According to a new report published by Allied Market Research, titled, “Surgical Equipment Market by product, category, application, and region: Opportunity Analysis and Industry Forecast, 2020-2027,”
The global surgical equipment market valued at $31,722.30 million in 2019 and is estimated to reach $44,448.58 million by 2027, at a CAGR of 6.3% during the forecast period.
Surgical equipment are tools with defined purposes to view internal body organs or modify biological tissues. Surgical equipment is used across surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. The surgical equipment market growth can be attributed to the surge in prevalence of chronic disorders amongst geriatric population, increase in number of surgical procedures, and surge 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 market growth.
The surgical equipment market is segmented on the basis of product, category, application, and region. By product type, the market is categorized into surgical sutures & staplers, handheld surgical instruments, electrosurgical devices, and other surgical equipment. The handheld surgical instruments segment accounts for the largest market share owing to its increase in application in surgeries. Electrosurgical device is the fastest growing segment due to increased demand for minimally invasive surgeries and advanced technology.
In addition, handheld surgical devices are further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, ligating clips, and others. The retractors held the largest share in the global handheld surgical equipment market in 2019, as it is used to separate the edges of a surgical incision or wound or underlying organs and tissues, so this device is used in almost all the surgery types and the increase in number of surgical procedures boosts the growth of the market.
By application, the market is divided 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 orthopedic surgery is estimated to be the fastest growing application segment with the CAGR of 10.8% during the forecast period. This is attributed to the rise in number of orthopedic surgical procedures across the globe, owing to the rising elderly population and other injuries.
By region, North America dominated the surgical equipment market in 2019 and anticipated to continue this dominance in the forecast period. This was attributed to its 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. Similarly, the growth of the surgical equipment market in the European Union was primarily attributed to the increase in geriatric population and high demand for minimally invasive surgeries.
The report provides some of the key players operating in the market include Some of the key players operating in the market include Medtronic Plc., Peters Surgical SASU, Johnsons & Johnsons, Conmed Corporation, Novartis International AG, Smith & Nephew PLC, Boston Scientific Corporation, B. Braun Melsungen AG, Cousin-Biotech, Enthral Medical GMBH, Fuhrmann GMBH, Integral Lifesciences Holdings Corporation, and KLS martin Group. The other players (not profiled in the report) in the value chain include Stryker Corporation, Zimmer Biomet, Dextera Surgical, Hospira, SIM Surgical, and among others.
Key Findings Of The Study
- By product, the electrosurgical devices segment is expected to grow with the highest CAGR of 7.8% from 2020-2027.
- By category, the reusable surgical equipment holds the largest share in 2019 and is expected to maintain its dominance from 2020-2027.
- Based on handheld surgical equipment, the retractors segment registered the largest revenue in 2019.
- Application wise, the laparoscopy segment generated the highest revenue in 2019, accounting more than one-fifth of the global market in 2019.
- Asia-Pacific cell separation technologies market is anticipated to experience 8.2% CAGR during the forecast period.