PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454142
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454142
Surgery Instruments Market size was valued at USD 16,902.35 Million in 2023, expanding at a CAGR of 10.20% from 2024 to 2032.
Surgical tools are handheld devices utilized by medical professionals to carry out various surgical procedures. Within an operating room, there is a wide array of instruments such as scalpels, forceps, scissors, retractors, and clamps that are commonly used. Depending on the type of surgery being performed, specialized instruments like bone saws, files, drills, and mallets may be necessary. These tools are typically constructed from materials like carbon steel, stainless steel, aluminum, or titanium, and are manufactured in different sizes to suit specific needs.
Surgery Instruments Market- Market Dynamics
Increasing Prevalence of Chronic Diseases is expected to drive the growth of market
The increase in chronic conditions such as cardiovascular diseases, cancer, diabetes, and orthopedic disorders necessitates surgical procedures for diagnosis, treatment, and management. The growing incidence of chronic diseases, in conjunction with demographic shifts like population aging and changes in lifestyle, results in a heightened need for surgical interventions. According to the Centers for Disease Control, chronic diseases constitute approximately 75 percent of total healthcare expenditures in the United States, averaging around USD5300 per individual annually. Furthermore, continuous advancements in surgical techniques and equipment technology offer an opportunity for market growth. However, the substantial costs associated with acquiring, maintaining, and upgrading surgical instruments may hinder market advancement.
Surgery Instruments Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.20% over the forecast period (2024-2032)
Based on product type segmentation, Handheld Devices was predicted to show maximum market share in the year 2023
Based on Category segmentation, Disposable was the leading type in 2023
Based on Application segmentation, Neurosurgery was the leading type in 2023
Based on End-User segmentation, Hospitals was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Surgery Instruments Market is segmented on the basis of Product Type, Category, Application, End-User, and Region.
The market is categorized into five segments according to the type of product they offer. These segments include Handheld Devices, Sutures and Staplers, Inflation Devices, Cutting Instruments, Powered and Electrosurgical Devices, and Others. Among these categories, Handheld Devices hold the largest market share. Handheld devices are designed to cater to various surgical specialties and procedures such as neurosurgery, orthopedic surgery, cardiovascular surgery, and ophthalmic surgery. These devices empower surgeons to navigate through anatomical structures, evaluate tissue viability, and execute precise interventions while minimizing the chances of harm to nearby structures.
The market is segmented into two categories: Reusable and Disposable. The Disposable segment holds the majority share in the market. Disposable surgical instruments provide numerous benefits compared to traditional reusable instruments. They remove the necessity for instrument reprocessing, sterilization, and upkeep, resulting in time and resource savings for hospitals.
The market is segmented into five categories according to Application: Neurosurgery, Obstetrics & Gynecology, Wound Closure, Cardiovascular, Plastic & Reconstructive Surgery, Orthopedic, Laparoscopy, and Others. Neurosurgery holds the largest market share. Neurosurgery necessitates a diverse range of specialized tools tailored to meet the intricate demands of the nervous system and the complexities of brain and spine surgeries.
The market is segmented into three groups according to End-User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. The Hospitals segment holds the largest share in the market. Hospitals often need customized surgical instruments designed for particular surgical specialties or procedures. They procure specialty instruments to meet the varied requirements of their surgical units and to enhance patient care.
Surgery Instruments Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market growth is anticipated to be primarily driven by North America, attributed to the increasing number of surgical centers and government investments. The rise in surgical centers, such as ambulatory surgical centers (ASCs) and specialty hospitals, in North America presents a significant growth potential for the Surgery Instruments market. In 2020, the United States (U.S.) witnessed a surge in medical and health research and development (R&D) investment, reaching USD245.1 billion, marking an 11.1% increase from the previous year. Moreover, a study revealed that 75% of Americans support the idea of doubling federal government spending on medical research, as reported by U.S. Investments in Medical and Health Research and Development. Europe is projected to be the second largest region for market growth during the forecast period, driven by the increasing incidence of accidents and injuries.
The competitive landscape of the surgery instruments market is shaped by various factors, such as technological advancements, product differentiation, pricing strategies, regulatory compliance, and customer service excellence. Manufacturers need to strategically navigate these dynamics in order to gain a competitive advantage, sustain growth, and meet the changing needs of surgeons and healthcare providers worldwide. By collaborating with healthcare institutions, research organizations, and industry stakeholders, manufacturers can leverage complementary expertise, access new markets, and drive innovation. An example of such collaboration is the recent partnership between Medtronic plc, a global leader in medical technology, and Surgical Theater. They have joined forces to integrate Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system. This collaboration will empower neurosurgeons to utilize AR technology in real-time, enhancing visualization during complex cranial procedures.
Surgical Holdings, a leading surgical instrument manufacturer, has recently introduced a comprehensive green initiative aimed at reducing both its own and the NHS's carbon footprint. As part of this initiative, they have launched the innovative Ethical Duty Smart Repair service, which actively promotes the repair and refurbishment of surgical instruments and other medical devices to combat global steel wastage.
Furthermore, advancements in medical instruments have made it possible for surgeons to perform abdominal surgery without the need for significant incisions. This is particularly beneficial considering the rise in work hours, sedentary lifestyles, and stress levels, which often contribute to work-life imbalance and subsequent abdominal and pelvic health issues.
GLOBAL SURGERY INSTRUMENTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Medtronic plc
Progressive Medical, Inc.
Scanlan International
Abbott Laboratories Inc.
Boston Scientific Corporation
HOYA Corporation
Koninklijke Philips N.V.
Biolitec AG
Stryker Corporation
Johnson & Johnson
Others