Surgical Equipments - Market Insights, Competitive Landscape, and Market Forecast - 2030

Surgical Equipment Market By Product (Surgical Sutures & Staplers, Electrosurgical Devices, And Handheld Surgical Equipment {Retractors, Dilators, Forceps & Spatulas, And Others}, And Others), By Application (Cardiovascular, Neurology, Orthopedics, Gynecology, General Surgery, And Others), By End-User (Hospital, Ambulatory Surgical Centers, And Others) by geography is estimated to register growth at a steady CAGR forecast during 2024-2030 owing to increase in number of surgeries and rising geriatric population

The global surgical equipment market will grow at a CAGR of 7.87% during the forecast period from 2024 to 2030. The surgical equipment market is anticipated to witness prosperity owing to factors such as an increase in the number of surgeries that demand more surgical equipment in the market. Furthermore, advancement in product development over the last decade has fueled the market growth of the surgical equipment industry. An increase in the geriatric population is another factor that will result in appreciable revenue growth in the surgical equipment market during the forecast period (2024-2030).

Surgical Equipment Market Dynamics:

One of the major factors which are driving the surgical equipment market is the rising geriatric population globally. The geriatric population is more prone to various disorder which needs to be treated with surgical devices such as various ophthalmological conditions, and gynecological and orthopedic surgeries.

According to WHO, by 2050, the world's population of people aged 60 years and older will double to almost 2.1 billion. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Studies have estimated that approximately 53% of all surgical procedures are performed on patients over the age of 65, thereby fueling the growth of the surgical equipment market in the forecast period of 2024-2030.

As per the research study titled "Infections in the Elderly Critically Ill Patients" published in June 2019, heart failure is a chronic disease that increases with age. Elderly patients who are hospitalized for the management of heart failure are more prone to infection due to multiple organ system disorders.

According to the Organization for Economic Cooperation and Development (OECD), the number of hip replacement procedures in Italy in 2020 was 84,647, and cesarean section procedures were approximately 114,601. As per OECD, on average, hip replacement rates in OECD countries increased by 22% between 2009 and 2019, and knee replacement rates by 35%.

Thus, all the above factors are driving the growth of the surgical equipment market in the forecast period of 2024-2030.

COVID-19 has adversely impacted the surgical equipment market. Due to social distancing, many hospitals were restricted to perform non-elective procedures and surgeries. Furthermore, during the pandemic, the ICU beds were occupied by COVID-19-affected patients. As per a research study published in 2022 titled "A Nation-Wide Review of Elective Surgery and COVID-Surge Capacity" in 2020, there was a 91% reduction from baseline in the number of elective surgeries performed allowing 78% of surgical ICU beds to be available for COVID-19 positive patients in the US. However, with vaccination and lockdown restrictions uplifted, the market is expected to return to normalcy.

There are certain restraining factors to the growth of the surgical equipment market such as the high cost required for launching new products and the introduction of surgical robots. These above-mentioned factors will act as barriers that will impact the market growth during the forecast period from 2024-2030.

Surgical Equipment Market Segment Analysis:

Surgical equipment market by Product (Surgical Sutures & Staplers, Electrosurgical Devices, and Handheld Surgical Equipment {Retractors, Dilators, Forceps & Spatulas, and Others}, and Others), by Application (Cardiovascular, Neurology, Orthopedics, Gynecology, General Surgery, and Others), by End User (Hospital, Ambulatory Surgical Centers, and Others), Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the product segment of the surgical equipment market, electrosurgical devices are expected to grow with the highest CAGR during the forecast period of 2024-2030. This can be ascribed to the increased usage of these devices lately.

Electrosurgery is defined as the use of high-frequency electric current to desiccate, coagulate, and fulgurate biological tissues. Electrosurgery is most commonly used in gynecological and ophthalmology applications. Furthermore, electrosurgical devices carry any surgery in the most minimally invasive way.

Furthermore, ongoing advancement in the field of electrosurgical devices is paying way for the growth of the market segment in the forecast period. For instance, in June 2022, Ethicon launched the ENSEAL X1 Curved Jaw Tissue Sealer. This advanced bipolar energy device increases procedural efficiency and provides more robust sealing and better access to more tissue. This device is indicated for colorectal, gynecological, bariatric, and thoracic procedures.

All these increases in the usage of electrosurgical devices correspond to the increased market share of the segment, thereby increasing the market growth for the surgical equipment market in the forecast period of 2024-2030.

North America is expected to dominate the overall Surgical Equipment Market:

Among all the regions, North America is expected to lead in revenue generation in the global surgical equipment market. The highest growth in the region is registered due to the reasons such as an increase in the number of surgeries, and the presence of major market players in the region. Furthermore, a large pool of surgeons and access to the best equipment due to healthcare cost is other major factor.

