Surgical Equipment Market Size & Share to Surpass $25.94 Billion by 2030

WASHINGTON, April 03, 2023 (GLOBE NEWSWIRE) -- Global Surgical Equipment Market is valued at USD 14.1 Billion in 2022 and is projected to reach a value of USD 25.94 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.1% over the forecast period 2023-2030.

Market Overview

The main drivers of the industry are the aging population, an increase in the incidence of lifestyle problems that eventually necessitate operations, rising medical costs, and huge unmet medical requirements. In addition to these elements, the market is predicted to grow throughout the forecast period due to technical developments in minimally invasive surgical procedures, reduced hospital stays, catheter insertion, and increased outpatient surgery facilities.

We forecast that sales of the sutures and staplers category in the Surgical Equipment market will account for more than 47% of total sales by 2028. This can be related to the widespread use of sutures and staplers in wound closure techniques and their widespread adoption. Due to the advantages of staplers over sutures, the segment for staplers is anticipated to grow.

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Market Dynamics

Advancements in Minimally-Invasive Procedures to Support Market ExpansionThe market for Surgical Equipment is gradually growing due to the rising popularity of minimally invasive procedures. The rise in chronic sickness and accident cases has also fueled the market expansion. Recent developments in minimally invasive surgeries are proof of important equipment innovations in the surgical field that has supported market expansion in the past. Surgeons are now able to perform intricate surgeries with better precision. These are a few of the innovations that fuel the market's expansion.

Rise in Surgeries in the Surgical Equipment Industry to Drive the Market GrowthThe Surgical Equipment sector benefits from the rising number of operations. The number of surgeries has increased significantly in recent years, notably, general surgery, which is developing and executing on the esophagus, appendix, stomach, large and small intestines, liver, gallbladder, pancreas, and bile ducts. Additionally, a crucial factor in the market's expansion had been the increased frequency of degenerative illnesses on a global scale. The desire for sophisticated Surgical Equipment that enables more precise treatment has increased as thyroid conditions become more prevalent globally. This should be advantageous for the Surgical Equipment market.

Top Players in the Global Surgical Equipment Market

B. Braun SE (Germany)

Boston Scientific Corporation (U.S.)

CONMED Corporation (U.S.)

Entrhal Medical GmbH (Germany)

Fuhrmann GmbH (Germany)

Smith+Nephew (U.K.)

Zimmer Biomet (U.S.)

Stryker (U.S.)

Alcon Vision LLC (U.S.)

Aspen Surgical (U.S.)

Medtronic (Ireland)

Ethicon Inc. (U.S.)

BD (U.S.)

KLS Martin Group (U.S.)

MEDICON eG (Germany)

KARL STORZ (Germany)

Olympus Corporation (Japan)

Erbe Elektromedizin GmbH (Germany)

Integra LifeSciences (U.S.)

Getinge AB (Sweden)

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Top Trends in Global Surgical Equipment Market

One trend that Vantage Market Research (VMR) expects to see in the Surgical Equipment industry is the growing demand for power tools in surgical procedures. The expanding requirement for power tools will drive the need for Surgical Equipment. The market for surgical power tools benefits from the rise in interest in minimally invasive techniques. The use of battery-driven cordless surgical power tools is growing due to their benefits. Manufacturers are concentrating more and more on employing lithium-ion batteries in surgical instruments. The effectiveness of surgeons' workflow is anticipated to increase as a result. High energy density, a long lifecycle, enhanced dependability, and performance criteria are all features of these batteries. Additionally, there has been a rise in the desire for cordless surgical instruments.

Another trend that VMR predicts will continue in the Surgical Equipment industry is rising investments and technological advancement. Growth prospects are anticipated shortly because of technical developments in Surgical Equipment and increased market investments. In the healthcare industry as a whole, there is an increasing demand for cutting-edge and creative Surgical Equipment. The growth of Surgical Equipment is being boosted by increased government expenditure in the construction of healthcare facilities and welcoming policies to draw FDI to developing regions.

Top Report Findings

Based on Products, most of the Surgical Equipment market's revenue is controlled by the surgical sutures and staplers category. The widespread use of surgical sutures and staplers for wound closure has expanded consumption and established this market's dominance. Staplers have a reduced likelihood of infection and promote rapid wound healing, which further supports the segment's growth.

Based on Categories, the disposable Surgical Equipment category controls most of the Surgical Equipment market's revenue. This is because disposable Surgical Equipment has become increasingly popular over time and is used more frequently during procedures, including orthopedic, exploratory surgery, plastic and reconstructive surgery, and others.

