The global Surgical Equipments Market is valued at USD 14.1 Billion in 2022 and is projected to reach a value of USD 28.30 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.1% over the forecast period.
Surgical Equipments are tools or devices used to perform specific actions or carry out desired effects during a surgery or operation. These can include modifying biological tissue or providing access for viewing. The global Surgical Equipments market is expected to grow significantly during the forecast period owing to the rising geriatric population, the incidence of lifestyle disorders requiring constant surgeries, and growing healthcare costs. Additionally, studies have indicated a large number of unmet surgical needs. Furthermore, rising technological advancements in minimally invasive surgeries reduced hospital stay post-surgery, and an increased number of ambulatory surgical centers will fuel the growth of the Surgical Equipments market during the forecast period.
The increasing geriatric population is a key factor that will contribute to the market's growth. Individuals over 60 years are at a constant risk of developing disorders that might require constant surgeries compared to the younger population. According to the United Nations, there were more than 382 million people older than 60 years and above across the globe in 2017. This population is expected to increase to 2.1 billion by 2050. Rising awareness regarding non-invasive procedures combined with a cost-effective nature will likely contribute to the Surgical Equipments market during the forecast. According to the Centers for Disease Control and Prevention, increased hip replacements among people 45 and above was more than 310,000 in 2019.
Technological advancements within surgery pieces of equipment combined with rising investments by prominent manufacturers will provide ample growth opportunities for the Surgical Equipments market during the forecast period. Increased government initiatives for developing advanced healthcare infrastructure and favorable policies attract numerous FDIs in developed regions. Rising injuries such as sports injuries, road accident injuries, and increasing cardiac surgeries will further contribute to the global Surgical Equipments market during the forecast period. According to the World Health Organization, more than 32% of global deaths were linked to cardiovascular diseases in 2019. Additionally, according to the Orthopedic Journal of Sports Medicine, athletes in China showed a higher rate of injuries than American athletes. This tendency is expected to contribute to the market growth in China at an exponential rate.
Surgical Equipments Market Size, 2022 To 2030 (USD Billion)
Cancellations of non-invasive surgeries during the COVID-19 pandemic created a backlog as the pandemic rolled on. These cancellations made a backlog that must be cleared after the COVID-19 disruption will account for a sudden growth of the global Surgical Equipments market. For instance, in April 2022, the Victorian government announced that they were investing more than USD 1.5 billion to address the growing number of elective surgery waitlists as part of a catch-up scheme that will increase the surgical capacity for one quarter. The COVID catchup plan is expected to increase capacity to 125% in 2020, with more than 400,000 surgeries planned over the next year.
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- Demographic and Geographic Insights
The likelihood of a US recession was essentially zero from September 2020 to March 2022, the initial phase of the global pandemic. The likelihood of a recession fell to 30% and 50% in April and May, respectively. This increased the possibility of a US economic downturn. Various recession models also forecast when an economic downturn will end. According to these projections, the short supply will be reduced by 70% before recessions end. As the protracted crisis between Russia and Ukraine began to play out in early 2022, the global economy began accelerating its growth. This protracted battle has significantly reduced the chances of a stable expanding state.
Top Market Trends
1. Rising Requirement of Surgeries: According to an article published by the "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage", an estimated 5,000 surgeries will be required to meet the current surgical burden of diseases of 100,000 people in low- and middle-income countries. As per the source, the reported rate of surgeries vary from 295 in low and middle-income countries to 23,000 in high-income countries (HCIs).
2. Increasing Variation in Surgeries: As per the Organization for Economic Cooperation and Development (OCED), the number of cataract surgical procedures reported in 2020 in Turkey was 393,901. While the number of hip replacement surgeries in Italy in 2020 were, 84,647 and caesarean section procedures were approximately 114,601. These surgeries are expected to increase during the forecast period, fuelling the growth of Surgical Equipments market.
3. Technological Advancements: Various technological advancements are constantly taking place in the market. This gives rise to a diverse product portfolio among the dominant players that can deal with numerous complications and requirements. For instance, in March 2022, the British Deputy High Commission in Chennai, announced the unveiling of Freehand Robot. This is the first of its kind in laparoscopic Surgical Equipments.
4. Rising Health Insurance Coverage to Propel Growth: The growing amount of health insurance is gaining importance among developing economies, especially in India. Studies have indicated more than 15% of the total population in India is covered by government health insurance companies, while 2% is covered by private health insurance. Several private entities are entering the market, providing hospitals to provide cashless treatment to consumers. These factors are expected to increase the number of surgeries in India, fuelling the growth of the Surgical Equipments market in India.
