Global Surgical Equipment Market Overview
The key driver impacting the surgical equipment market is the rapidly growing number of chronic diseases that lead to the increased number of surgeries. The growing incidences of several chronic and acute diseases such as cancer, diabetes, obesity, and heart disease worldwide lead to more surgeries, creating more demand for surgical equipment. According to National Center for Biotechnology Information (NCBI), almost one in three adults suffers from multiple chronic conditions (MCCs). The WHO report shows that chronic disease accounts for 60% of the worldwide disease burden in 2020. Cancer accounts for 9.6 million deaths in 2018, and it is the 2nd leading cause of death globally. There are one in six deaths that occurred due to cancer. Due to the rise in chronic diseases, there is a considerable rise in surgeries. According to the World Health Organization (WHO), about 234.2 million critical surgeries are conducted globally annually. The growing number of surgeries will, in turn, drive demand for surgical equipment. Moreover, the rising number of road and other accidents and the increasing development of advanced visualization products for surgery contribute to market growth in the forecast period. Whereas with regards to volume, the market was calculated XXX Units in 2020 and foreseen to grow with a CAGR of X.X% during 2021-2027.
According to Value Market Research, the global surgical equipment market size was valued at around USD 9250 million in 2020 and is estimated to develop at a CAGR of about 10% during the forecast period 2021 to 2027.
The rise in the geriatric population and the rising healthcare expenditure burden is likely to augment demand for surgical equipment in the forecast period. According to the WHO global report, global spending on health continues to rise. In 2017, it was US$ 7.8 trillion or and $1,080 per capita increase from US$ 7.6 trillion in 2016. During 2000 and 2017, global health spending in real terms grew from 3.9% a year. However, the high cost of surgical devices may hamper the market in the long run. The strict regulatory policies and risk of contamination of surgical equipment are negatively impacting the market. The current industry trends, such as patient awareness about the cost benefits of early surgical intervention and efficient patient counseling during physician visits, are expected to provide market players with profitable market opportunities.
The surgical equipment market is vast, with many local and global players. The surgical equipment market is extensive, with many local and international players. The key leaders follow various strategies to elevate their market position, such as product upgrades, extending product portfolio, contracts, amalgamation, and acquisitions, to raise their market share across the globe. For instance, n November 2020, Aspen Surgical acquired Protek Medical Products, Inc., intending to build up its distribution network and R&D capability. The significant players studied in the report are Medtronic PLC, Micron Biomedical, Inc., Ethicon, Inc., Stryker Corp., Alcon Laboratories, Inc., Aspen Surgical Products, Inc., and Alcon Laboratories, Inc.
In this research report, the surgical equipment market is segmented by product, application, and region.
Analysis by Product:
By product, the report is categorized into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The surgical sutures & staplers dominate the product segment with over 45% share in 2020. It is due to the rise in the number of surgeries performed globally and its frequent use in all types of surgeries. Moreover, these equipment are used mainly in wound closure procedures. The advantages of staplers such as the low risk of infection and rapid wound healing are expected to drive surgical sutures & staplers' demand in the forecast period.
Analysis by Application:
By applications, the report is categorized into neurosurgery, plastic & reconstructive surgery, wound closure, obstetrics & gynecology, cardiovascular, orthopedic, and others. The obstetrics & gynecology segment dominates the applications segment with over 20% share in 2020. It is due to the rising prevalence of female reproductive organ disorders that contribute to the increasing number of gynecologic surgeries. Moreover, the rapidly growing number of childbirths and preference for cesarean deliveries is expected to drive the surgical equipment demand in performing obstetrics & gynecology surgeries in the forecast period.
Analysis by Region:
In the regional outlook of the global surgical equipment market, the North America region dominates globally with a 40% market share during the forecast period. It is due to the technological advancements in minimally invasive surgical procedures and the availability of skilled surgeons in the U.S. The arrival of new technologies, the mounting aging population, and a favorable regulatory framework also positively impact regional growth. Moreover, high healthcare expenditure in the U.S. resulting in well-established hospital infrastructure contributes to market growth across North America.
Market Segmentation covered in the Report:
By Product
- Surgical Sutures & Staplers
- Handheld Surgical Devices
- Forceps & Spatulas
- Retractors
- Dilators
- Graspers
- Auxiliary Instruments
- Cutter Instruments
- Others
- Electrosurgical Devices
By Application
- Neurosurgery
- Plastic & Reconstructive Surgery
- Wound Closure
- Obstetrics & Gynecology
- Cardiovascular
- Orthopedic
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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