- Growing number of surgical procedures due to the sports injuries, accidents, cardiac surgeries owing to the high prevalence of cardiovascular diseases and other chronic conditions where the surgery is being suggested mandatory is the major factor that is driving the Surgical Equipment market.
- According to the European Union Statistics, during 2016-2017, in Germany, hip replacement surgery was performed for 304 times per 100,000 individuals. In Austria and Finland, it was around 273 and 265 per 100,000, respectively.
- Additionally, a growing geriatric population coupled with an increasing number of chronic diseases, growing technological advancements are also driving the demand for surgical equipment.
- However, infections associated with the equipment used and stringent regulatory scenario will hamper the growth of the surgical equipment market.
Key Market Trends
Surgical Staplers and Sutures segment Holds Significant Share in Surgical Equipment Market
- Sutures are medical devices that are used to hold the body tissue after an injury or surgery. Surgical staplers are specialized medical staplers, which can be used as alternatives to sutures, for the purpose of wound closure across various applications. These are used in majority of abdominal surgeries.
- Furthermore, use of surgical staplers and sutures is expected to increase due to the growing obstetrics and gynecological surgeries and increasing development of innovative products.
- For instance, in September 2019, Ethicon has launched the industry's first powered circular stapler ECHELON CIRCULAR Powered Stapler.
- Surgical staplers and sutures can be sources of infections and contaminations, due to bacterial adherence and colonization. The infections acquired in suturing and stapling may act as a restraint for the growth of the market studied.
Asia-Pacific is the Fastest Growing Market in Global Surgical Equipment Market.
- Asia-Pacific is expected to be the fastest growing region in global Surgical Equipment owing to the improving healthcare infrastructure and growing geriatric population, increasing number of surgeries.
- According to the All India Institute of Medical Science (AIIMS), the institute has performed 1.94 lakh surgeries in 2018 and has become the institute, who has performed maximum surgeries across the world in 2018.
- Additionally, the rising technological advancement in the field of surgeries and market strategies adopting by the major market players to expand their business in the Asia-Pacific region are expected to propel the overall growth of the market over the forecast period.
Surgical Equipment market is very competitive with most of the players competing to increase market shares. Strong competition, rapid technological advancements are key factors that confront the market. Key developments of the market include in June 2019 - Global Pediatric Surgical Technology and Education Project (GP STEP) has partnered with medical device manufacturer SunMed to distribute affordable surgical equipment to pediatric surgeons around the world.
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