The global Surgical Equipments market can be categorized on the following: Product, Category, Application, and Regions. Based on product, the market can be categorized into surgical sutures & staplers, handheld Surgical Equipments, electrosurgical devices, and other Surgical Equipments. By category, the market can be segmented across reusable Surgical Equipments and disposable Surgical Equipments. By application, the market can be fragmented across neurosurgery, plastic & reconstructive surgeries, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, laparoscopy, ophthalmic application, veterinary application, dental application, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Product
Surgical Sutures & Staplers to Account for Largest Market Share Owing to Rising Utilization in Wound Closure Procedures
The surgical sutures and staplers’ segment is expected to dominate the Surgical Equipments market during the forecast period in terms of growth and sales. Factors such as increased adoption rate of sutures and staplers in wound closure procedures combined with rapid healing after usage is expected to contribute to the segmental growth. Additionally, a lower risk of infection combined with various technological advancements is expected to fuel the growth of surgical sutures and staplers. Various government initiatives are further adding to the segmental value. For instance, in June 2021, Ethicon Inc., announced that the National Institute for Health and Excellence (NICE) would issue new medical technological guidance for using sutures developed by the company in surgeries within the National Health Service. Handheld Surgical Equipments will grow with the fastest growing CAGR during the forecast period owing to an inclination towards disposable instruments.
Based on Category
Reusable Surgical Instruments to Occupy Largest Market Share While Disposable Equipment to Grow with the Fastest Growing CAGR
Reusable surgical instruments will dominate the global Surgical Equipments market in terms of sales and revenue. Factors such as rising surgeries post-pandemic are expected to contribute towards the segmental growth. The increased flow of patients in hospitals and specialty clinics combined with rising demand for aesthetic procedures is expected to widen the growth of reusable Surgical Equipments. The disposable Surgical Equipments will grow with the fastest growing CAGR during the forecast period owing to an ongoing trend of reducing cross-contamination and its cost-effectiveness.
Based on Application
Obstetrics & Gynecology to Dominate Market Owing to Rising Number of Birth
The obstetrics & gynecology segment is expected to account for the largest market share in the global Surgical Equipments industry. Factors such as rising number of childbirths during the forecast period is expected to contribute to the segmental growth. The rising prevalence of complications during procedures and increasing variations of women reproductive organ disorders, will give rise to the number of gynecology procedures performed. Studies have indicated a growing number of caesarean deliveries during the forecast period, which will contribute to the obstetrics & gynecology segment. The plastic and reconstructive surgeries will grow with the fastest growing CAGR during the forecast period owing to rising disposable income, technological advancements, and growing demand for improving appearance and aesthetic appeal.
Based on Region
North America to Fuel Largest Market Share Owing to the Presence of a Well-Established Healthcare System
The global Surgical Equipments market is expected to be dominated by the region of North America in terms of revenue and sales. Increasing healthcare expenditure and a well-established healthcare system will contribute to regional growth. The region is also home to numerous prominent manufacturers, primarily in the United States. Rising demand for minimally invasive surgeries and increasing consumer awareness will add to the North American Surgical Equipments market. Also, an ongoing prevalence of chronic diseases and a growing senior population will contribute to the market growth.
Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to rising disposable income from emerging countries such as India, China, and Japan combined with an increasing number of plastic and reconstructive surgeries. Additionally, the increasing geriatric population in the region will lead to a rise in the number of orthopedic and cardiovascular procedures, fuelling the growth of the Asia Pacific Surgical Equipments market.
The global Surgical Equipments market is extremely competitive due to the presence of numerous players. These players constantly innovate their product portfolios due to intense competition and rapid technological advancements. Additionally, these companies focus heavily on their research and development to include a broader range of products. Various strategies such as investments, partnerships, and mergers & acquisitions supplement the fragmented market growth.
The key players in the global Surgical Equipments market include - 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) among others.
Recent Market Developments:
· June 2022: Xenco Medical announced expanding their Ambulatory Surgical Center surgical device portfolio through the United States Food and Drug Administration clearance and launch of their Multilevel Cervikit. The product is a single-use cervical spine technology that includes a comprehensive suite of implants and single-use instruments for 2,3, and 4-level anterior cervical spine procedures.
· June 2022: Ethicon, a part of Johnson and Johnson MedTech, announced that they were launching the ECHELON 3000 Stapler in the United States. This digital device can provide surgeons with simple, one-handed powdered articulations for addressing a variety of unique requirements of their patients.
Segmentation of the Global Surgical Equipments Market
- Products (Surgical Sutures & Staplers, Handheld Surgical Equipment, Electrosurgical Devices, Other Surgical Equipment)
- Categories (Reusable Surgical Equipment, Disposable Surgical Equipment)
- Applications (Neurosurgery, Plastic & Reconstructive Surgeries, Wound Closure, Urology, Obstetrics & Gynecology, Thoracic Surgery, Microvascular, Cardiovascular, Orthopedic Surgery, Laparoscopy, Ophthalmic Applications, Veterinary Applications, Dental Applications, Other Applications)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, 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 Middle East & Africa)
- 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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