PUBLISHER: The Business Research Company | PRODUCT CODE: 1435578
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435578
Surgical equipment encompasses a collection of tools or devices designed for functions such as cutting, dissecting, grasping, holding, retracting, or suturing. The majority of surgical instruments are typically crafted from stainless steel.
The primary categories of surgical equipment include surgical sutures and staples, handheld surgical devices and equipment, as well as electrosurgical devices and equipment. Surgical sutures, commonly known as stitches, are sterile threads employed in surgery to mend cuts and close incisions. Staples, in this context, refer to a central location used for the sale or exportation of commodities in bulk. Expenditure types include both public and private, with products ranging from instruments/equipment to disposables. The diverse end-users of these surgical equipment include hospitals and clinics, diagnostic laboratories, and other related institutions.
The surgical equipment market research report is one of a series of new reports from The Business Research Company that provides surgical equipment market statistics, including surgical equipment industry global market size, regional shares, competitors with a surgical equipment market share, detailed surgical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the surgical equipment industry. This surgical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The surgical equipment market size has grown strongly in recent years. It will grow from $29.98 billion in 2023 to $32.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion observed in the historical period can be ascribed to factors such as the global expansion of medical tourism, an increase in ambulatory surgery centers, government investments in healthcare infrastructure, emphasis on infection control measures, and the implementation of training and education programs.
The surgical equipment market size is expected to see strong growth in the next few years. It will grow to $43.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to a heightened demand for elective surgeries, a concentration on outpatient surgical care, preparedness for global health crises, a patient-centric approach to healthcare, a focus on environmental sustainability, and efforts towards regulatory harmonization. Key trends expected during this period encompass advancements in robot-assisted surgery, the integration of augmented reality (AR) in surgery, the adoption of remote and telesurgery, the development of customized surgical instruments, and the utilization of smart implants and prosthetics.
The increasing demand for minimally invasive surgery (MIS) is set to drive the need for advanced surgical equipment. MIS involves surgical procedures with minimal incisions compared to traditional or open surgery, offering advantages such as quicker healing and recovery times, reduced scarring, cost-effectiveness, minimal trauma and pain, and a lower risk of infections and complications. Innovations in medical technology have resulted in the creation of advanced surgical equipment, including Da Vinci surgical systems, C-arm devices, and electrosurgical and power-assisted surgical equipment. These devices, facilitating MIS, are expected to be key drivers of the surgical equipment market in the forecast period.
The anticipated growth of the surgical equipment market is fueled by an increasing number of surgeries. Surgery, a medical discipline addressing injuries, illnesses, and disorders through manual and instrumental methods, relies on surgical equipment and tools used by surgeons and medical professionals for safe and effective procedures. For example, in April 2022, The Aesthetic Society reported a 54% increase in surgical procedures in 2021, with plastic surgeons performing 320 surgical procedures compared to 220 in 2020. This surge in surgical procedures is a significant factor propelling the growth of the surgical equipment market.
A global uptick in interest rates is expected to impede new investments in the forecast period. Many countries worldwide are raising interest rates to curb inflation and control capital outflows. This development is such as ly to impact new investments, hindering expansion, research, and the development of new products. For instance, US interest rates are projected to reach 3.5% by 2021. Such factors are anticipated to have a negative effect on the market, as increased borrowing costs make it challenging for companies in the surgical equipment market to secure funds for the development of new devices, thereby affecting overall market growth.
Major players in the surgical equipment market are placing a strong emphasis on the development of innovative products, such as TrueDent resin, to enhance their market profitability. TrueDent, an FDA-cleared (Class II) patented resin, is specifically designed for 3D printing of dentures, temporary crowns, and bridges using the J5 DentaJet platform. Stratasys Ltd., a US-based additive manufacturer, exemplified this focus by launching TrueDent resin in February 2023. It marks the company's inaugural FDA-cleared medical device, functioning as a light-curing material engineered for 3D printing. Targeted for use with the J5 DentaJet platform, TrueDent resin facilitates the precise production of aesthetically pleasing monolithic dentures, temporary crowns, and bridges, ensuring patients receive well-fitted and functionally effective dental solutions.
Surgical equipment manufacturers are also introducing advanced ultrasonic surgical devices to simplify intricate surgical procedures. These modern ultrasonic devices serve multifunctional roles, encompassing tissue plane dissection, coagulation, and transection during both laparoscopic and open surgical procedures. The next-generation ultrasonic devices integrate adaptive tissue technology, wherein an ultrasonic algorithm actively monitors tissue conditions within the device's jaws. This technology enables the system to intelligently sense and respond to changes in patient tissue conditions, modulating energy delivery based on tissue thickness and type. This optimization enhances vessel sealing and ensures secure and reliable sealing of large vessels. Ethicon's Harmonic devices are exemplary in featuring adaptive tissue technology.
Major companies operating in the surgical equipment market report are Johnson & Johnson (J&J), Abbott Laboratories, Cousin Surgery LLC, 3M Company, Medtronic PLC, Becton Dickinson and Company, Philips, Stryker Corporation, GE Healthcare, Meril Life Science Pvt. Ltd., Boston Scientific Corporation, Alcon Laboratories Inc., B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., Olympus Corporation, Intuitive Surgical Inc., Smith & Nephew PLC, Hoya Corporation, Ethicon Inc., Sonova Holding AG, ResMed, Cadence, Getinge Group, Integra LifeSciences Holdings Corporation, CONMED Corporation, KLS Martin Group, Aspen Surgical Products Inc., Frankenman International Limited, Fuhrmann GmbH, Entrhal Medical GmbH
North America was the largest region in the global surgical equipment market in 2023. Western Europe was the second-largest region in the global surgical equipment market. The regions covered in the surgical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the surgical equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The surgical equipment market consists of sales of instruments such as forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, and cutter instruments that are used for surgeries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Surgical Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on surgical equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for surgical equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The surgical equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.