Surgical Equipment Market Share, Analysis And Forecast To 2031

(MENAFN- Straits Research) Introduction

Surgical equipment is comprised of instruments that assist the physical manipulation of biological tissue or facilitate access to internal organs. The development of new electronic technologies, such as minimally invasive surgery equipment, robotic and power-assisted systems, and other comparable advancements, is the key factor driving the growth of the surgical equipment market . An increase in the elderly population, which is more susceptible to eye problems, stomach disorders, intestinal disorders, and other health concerns, also contributes to the market's growth. In addition, there has been a rise in the popularity of robotic-assisted surgery. Robotic-assisted surgery is a minimally intrusive surgery that uses technology to provide doctors greater control, access, and precision during the operation. This surgical process is also known as laparoscopic surgery. However, the rise of the business is impeded by insufficient performance-based quality assurance, improper sterilization techniques for reused equipment, and the absence of a favorable regulatory environment in developing economies. In recent years, the market for surgical equipment has seen significant changes due to technological breakthroughs such as minimally invasive procedures, surgical robotics, and the development of power-assisted surgical tools. These innovations exemplify the recent and ground-breaking advancements produced in the medical equipment industry.

Moreover, they enhance the effectiveness of surgical procedures. The growing propensity of the aged population to suffer from numerous persistent ailments also contributes to the growth of the surgical equipment market. It describes surgical equipment in its characteristics, uses, and locations. This document discusses surgical equipment, such as electrosurgical devices, hand-held instruments, surgical sutures, and surgical staplers.

Market Dynamics Rising Chronic Diseases and Demand For Minimally Invasive Procedures Drives the Global Market

In recent years, the global population of seniors has expanded substantially, making them more susceptible to various diseases and conditions, such as ophthalmology, cardiovascular, stroke, cancer, diabetes, stomach disorders, and intestinal infections. For instance, heart disease constantly ranks among the leading causes of worldwide death. According to the Heart Disease Statistics report published by the Centers for Disease Control and Prevention in 2021, cardiovascular disorders kill 655,000 people annually in the United States. Similarly, stroke is regarded as one of the leading causes of mortality, accounting for 11.13% of fatalities worldwide. Additionally, each year in the United States, more than 795,000 people suffer a stroke. Consequently, the growth in the prevalence of chronic diseases is predicted to increase the demand for surgical treatments, thereby boosting the global expansion of the surgical equipment market. The change in most chronic diseases and the aging population, observed in both developed and developing nations, has led to a rise in the need for surgical treatments, driving the global market expansion.

Increasing numbers of elderly individuals have contributed to the need for surgical operations. In addition, cosmetic and aesthetic plastic and reconstructive procedures, often performed to improve a person's appearance, have become more prevalent. The growth in surgical procedures can also be related to a heightened awareness of health issues in developing countries.

Additionally, the time of the patient's hospital stay and the total cost of the treatment have been reduced. Consequently, the growth of the minimally invasive surgical market is primarily driven by new technologies and the introduction of new methodologies. As an outcome, it is forecasted that the rising demand for minimally invasive operations would raise the need for a range of surgical equipment, such as electrosurgical devices. The rise in minimally invasive surgical procedures is predicted to increase demand for electrosurgical devices and other forms of surgical equipment. This will expand the development of the global market for surgical equipment.

Emerging Economies' Contribution to Modern Surgical Treatment Creates Tremendous Opportunities

Prospects in underdeveloped, emerging nations with significant potential due to improved healthcare infrastructure, unmet healthcare demands, the development of chronic diseases, and increased demand for less invasive operations are predicted to fuel the growth of the surgical equipment market. Due to increased demand for better healthcare services, significant government investments to modernize healthcare infrastructure, and the expansion of the medical tourism business, the healthcare industry in emerging nations is rising rapidly.

The expanding trend of medical tourism in Asia-emerging Pacific nations, such as China, India, Brazil, Mexico, Malaysia, Thailand, Singapore, and South Korea, presents surgical equipment manufacturers with tremendous growth potential. According to research by the Organization for Economic Co-operation and Development (OECD), healthcare in industrialized nations is more expensive. However, India's economical, high-quality medical treatment has made it highly popular. India's medical tourism industry will double by 2020, from $3 billion to over $8 billion. The Artemis Health Institute, for instance, has a partnership with Memorial Sloan-Kettering in New York City, the preeminent cancer center in the United States. In addition, Asia-Pacific has significant market growth potential, as its population of nearly 4.60 billion in 2021 constitutes a potential patient base. In addition, nations such as the United States and Mexico are predicted to experience growth due to an expansion of healthcare infrastructure, increased affordability, and a heightened knowledge of surgical equipment.

