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A00006 | Pages: 390 | Charts: 77 | Tables: 149 |
The global surgical equipment market size was valued at $35.6 billion in 2022, and is projected to reach $59 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. Surgical equipment refers to the various tools, instruments, and devices used by healthcare professionals such as surgeons, nurses, and other medical personnel during surgical procedures. These tools are designed to aid in performing surgical tasks with precision, safety, and efficiency. Surgical equipment encompasses a wide range of items, each serving a specific purpose in the operating room. Surgical equipment are tools that aid the physical modification of biological tissue or help to provide access to the internal body. The inception of modern electronic technologies such as minimally invasive surgery equipment primarily drive the growth of the surgical equipment market.
The rise in incidence of chronic diseases such as cardiovascular diseases, cancer, and diabetes necessitates a greater number of surgical interventions for diagnosis, treatment, and management which is expected to drive the market growth. The surgical equipment market benefits from this trend, as these conditions often require specialized surgical instruments, diagnostic tools, and monitoring devices. Surge in demand for minimally invasive surgery and surge in geriatric population, which is highly susceptible to ocular disorders, gastric disorders, intestinal disorders, and other health conditions.
One of the primary drivers of growth in the surgical equipment market is continuous technological innovation. Advancements in materials, design, and manufacturing processes have led to the development of more precise, efficient, and minimally invasive surgical instruments. These innovations have not only improved surgical outcomes but have also expanded the scope of procedures that can be performed.
Furthermore, the rise in the adoption of minimally invasive surgical techniques has been due to their numerous benefits such as smaller incisions, reduced pain, shorter hospital stays, and quicker recovery times for patients. As a result, there is a growing demand for specialized surgical equipment such as laparoscopic instruments and endoscopes which fuels the market growth.
According to surgical equipment market analysis the market is expected to be driven by availability of improved healthcare infrastructure, increase in unmet healthcare needs, rise in prevalence of chronic diseases, and surge in demand for advanced surgical equipment products. Furthermore, with the rise in geriatric population, there is a higher prevalence of age-related health conditions and chronic diseases that often require surgical interventions. In addition, there is an increase in demand for elective cosmetic and reconstructive surgeries. This demographic shift has led to a higher volume of surgical procedures, which, in turn, boosts the demand for surgical equipment.
Moreover, emerging markets and developing countries are witnessing significant investments in healthcare infrastructure, including the establishment of new hospitals, clinics, and healthcare centers. This expansion creates a substantial demand for surgical equipment to equip these facilities with the necessary tools and instruments. The global expansion of healthcare infrastructure offers surgical equipment market opportunity.
However, infections acquired during surgery (nosocomial infections or healthcare-associated infections) remain a significant concern. Surgical instruments and equipment must be meticulously cleaned, sterilized, and maintained to prevent infections. Any lapses in infection control may result in severe consequences for patients, legal liabilities for healthcare facilities, and damage to the reputation of surgical equipment manufacturers which may hinder the market growth. In addition, the surgical equipment market is subject to stringent regulatory standards and quality assurance requirements, which may create barriers to entry for new manufacturers and slow down product innovation and restrain the surgical equipment market growth.
Recessions may slow down the growth of the surgical equipment market due to financial constraints, cautious adoption, and shifting priorities. However, the extent of the impact depends on various factors, including the severity and duration of the recession, the overall healthcare spending environment in improving patient care.
The surgical equipment market size is segmented into product, category, application, and region. By product, the market is categorized into surgical sutures & staplers, handheld surgical devices, electrosurgical devices, and other surgical equipment. The handheld surgical devices segment is further sub-divided into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, ligating clips, and others (suction tubes, rasps, dissectors, needle holders, and other surgical clips). The other surgical equipment segment includes surgical hernia mesh, surgical glue, and powered surgical instruments.
By category, the surgical equipment industry is classified into reusable surgical equipment and disposable surgical equipment. By application, the market 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. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The handheld surgical equipment segment dominated the global surgical equipment market share in 2022 and is expected to remain dominant throughout the forecast period, owing to surge in number of surgeries performed globally and its frequent use in all types of surgeries. However, the electrosurgical device segment is expected to register the highest CAGR during the forecast period owing to a rise in demand for minimally invasive surgeries and advancement in technology.
[PRODUCTGRAPH]
The disposable surgical equipment segment dominated the global surgical equipment market share in 2022 and is anticipated to continue this trend during the forecast period. This is attributed to its convenience, infection control benefits, and increasing demand for single-use, sterile instruments.
[CATEGORYGRAPH]
The laparoscopy surgery segment held the largest market share in 2022 and is expected to remain dominant throughout the forecast period, owing to its minimally invasive nature, shorter recovery times, and a wide range of applications across various medical specialties. However, the orthopedic surgery segment is anticipated to witness highest growth, owing to the rise in prevalence of orthopedic conditions, rise in aging population, and advancements in orthopedic surgical techniques and technologies.
[APPLICATIONGRAPH]
The surgical equipment industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the surgical equipment market in 2022 and is expected to maintain its dominance during the surgical equipment market forecast period. The presence of several major players, such as B. Braun SE, Boston Scientific Corporation, Integra Life Sciences Holdings Corporation, and Medtronic plc and advancement in manufacturing technology of surgical equipment in the region drive the growth of the market.
In addition, the presence of well-established healthcare infrastructure, high purchasing power, and rise in adoption rate of advanced surgical equipment products are expected to drive the market growth. Furthermore, product launch, and agreement adopted by the key players in this region boost the growth of the market.
[REGIONGRAPH]
Asia-Pacific is expected to grow at the highest rate during the forecast period. The market growth in this region is attributable to the growing infrastructure of industries, rise in prevalence of chronic diseases, such as cancer and cardiovascular conditions, has driven the need for sophisticated surgical interventions, which surgical equipment provide.
Moreover, the increase in awareness and acceptance of minimally invasive procedures among patients in the Asia-Pacific region along with the benefits offered by surgical equipment propels the market growth in this region.
Competitive analysis and profiles of the major players in surgical equipment, such as B. Braun SE, Boston Scientific Corporation, ConMed Corporation, Johnson & Johnson, Medtronic plc, Cousin Surgery, LLC, KLS Martin Group, Fuhrmann GmbH, Entrhal Medical GmbH, and Integra LifeSciences Holdings Corporation are provided in the report. Major players have adopted product launch and agreement as key developmental strategies to improve the product portfolio of the surgical equipment market.
Key Market Segments
Key Market Players