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Surgical Equipment Market Expected to Reach $59 Billion by 2032—Allied Market Research

 
2022
Surgical Equipment Market

Report Code : A00006

quote The surge in prevalence of chronic diseases, rise in technological advancements in surgical instruments, and rise in elderly population fuels growth of the surgical equipment market. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Surgical Equipment Market," The surgical equipment market size was valued at $35.6 billion in 2022, and is estimated to reach $59 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. Surgical equipment are tools with defined purposes to view internal body organs or modify biological tissues. Surgical equipment is used during surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. These tools are specifically crafted to assist in various aspects of surgery, including cutting, dissecting, suturing, grasping, and manipulating tissues & organs.

The surgical equipment market trends is attributed to the surge in prevalence of chronic disorders amongst geriatric population, increase in number of surgical procedures, and rise in demand for technologically advanced surgical procedures such as minimally invasive surgeries and laparoscopic surgeries. However, uncertainty in reimbursements and lack of trained professionals restrict the surgical equipment market growth.

The increase in incidence of chronic diseases such as diabetes, obesity, and cardiovascular diseases drives the need for surgical procedures, which propels the market growth. In some cases, individuals with severe obesity and type 2 diabetes may undergo bariatric surgery. This type of surgery may lead to significant weight loss, and altering the hormonal and metabolic factors that contribute to insulin resistance and elevated blood sugar levels. Surgical equipment is essential for diagnosing, treating, and managing these conditions effectively. In addition, surgical equipment is not limited to treatment alone but also vital for preventive and diagnostic procedures, such as endoscopy and laparoscopy, which enable early disease detection and intervention. The emphasis on preventive healthcare contributes to the demand for such equipment and provide the surgical equipment market opportunity. 

Rise in demand for surgical instruments during surgical procedures acts as a key driving force for expansion of the global market. Moreover, continuous advancements in surgical technology play a pivotal role in driving the surgical equipment market expansion. Innovations such as minimally invasive surgery (MIS) techniques, 3D imaging, and surgical lasers have improved patient outcomes and increased the demand for specialized surgical instruments and equipment. 

The surgical equipment industry is segmented on the basis of product, category, application, and region. On the basis of product, the market is categorized surgical sutures & staplers, handheld surgical instruments, electrosurgical devices, and other surgical equipment. The handheld surgical devices segment is further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, ligating clips, and others (suction tubes, rasps, dissectors, and needle holders, and other surgical clips). The other surgical equipment segment includes surgical hernia mesh, surgical glue, and powered surgical instruments.

The handheld surgical instruments segment accounted for the largest surgical equipment market share in 2022. This is attributed to high adoption of the handheld surgical instrument as they provide versatility, precision, ease of use in various surgical procedures, and continuous advancements in design and materials.

However, electrosurgical device segment is expected to register the highest CAGR during the surgical equipment market forecast period due to increased demand for minimally invasive surgeries and ongoing technological advancements in electrosurgery, such as improved energy sources, enhanced safety features, and broader applications across various surgical specialties. 

On the basis of category, the surgical equipment market size is classified into reusable surgical equipment and disposable surgical equipment. The disposable surgical equipment segment accounted for the largest share in 2022 and is expected to register the highest CAGR during the surgical equipment industry forecast period, owing to increasingly emphasizing infection control and patient safety, which has led to a surge in the adoption of disposable surgical equipment. These single-use instruments and devices significantly reduce the risk of healthcare-associated infections, making them an essential choice for infection prevention which supports the segment growth.

On the basis of application, the surgical equipment market analysis is categorized into neurosurgery, plastic & regenerative surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, laparoscopy, ophthalmic application, veterinary application, dental application and others. The laparoscopy surgery segment accounted for the largest share in 2022 and is also expected to remain dominant during the forecast period, owing to ongoing advancements in laparoscopic techniques, instrumentation, and imaging technologies continue to expand the range of surgical procedures that be performed laparoscopically.

However, the orthopedic surgery segment is anticipated to witness highest growth, owing to the rise in number of orthopedic surgical procedures across the globe, rise in elderly population and other injuries. In addition, rise in technological advancements in orthopedic surgical techniques and implants, such as joint replacements and minimally invasive procedures, are expanding the scope and demand for orthopedic surgical equipment.  

Region wise, North America dominated the surgical equipment market share, owing to well-established healthcare system, high adoption of innovative minimal invasive & laparoscopic surgical procedures, rise in prevalence of chronic diseases, and related surgical procedures, and surge in demand for plastic & reconstructive surgeries, and bariatric surgeries. In addition, significant investments in R&D in the medical sector and modernization of healthcare facilities had created a positive impact on the market. 

However, Asia-Pacific is anticipated to witness notable growth owing to rise in adoption of advanced surgical technologies, substantial expenditures on improving healthcare infrastructure, increase in demand for better healthcare services, and surgical procedures in the region. In addition, rise in advancements in surgical techniques and a surge in awareness of healthcare options foster the demand for modern surgical equipment. 

Key Findings of the Study  

  • On the basis of product, the handheld surgical instruments segment was largest contributor to the market in 2022. However, the electrosurgical devices segment is anticipated to grow at the highest CAGR during the forecast period.  
  • On the basis of category, disposable surgical equipment segment dominated the market share in 2022. 
  • On the basis of application, laparoscopy segment was largest contributor to the market in 2022. However, the orthopedic surgery segment is anticipated to grow at the highest CAGR during the forecast period.  
  • Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. 

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quote Surgical Equipment Market By Product (Surgical Sutures and Staplers, Handheld Surgical Equipment, Electrosurgical Devices, Other Surgical Equipment), By Category (Reusable Surgical Equipment, Disposable Surgical Equipment), By Application (Neurosurgery, Plastic and Reconstructive Surgeries, Wound Closure, Urology, Obstetrics and Gynecology, Thoracic Surgery, Microvascular, Cardiovascular, Orthopedic Surgery, Laparoscopy, Ophthalmic Application, Veterinary Application, Dental Application, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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