Regional Analysis

North America is dominating the global surgical equipment market and is expected to grow with a CAGR of 6.0% during the forecast period. North America's bariatric surgery demand, well-developed healthcare infrastructure, and large geriatric population boost the industry. The Mexican market is expected to grow fastest, followed by the U.S. and Canada. The U.S. dominated the North American surgical tools market with more than three-quarters of the market share. Mexico is expected to be the fastest-growing surgical tools market in North America. According to Association for Safe International Road Travel, 2.35 million individuals have been wounded in road accidents annually. Increased traffic accidents will affect market growth. Surgical equipment cuts, coagulates, desiccates, and fulgurates bodily tissues.

Germany, France, the U.K., Italy, Spain, Austria, Russia, Switzerland, and the Rest of Europe are considered in the report. Europe is the second-largest surgical equipment market during the forecast period. The European surgical equipment market is expected to increase steadily. Surgical equipment is a tool or gadget used to manipulate and observe biological tissues during surgery. Some surgical equipment is developed for specialized surgeries, while others are for general surgery. An increase in worldwide illness burden (Parkinson's, cardiovascular, cancer, etc.), senior population growth, and healthcare expenditures drive market expansion throughout the projection period. Japan, China, India, Thailand, Vietnam, Indonesia, and other Asia-Pacific countries are considered in the paper.

Key highlights

• The global surgical equipment market will be valued at USD 29.86 billion in 2021. It is expected to reach USD 51.75 billion by 2030, growing at a CAGR of 6.3% during the forecast period (2022–2030).
• Based on product,
  the global surgical equipment market is classified into Surgical Sutures and Staples, Handheld Surgical Instruments, and Electrosurgical Devices. Handheld surgical equipment has the most significant market share and is expected to grow 5.8% CAGR during the forecast period.
• Based on equipment,
  the global surgical equipment market is classified into Reusable and Disposable. The reusable sector is dominating the global surgical equipment market and is expected to grow at a CAGR of 6.0% during the forecast period.
• Based on applications,
  the worldwide surgical equipment market is split into Neurosurgery, Plastic and Reconstructive Surgeries, Wound Closure, Urology, Obstetrics and Gynecology, Thoracic Surgery, Microvascular, Cardiovascular, Orthopedic Surgery, and Laparoscopy. Laparoscopy is the most dominating and is expected to grow with a CAGR of 4.3% during the forecast period.
• The
  global surgical equipment
  market is primarily classified into four regions, namely North America, Europe, LAMEA, and Asia-Pacific. The
  global surgical equipment
  market is primarily classified into three regions, namely North America, Europe, LAMEA, and Asia-Pacific.

Competitive Players

Stryker Corporation

Alcon Laboratories Inc.

Smith & Nephew plc

Zimmer Biomet Holdings Inc.

Ethicon Inc.

COVIDIEN

KARL STORZ & Co.

Becton, Dickinson and Company

Braun Melsungen Ag

Medtronic Inc.

Aspen Surgical Products, Inc.

Integra LifeSciences Corporation

CONMED Corporation

MEDICON

Synergetics USA, Inc.

Recent Developments

Recent Developments

• May 2024 - Crothall Healthcare (Crothall), a leading provider of sterile processing and support services, and Ascendco Health (Ascendco), a leading innovator in health technology, announced a groundbreaking partnership that will usher in a new era for instrument tracking and overall sterile processing quality within healthcare facilities across the nation. This partnership has the potential to significantly elevate standards within the field of sterile processing.
• March 2024 - At Indraprastha Apollo Hospital in New Delhi, Apollo Hospitals introduced ZAP-X, a gyroscopic radiosurgery platform for the treatment of brain tumors. The US-based medical equipment manufacturer Zap Surgical is set to launch the platform in India. Apollo stated in an official statement that "ZAP-X will offer patients a non-invasive, pain-free alternative to traditional surgical interventions for brain tumors, with sessions lasting just 30 minutes and without the necessity of anesthesia."

Segmentation

By Product

Surgical Sutures & Staplers

Handheld Surgical Devices

Electrosurgical Devices

Others

By Applications

Neurosurgery

Plastic & Reconstructive Surgery

Wound Closure

Obstetrics & Gynecology

Cardiovascular

Orthopedic

Others

By Usage

Reusable

Disposable

By End User

Hospitals

Ambulatory Surgical Centers (ASCs)

Clinics

Others

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