Based on Applications, most of the Surgical Equipment market's revenue is controlled by the consumer category. Factors like rising disposable cash, technical advances, and rising consumer demand for improved aesthetic appeal are predicted to propel the segment's expansion. This industry's expansion is also greatly aided by the increasing number of people selecting employment in the entertainment sector, which places greater emphasis on looks.

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Recent Developments in the Global Surgical Equipment Market

June 2022- The surgical device portfolio for its Ambulatory Surgical Centers was expanded by Xenco Medical with the launch and approval of its Multilevel CerviKit by the U.S. Food and Drug Administration. This single-use cervical spine technology fully complements implants and single-use tools for 2, 3, and 4-level anterior cervical spine surgeries.

June 2022- Johnson & Johnson MedTech subsidiary Ethicon debuted the ECHELON 3000 Stapler in the U.S. It is a digitally enabled instrument that enables simple, one-handed powered articulation for surgeons to help them handle the unique demands of their patients.

Surgical Sutures & Staplers Category in Surgical Equipment Market to Generate Most of the Device Types segment Revenue For better understanding, based on the Device Types, the Surgical Equipment market is divided into Surgical Sutures & Staplers, Handheld Surgical Equipment, Electrosurgical Devices and Other Surgical Equipment

During the forecast period, the market for Surgical Equipment is anticipated to experience the highest CAGR for the Surgical Sutures & Staplers category. This segment is anticipated to contract during the projected period due to consumer preferences shifting from conventional to minimally invasive surgeries. The market for minimally invasive procedures is the one that is expanding at the highest rate due to the strong demand for them and technological developments.

On the other hand, the Electrosurgical Devices category is anticipated to grow significantly. This is linked to the development of minimally invasive surgery and the population's quickly rising popularity. Quick recovery and shorter hospital stays are two benefits of minimally invasive surgery. This market's growth is anticipated to be significantly accelerated by technological developments and the creation of new electrosurgical instruments.

North America Region in Surgical Equipment Market to Generate a Major Chunk of the Global Revenue North America dominates the market throughout the projection period. The market in the region is expanding as a result of factors including high healthcare costs, the presence of reputable hospitals, and large businesses operating in the U.S. Additionally, it is predicted that throughout the forecast period, technological developments and increased demand for minimally invasive surgeries will propel the regional market.

The Asia Pacific region is projected to be the fastest-growing segment in the market. The market's growth is anticipated to be boosted by rising disposable income in nations like China and India, which will also support the expansion of the regional industry. Musculoskeletal and cardiovascular operation volumes are predicted to increase as the region's aging population grows.

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Surgical Equipment Market Forecast Report (2023-2030).

Global Surgical Equipment Market Segmentation

BY Products

Surgical Sutures & Staplers

Handheld Surgical Equipment

Electrosurgical Devices

Other Surgical Equipment

BY Categories

Reusable Surgical Equipment

Disposable Surgical Equipment

BY Applications

Neurosurgery

Plastic & Reconstructive Surgeries

Wound Closure

Urology

Obstetrics & Gynecology

Thoracic Surgery

Microvascular

Cardiovascular

Orthopedic Surgery

Laparoscopy

Ophthalmic Application

Veterinary Application

Dental Application

Other Applications

By Region

North America

United States

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-East Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of MEA

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Scope of the Report:

Report Attributes

Details

Market Size in 2022

USD 14.1 Billion

Revenue Forecast by 2030

USD 25.94 Billion

CAGR

9.1% from 2023 to 2030

Base Year

2022

Forecast Year

2023 to 2030

Key Players

B. Braun SE, Boston Scientific Corporation, CONMED Corporation, Entrhal Medical GmbH, Fuhrmann GmbH, Smith & Nephew, Zimmer Biomet, Stryker, Alcon Vision LLC, Aspen Surgical, Medtronic, Ethicon Inc., BD, KLS Martin Group, MEDICON eG, KARL STORZ, Olympus Corporation, Erbe Elektromedizin GmbH, Integra LifeSciences, Getinge AB

Customization Request

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Key Questions Answered in the Surgical Equipment Market Report are:

What is the current size and growth rate of the global surgical equipment market?

What are the key drivers, challenges, and trends influencing the market growth?

What are the different types of surgical equipment and their applications?

Who are the major players operating in the market and what is their market share?

What is the competitive landscape of the market?

What is the demand for surgical equipment in different regions and countries?

What are the regulations and standards governing the manufacturing and sale of surgical equipment?

What is the pricing analysis of surgical equipment?

What are the technological advancements and innovations in surgical equipment?

What is the future outlook and growth prospects of the surgical equipment market?

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