PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629295
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629295
Surgical Equipment Market size was valued at USD 16,029.43 million in 2023, expanding at a CAGR of 9.62% from 2024 to 2032.
Surgical equipment encompasses a wide array of instruments and devices utilized in surgical procedures to ensure operations are conducted safely and efficiently. These tools are specifically designed to assist surgeons in numerous tasks, ranging from cutting and dissecting tissues to suturing wounds and monitoring the vital signs of patients. The use of surgical equipment is crucial across multiple surgical specialties, such as general surgery, orthopedic surgery, cardiovascular surgery, neurosurgery, and others.
Surgical Equipment Market- Market Dynamics
The increasing incidence of chronic diseases is anticipated to propel market expansion. The rise in conditions such as diabetes, cardiovascular diseases, and obesity is contributing to a higher frequency of surgical procedures. These health issues frequently necessitate surgical interventions for effective management and treatment, thereby increasing the demand for surgical instruments. A substantial portion, specifically ninety percent, of the nation's annual healthcare spending, which amounts to USD 4.5 trillion, is allocated to individuals suffering from chronic and mental health disorders. Nevertheless, the rapid economic development and enhancement of healthcare infrastructure in emerging markets offer considerable prospects for market growth. Conversely, the high costs associated with advanced medical equipment may pose challenges to this growth.
Surgical Equipment 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 9.62% over the forecast period (2024-2032)
Based on product type segmentation, Surgical Sutures & Staplers was predicted to show maximum market share in the year 2023
Based on Category segmentation, Disposable Surgical Equipment was the leading segment in 2023
Based on Application segmentation, Laparoscopy was the leading segment in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Surgical Equipment Market is segmented on the basis of Product Type, Category, Application, and Region.
The market is segmented into three distinct categories according to product type: Surgical Sutures & Staplers, Handheld Surgical Devices, and Electrosurgical Devices. Among these, Surgical Sutures & Staplers hold a dominant position in the market. These devices are essential for wound closure following surgical interventions, significantly contributing to reduced recovery times, lower infection risks, and enhanced surgical outcomes.
The market is classified into two segments: Reusable Surgical Equipment and Disposable Surgical Equipment. The latter holds a dominant position in the market. The rising demand for disposable surgical instruments can be attributed to an enhanced emphasis on infection control, the convenience associated with single-use items, and the increasing volume of surgical procedures conducted globally.
The market is segmented into seven categories according to their applications: Neurosurgery, Plastic and Reconstructive Surgery, Wound Closure, Obstetrics and Gynecology, Cardiovascular, Laparoscopy, Orthopedic, and Others. Laparoscopy is the leading contributor to market growth, as it is employed in a range of surgical procedures, such as gallbladder removal, hernia repair, appendectomy, and operations related to the stomach, intestines, and reproductive systems.
Surgical Equipment Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads the market, driven by the demand for cutting-edge medical equipment. This region is a leader in healthcare technological advancements. Hospitals and surgical facilities are progressively integrating advanced surgical technologies, such as robotic-assisted systems, minimally invasive instruments, and high-definition imaging devices, to enhance surgical results and ensure patient safety. In 2020, the Medical Devices sector employed more than 329,000 individuals, with an annual payroll nearing USD 25.8 billion in the United States. The Biopharmaceuticals sector employed over 224,000 people, with an annual payroll of approximately USD 21.2 billion. Among the subsectors of the Medical Devices industry, Surgical and Medical Instrument Manufacturing recorded the highest sales, with a shipment value or revenue of around $36.3 billion in 2020, as reported by the U.S. Department of Commerce International Trade Administration. Europe ranks as the second-largest region for market growth, attributed to the increasing demand for minimally invasive procedures.
Leading companies are prioritizing innovation, quality, and strategic alliances to sustain their market presence. There is a concerted effort to enhance surgical accuracy through the use of robotic technology, advanced instruments, and the integration of artificial intelligence, all of which contribute to improved outcomes and operational efficiency. With the increasing demand for surgical procedures, particularly in developing regions, competition is expected to escalate, fostering additional advancements and enhancements in surgical care.
On December 14, 2023, B. Braun Medical Inc. (B. Braun), a prominent figure in the fields of smart infusion therapy and pain management, revealed the introduction of its latest product, the CARESITE Micro Luer Access Device. This innovative device aims to minimize exposure to hazardous chemicals and lower the risk of infections, thereby enhancing the safety of intravenous access for both patients and healthcare professionals.