health awareness, and rising consumer expenditure on healthcare is expected to drive the growth of the market.

Surgical Equipment Market Share, By Region, 2020 (%)

Asia Pacific is expected to be the most opportunistic market during the forecast period. This is attributed to the rising penetration of healthcare facilities in the region, rapid urbanization, growing number of hospitals, presence of huge population, and rising prevalence of chronic diseases. Moreover, the increased number of road traffic accidents is boosting the growth of the surgical equipment market. According to the World Health Organization, around 93% of the global road accidents occur in low and middle income countries, and it is one of the major causes of death among the children and young adults.

Growth Factors

The global surgical equipment market is primarily driven by the growing prevalence of chronic diseases, growing geriatric population, and rising number of road accident cases across the globe. According to the Unite Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. The old age people are prone to the chronic diseases and may boost the demand for various surgery treatments, thereby boosting the demand for the surgical equipment. Moreover, the increasing awareness regarding the non-invasive surgeries among the population is boosting the demand for the surgeries, which is boosting the growth of the global surgical equipment market. The rising awareness regarding the cost benefits associated with the early surgical intervention is also one of the important factors that drives the demand for the surgeries among the patients. The technological advancements in the surgery equipment and rising investments by the market players is expected to provide growth opportunities in the foreseeable future. The demand for the advanced and innovative surgical equipment is rising across the healthcare sector.

The rising government investments for the development of healthcare infrastructure and favorable policies to attract FDIs in the developing regions is boosting the growth of the surgical equipment. The rising number of injuries such as sports injury, road accident injury, and rising number of cardiac surgeries is propelling the consumption of surgical equipment. According to the World Health Organization, around 32% of the global deaths were directly linked to the cardiovascular diseases in 2019. Therefore, the rising incidences of the cardiovascular diseases is expected to drive the growth of the global surgical equipment market. According to the Orthopedic Journal of Sports Medicine, the athletes in China showed higher rate of injuries as compared to the American athletes. Hence, the rising number of sports injuries is fueling the demand for the surgical equipment market.

Report Scope of the Surgical Equipment Market

Report Highlights Details
Market Size USD 19.95 Billion by 2032
Growth Rate CAGR of 7.20% From 2023 to 2032
Largest Market North America
Fastes Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Product, Application, Region
Companies Mentioned B Braun Melsungen AG, Conmed Corporation, Cadence, Stryker Corporation, Olympus Corporation, Ethicon, Inc., Micron Biomedical, Alcon Laboratories, Medtronic, Aspen Surgical

 

Product Insights

Based on product, the surgical sutures & staplers segment accounted for around 46% of the market share in 2020 and is projected to remain its dominance. The extensive usage of surgical sutures & staplers in the wound closure application has increased the consumption and created the dominance of this segment. Staplers involves low risk of infections and facilitates quick wound healing, which further fuels the growth of this segment.

Surgical Equipment Market Share, By Product, 2020 (%)

On the other hand, the electrosurgical devices is estimated to be the most opportunistic segment during the forecast period. This is attributed to the emergence of minimal-invasive surgery and its rapidly growing popularity among the population. The minimally-invasive surgeries offers quick healing and reduces the time of hospital stay for the patients. The technological advancements and development of various electrosurgical equipment is expected to rapidly boost the growth of this segment.

Application Segment

Based on application, the obstetrics & gynecology segment accounted for more than 22% of the market share in 2022. This is attributed to the increasing number of baby births. Moreover, various complications related to pregnancy owing to the increasing prevalence of women reproductive organ disorder among the female population has increased the number of gynecological surgeries. Moreover, the rising number of cesarean deliveries is also expected to boost the growth of this segment.

On the other hand, neurosurgery segment is expected to register highest growth rate during the forecast period. This is due the increasing demand for the neurological surgeries among the population owing to the rising cases of neurological disorders. The technological advancements in the surgical equipment field resulted in the development of efficient and minimally invasive surgical equipment, which is expected to drive the growth of this segment during the forecast period.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In September 2019, Medtronic introduced Hugo RAS, which is a robot-assisted system for surgeries.

The various developmental strategies like new product launches, acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players in the global surgical equipment market include:

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

Segments Covered in the Report

By Product

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

By Application

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

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

The global surgical equipment market was estimated at USD 10 billion in 2022 and is expected to reach USD 19.95 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.20% during the forecast period 2023 to 2032.

The global surgical equipment market is primarily driven by the increased demand for the surgeries owing to the rising prevalence of various chronic diseases among the population.

The global surgical equipment market was estimated at USD 10billion in 2022 and is expected to reach USD 19.95billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.20% during the forecast period 2023 to 2032.

The top key players of surgical equipment market are B Braun Melsungen AG, Conmed Corporation, Cadence, Stryker Corporation, Olympus Corporation, Ethicon, Inc., Micron Biomedical, Alcon Laboratories, Medtronic, Aspen Surgical.

Based on region, North America dominated the global surgical equipment market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Surgical Equipment Market 

5.1. COVID-19 Landscape: Surgical Equipment Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Surgical Equipment Market, By Product

8.1. Surgical Equipment Market, by Product Type, 2023-2032

8.1.1. Surgical Sutures & Staplers

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Handheld Surgical Device

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Electrosurgical Devices

8.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Surgical Equipment Market, By Application

9.1. Surgical Equipment Market, by Application, 2023-2032

9.1.1. Neurosurgery

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Wound Care

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Obstetrics & Gynecology

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Cardiovascular

9.1.4.1. Market Revenue and Forecast (2020-2032)

9.1.5. Orthopedic

9.1.5.1. Market Revenue and Forecast (2020-2032)

9.1.6. Plastic & Reconstructive Surgery

9.1.6.1. Market Revenue and Forecast (2020-2032)

9.1.7. Others

9.1.7.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Surgical Equipment Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. B Braun Melsungen AG

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Conmed Corporation

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Cadence

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Stryker Corporation

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Olympus Corporation

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Ethicon, Inc.

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Micron Biomedical

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Alcon Laboratories

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Medtronic

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Aspen Surgical

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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