According to the data published in Healthcare Cost and Utilization Project 2022, the volume of ambulatory surgeries performed at US community hospitals has grown consistently over the past quarter century, increasing from 13.4 million surgeries in 1995 to 19.2 million surgeries in 2018. As per the same source in 2019, 11.9 million surgeries took place in hospital-owned facilities.

As per the report published by the Canadian Institute for Health Information in June 2022, in Canada, around 75,073 knee replacement surgeries were performed in 2020. Furthermore, as per the statistics, more than 1.2 million plastic surgeries are being performed annually in Mexico. Therefore, such a rise in the number of different surgeries indicates considerable market growth in this region.

Furthermore, as per the 2019 study quoted in International Osteoporosis Foundation, based on almost 380,000 fractures in female Medicare beneficiaries, 10% had another fracture within 1 year, 18% within 2 years, and 31% within 5 years in the US.

Apart from this, according to the latest report from the US Bureau of Labor and Statistics, between 2020-2030 physician and surgeon employment is projected to grow by about 3%. The report estimates about 22,700 new physicians and surgeons will be hired nationwide each year. Thus all these factors point towards a growing surgical equipment market for the North American region in the forecast period of 2024-2030. Another major factor contributing to the growth of the surgical equipment market is the presence of major players in the region which eventually contribute to new products and technologies in the North American region. Therefore, expected to bolster the growth of the surgical equipment market in the North American region during the forecast period of 2024-2030.

Surgical Equipment Market Key Players:

Some of the key market players operating in the surgical equipment market include B Braun Melsungen AG, Boston Scientific Corporation, Cadence, CONMED Corporation, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith & Nephew, Stryker Corporation, Johnson & Johnson (Ethicon), Zimmer Biomet, Frankenman International Limited, Intuitive Surgical Inc., Meril Life Science Pvt. Ltd, 3M Company, Alcon Laboratories Inc., Aspen Surgical Products Inc., Becton, Dickinson and Company, Entrhal Medical GMbH, Integra Life Sciences Holdings Corporation, and others.

Recent Developmental Activities in the Surgical Equipment Market:

In June 2022, Ethicon announced the US launch of the ECHELON 3000 Stapler, a digitally enabled device that provides surgeons with simple, one-handed powered articulation to help address the unique needs of their patients.

In September 2022 ENTOD Pharmaceuticals announced the launch of their super-specialty ophthalmic surgical division, 'HyTek' which will cater to advanced solutions for ophthalmic surgical needs.

Key Takeaways from the Surgical Equipment Market Report Study

• Market size analysis for current surgical equipment market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the surgical equipment market.
• Top key product developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global surgical equipment market.
• Various opportunities available for the other competitor in the surgical equipment market space.
• What are the top performing segments in 2023? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current surgical equipment market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for surgical equipment market growth in the coming future?

Target Audience who can be benefited from this Surgical Equipment Market Report Study

• Surgical equipment products providers
• Research organizations and consulting companies
• Surgical equipment-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in surgical equipment
• Various distribution channels who want to know more about the surgical equipment market and the latest product innovations in the surgical equipment market.

Frequently Asked Questions for the Surgical Equipment Market:

1. What is Surgical equipment?

Surgical equipment is a tool or device to be used during the surgical procedure. Over years, many different kinds of surgical instruments and tools have been invented which made the surgery of different tissues possible and with ease.

2. What is the market for global Surgical equipment?

The global surgical equipment market will grow at a CAGR of 7.87% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Surgical equipment market?

The surgical equipment market is anticipated to witness prosperity owing to factors such as an increase in the number of surgeries and product advancement. An increase in the geriatric population is another factor that will result in appreciable revenue growth in the surgical equipment market during the forecast period (2024-2030).

4. Who are the key players operating in the global Surgical equipment market?

Some of the key market players operating in the surgical equipment market include B Braun Melsungen AG, Boston Scientific Corporation, Cadence, CONMED Corporation, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith & Nephew, Stryker Corporation, Johnson & Johnson (Ethicon), Zimmer Biomet, Frankenman International Limited, Intuitive Surgical Inc., Meril Life Science Pvt. Ltd, 3M Company, Alcon Laboratories Inc., Aspen Surgical Products Inc., Becton, Dickinson and Company, Entrhal Medical GMbH, Integra Life Sciences Holdings Corporation, and others.

5. Which region has the highest share in the Surgical equipment market?

Among all the regions, North America is expected to lead in revenue generation in the global surgical equipment market. The highest growth in the region is registered due to the reasons such as an increase in the number of surgeries, and the presence of major market players in the region.