The global surgical equipment market stands at US$ 16.7 billion in 2023 and is forecasted to expand at an impressive 8.6% CAGR over the next ten years to reach US$ 38.1 billion in revenue by 2033-end. Surgical equipment demand is projected to be primarily driven by the rising incidence of diseases requiring surgical care and increasing preference for minimally invasive surgeries. Rising healthcare expenditure, growing focus on health and fitness, unmet surgical needs in underdeveloped economies, and increasing investments in R&D of novel surgical supplies are other factors that could potentially alter the market growth trajectory throughout the forecast period.
The expanding geriatric population on a global scale is projected to be a major influential aspect in determining future surgical equipment shipments around the world. An increasing number of ambulatory surgical centers, supportive government initiatives, and the rising prevalence of ailments such as cardiovascular disorders, thyroid issues, and other chronic diseases that require precise medical attention are also expected to favour surgical instrument sales in the future.
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Key trends in the surgical equipment market:
- There is a growing trend towards minimally invasive surgical procedures, which use small incisions and specialized surgical equipment to reduce patient trauma, pain, and recovery time. This trend is driving demand for specialized surgical equipment, such as laparoscopic instruments, endoscopes, and robotic surgical systems.
- Inclination towards personalized medicine is witnessed in the last few years. This tailors medical treatment to an individual patient’s unique genetic and physiological characteristics.
- Robotic surgical systems are becoming increasingly sophisticated, with greater precision, dexterity, and control. These systems are used in a range of surgical specialties, including orthopedics, urology, and cardiac surgery. Automation is also being used to increase efficiency and reduce errors in surgical equipment maintenance and management.
- Growing trend towards sustainable practices in the healthcare industry, with a focus on reducing waste, conserving resources, and reducing environmental impact.
- Market is driven by the development of new and innovative surgical devices that offer improved accuracy, safety, and effectiveness. This includes advancements in minimally invasive surgical techniques, robotic surgery systems, and imaging technologies.
- The prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is increasing globally. This has resulted in an increased demand for surgical procedures and surgical equipment.
- With the aging of the global population, the demand for surgical procedures is expected to increase as older adults are more likely to require surgical intervention. This has also led to an increased demand for specialized surgical equipment designed for use in geriatric patients.
- Rising healthcare expenditure, especially in developing countries, has resulted in increased spending on surgical equipment and procedures. This has led to the adoption of new and advanced surgical equipment and devices.
- The demand for cosmetic surgery has been increasing rapidly in recent years, leading to an increased demand for surgical equipment used in these procedures.
- The number of surgical procedures performed globally is increasing, driven by factors such as population growth, increasing disease prevalence, and technological advancements in surgical equipment.
- The increasing stringency of regulations governing the manufacture and sale of surgical equipment has also driven the market, as manufacturers invest in developing equipment that meets regulatory standards.
- Germany is expected to witness high sales of surgical supplies. Investments in healthcare infrastructure development are expected to contribute to the adoption of surgical equipment during the forecast period.
- Moreover, surgical gowns and surgical retractors are anticipated to witness a rise in demand in many European countries during the forecast period. Besides this, the rise in pet ownership in Europe is expected to boost demand for veterinary surgical instruments in the coming years.
- United States market is expected to witness moderate growth due to high healthcare expenditure and favourable reimbursement scenario. Besides this, the high adoption of advanced medical devices and the growing popularity of novel minimally invasive surgical instruments are expected to open lucrative opportunities.
The surgical equipment market is highly competitive and constantly evolving, with a range of players vying for market share. Some of the key factors driving competition in this market include:
With a wide range of surgical equipment available in the market, companies that can differentiate their products by offering unique features or benefits are likely to attract more customers.
- For instance, Intuitive Surgical introduced Da Vinci Xi Surgical System and Stryker introduced Mako Robotic-Arm Assisted Surgery System.
- Other launches include Stealth Station S8 Surgical Navigation System by Medtronic and the Brain lab Navigation System by Brain lab.
Key Surgical Equipment Industry Players
- Stryker Corporation
- CONMED Corporation
- Zimmer Biomet Holdings Inc.
- Integra Lifescience Corporation
- Healthium Ltd.
- Meril Life Science Pvt. Ltd.
- Medtronic plc
- Alcon Laboratories Inc.
- Ethicon Inc.
- Olympus Corporation
- Wells Plastics Ltd.
- Aspen Surgical Products Inc
Key Segments of Surgical Equipment Industry Research
- By Product Type :
- Surgical Sutures & Staples
- Surgical Handheld Instruments
- Grasping Instruments
- Retractors & Dilators
- Cutting Instruments
- Electrosurgical Devices
- By Application :
- General Surgeries
- Bariatric Surgeries
- Plastic Surgeries
- By End User :
- Ambulatory Surgical Centers
- By Region :
- North America
- Latin America
Key Questions Covered in the Surgical Equipment Market Report
- What was the sales value of the Surgical Equipment market in 2022?
- At what rate will the global Surgical Equipment market grow until 2032?
- Which are the factors hampering the growth in Surgical Equipment market?
- Which region is expected to lead in the global Surgical Equipment market during 2023-2032?
- Which are the factors driving the Surgical Equipment market during the forecast period?
- What is the expected market value of the Surgical Equipment market during the forecastperiod?