Global Surgical Equipment Market Overview
Global Surgical Equipment Market was valued at $9,115 million in 2015, and is expected to reach $14,728 million by 2022 supported by a CAGR of 7.1% during the forecast period 2016 to 2022. Surgical instruments are the medical devices used to cut, coagulate, desiccate, and fulgurate the body tissues during the surgical procedures.
GLOBAL SURGICAL EQUIPMENT MARKET SEGMENTATION
The global surgical equipment market is segmented by product, application and geography. Global surgical equipment market by product type is further classified into three segments namely surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The surgical sutures & staplers segment dominated the overall market with more than two-fifths share in 2015. This segmented is also estimated to continue its dominance over the forecast period owing to its huge demand for wound closure and the closure of surgical incision site. However, electrosurgical devices segments is forecasted to register the fastest CAGR of 8.3% during the forecast period attributed to rising demand for these devices among growing number of minimal invasive surgical procedures. The handheld surgical devices market is further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments (clamps, cannulas, and closure devices), cutter instruments (trocars, lancets, and scissors), and others (suction tubes, rasps, dissectors, and needle holders). The cutter instruments segment dominated the market with more than half of the overall handheld surgical devices market share in 2015, owing to the high adoption of cutter instruments to cut the body tissues in almost all types of surgical procedures.
The global surgical equipment market by application is segmented into neurosurgery, plastic & reconstructive surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic, laparoscopic and other. The laparoscopic surgery segment dominated the market with more than one-fifths share of the overall market in 2015, attributed to increasing demand for minimal invasive surgeries due to its benefits such as increased patient safety, faster recovery time, reduced hospital stay and decreased scarring. However, plastic & reconstructive surgery application segment is forecasted to grow at a higher CAGR of 8.6% during the analysis period owing to rising demand for cosmetic/aesthetic procedures.
TOTAL NUMBER OF AESTHETIC/COSMETIC SURGICAL PROCEDURES BY COUNTRY, 2010-2015
The growth in surgical equipment market is majorly driven by the factors such as rising demand for surgical tools due to rising number of surgical procedures with rising prevalence & incidence of various chronic diseases, and increasing ageing population. Moreover, increasing healthcare expenditure, increasing demand of plastic and reconstructive surgery and rising demand for technologically advanced minimal invasive surgical procedures are further expected to give a boost to the market growth during the forecast period. Stringent government regulations and lack of proper reimbursement for surgical equipment may hamper the market growth during the forecast period.
NORTH AMERICA SURGICAL EQUIPMENT MARKET BY COUNTRY
Geographically, global surgical equipment market is segmented into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America dominated the global surgical equipment market followed by Europe and Asia-Pacific. The growth in North America and Europe was primarily driven by advent of new technologies, growing ageing population, favorable regulatory framework, and high disposable income of the consumers. However, Asia-pacific is expected to witness substantial growth owing to advancing medical tourism industry, rising unmet healthcare needs, improving healthcare infrastructure in the region, and increase in prevalence of chronic diseases that require surgical procedures.
The key players in this market have accounted for around half of the global surgical equipment market share. Some of the key players operating in this market include Medtronic Plc., Stryker Corporation, Johnsons And Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, and KLS Martin Group. Product launch was the key strategy adopted by the leading players, to expand their product offerings in surgical supplies and gain substantial market share. The other players (not profiled in the report) in the market includes Abbott Laboratories, Applied Medical Resources Corporation, Microline Surgicals, Inc. (Subsidiary of Hoya Corporation), Olympus Corporation, Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, and Teleflex Incorporated.
SURGICAL EQUIPMENT MARKET KEY BENEFITS
- The study provides an in-depth analysis of the global surgical equipment market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of the global surgical equipment market, by product, helps in understanding the various types of instruments used during various surgical procedures.
- Competitive intelligence highlights the business practices followed by leading market players across various geographic regions.
- Key market players within the surgical equipment market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of global surgical devices market.
SURGICAL EQUIPMENT MARKET KEY MARKET SEGMENTS
The global surgical equipment market is segmented by product type, application, and geography.
MARKET BY PRODUCT TYPE
- Surgical Sutures and Staples
- Surgical Sutures
- Surgical Staples
- Handheld Surgical equipment
- Forceps and Spatulas
- Auxiliary Instruments
- Closure Devices
- Cutter Instruments
- Others (Suction Tubes, Rasps, Dissectors, and Needle Holders)
- Electrosurgical Devices
MARKET BY APPLICATION
- Plastic and Reconstructive Surgeries
- Wound Closure
- Obstetrics and Gynecology
- Thoracic Surgery
- Orthopedic Surgery
MARKET BY GEOGRAPHY
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East