Surgical Equipment Market Size to Worth Around US$ 15.08 BN by 2028

According to Precedence Research, the global surgical equipment market size was valued at USD$ 9.3 billion in 2021 and is predicted to be worth around US$ 15.08 billion by 2028.

The global surgical equipment market is expected to expanding growth at a CAGR of 7.5% over the forecast period 2021 to 2030.

Growth Factors

The surgical equipment helps in operating the patient or while surgeries. The products such as handheld surgical devices, surgical sutures and staplers, and electrosurgical devices are used as surgical equipment. The surgical equipment is used for treating various disorders such as cardiovascular, obstetrics and gynecology, neurosurgery, wound care, plastic and reconstructive surgery, and orthopedic.

The factors such as rising prevalence of chronic illnesses, growing geriatric population, and rising cases of road accidents and injuries is driving the development of the global surgical equipment market over the forecast period. In addition, the demand for minimally invasive or noninvasive procedures and surgeries is boosting the expansion of the worldwide surgical equipment market.

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Furthermore, the technological developments in the field of medical devices have led the growth of the surgical equipment market. The major market players had constantly involved in research and development activities for the development of minimally invasive surgical equipment, which involves low risk at the time of surgeries and operations. All these aforementioned factors are propelling the growth of the global surgical equipment market during the forecast period.

The robotic surgery has gained popularity in the surgical equipment market. Many of the healthcare centers have started utilizing robots in surgical operations. The usage of robotic surgery involves low risk and errors while performing surgeries. The robots are very efficient and effective in the treatment and diagnostics of several disorders. Thus, this factor is contributing towards the expansion of the surgical equipment market.

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Report Highlights:

• Based on the product, the surgical sutures and staplers segment dominated the global surgical equipment market in 2020 with largest market share. This is attributed to the growing number of operations and surgeries. The surgical sutures and staplers are easy to use and entail low risk while operating patients.
• On the basis of application, the obstetrics and gynecology segment hold the largest market share the global surgical equipment market in 2020. This is due to rising prevalence of deliveries and baby births globally. It involves accuracy and precision while operating this kind of cases.
• North America is the largest segment for surgical equipment market in terms of region. The factors such as innovation and technological advancements and increasing healthcare expenditure are driving the growth of the global surgical equipment market in North America region. Furthermore, the U.S. has good number of surgeons, which is contributing towards the surgical equipment market expansion.
• Asia-Pacific region is the fastest growing region in the surgical equipment market. This is due to existence of large number of healthcare centers and hospitals, growing prevalence of chronic disorders, and rapid urbanization. Moreover, the growing geriatric population and enhanced healthcare infrastructure, and rising number of surgeries globally.

Future of Surgical equipment Market

The innovation and technological advancements are factors that are paving way for the growth of the global surgical equipment market. The key market players are coming up with wide range of surgical equipment such as single-handed suturing devices. The single-handed suturing devices are used for the treatment and diagnostics of abdomen. Now, this kind of surgical equipment is available in all types of healthcare clinics and hospitals. The single-handed surgical equipment is gaining traction in the surgical equipment market. This had also helped in the improvement and quality of surgeries and outcome of it. As a result, the launch of such devices and equipment is supporting towards the growth and development of the global surgical equipment market in upcoming years.

COVID-19 Impact Analysis:

• The COVID-19 pandemic had drastic change in the healthcare and medical facilities.
• The major market players have started investing in the development of sterilizing surgical equipment.
• These investments have resulted into positive outlook towards the growth and development of the global surgical equipment market during 2020.

Key Developments in the Marketplace:

• Johnson & Johnson stated in December 2019 that it had reached an agreement with Verb Surgical to buy the company’s remaining shares. Johnson & Johnson’s product portfolio was to be expanded and its market position was to be strengthened as part of this plan.
• Medtronic India introduced the EEA Circular Stapler with Tri-Staple Technology in December 2020, making it the first 3-row Circular Stapler in India with varying height staples for use in colorectal procedures.
• The SQ. line Surgical Portfolio is available since June 2020, according to Aesculap Inc.
• Apax Partners LLP, a private entity based in the UK, purchased India based medical device firm Healthium MedTech Pvt. Ltd in 2018 with the intention of investing in the surgical equipment market.

Key players in the market are:

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

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