Global Surgical Equipment Market was estimated to be around US$17.25 Billion by 2024
Zion Market Research has published a new report titled “Surgical Equipment Market by Product (Surgical Sutures and Stapler, Handheld Surgical Devices, and Electrosurgical Devices), by Application (Neurosurgery, Plastic and Reconstructive Surgery, Wound Closure, Obstetrics and Gynecology, Cardiovascular, Orthopedic, and Others), and by Category (Reusable Surgical Equipments and Disposable Surgical Equipments): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global surgical equipment market was valued at approximately USD 10.70 billion in 2017 and is expected to generate revenue of around USD 17.25 billion by end of 2024, growing at a CAGR of around 7.05% between 2018 and 2024.
The rising need for surgeries to treat various chronic and cardiovascular disorders in both the developing and developed countries is expected to increase the demand for the surgical equipment market globally. Due to the prevalence of various risk factors like obesity, hypertension, diabetes, and smoking in the country like India has also led to a high prevalence rate for cardiovascular diseases. People are becoming more conscious about their physical beauty and are ready to go undergo various treatments and surgeries to enhance their physical appearance which is in turn, driving the market growth for surgical equipment.
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The surgical equipment market is categorized on the basis of product type, which is further divided into surgical sutures and stapler, electrosurgical devices, and handheld surgical devices. The handheld surgical devices market is further sub-segmented into forceps and spatulas, auxiliary instruments, retractors, graspers, dilators, cutter instruments, and others. The market for staplers and surgical sutures held the maximum share in 2017 mainly due to the fact that they are most commonly used for wound closures and related surgeries. Electrosurgical devices help in minimizing the blood loss through tissue cauterization and thus the market for these devices is anticipated to grow at a relatively high CAGR in the forecast period.
The surgical equipment market is segmented on the basis of application into neurosurgery, plastic and reconstructive surgery, obstetrics and gynecology, wound closure, cardiovascular, orthopedic, and others. The obstetrics and gynecology segment is likely to dominate the market for surgical equipment owing to the rising childbirths across the globe. CDC in 2014 estimated that around 1,284,550 cesarean deliveries were carried alone in the U.S. In addition to this high prevalence of disorders related to female reproductive organs has given rise to a number of gynecologic surgeries. Followed by, the reconstructive and plastic surgeries segment is projected to grow at the highest CAGR. Rising disposable income and technology advancements in the countries like China, India, and Australia have encouraged the demand for such surgical procedures in order to improve aesthetic appeal.
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Based on the category, the market is segmented into reusable surgical equipment and disposable surgical equipment. The reusable surgical equipment is projected to dominate the market since the equipment is majorly adopted by doctors and surgeons across the globe to cut down over headed costs, especially for the surgeons operating in ambulatory surgical centers and small medical set-ups. This has significantly contributed to the growth of the segment.
Regionally, the market for surgical equipment is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. North America is likely to hold maximum share in the market due to the increasing healthcare expenditure in the U.S. which has resulted due to the well-established infrastructure of the hospitals and clinics in the country. Also, the presence of highly skilled doctors and surgeons in the country is likely to support the growth of the surgical equipment market in the region. Advancements in technology linked with minimally invasive surgeries in the U.S. have also added value to the market growth.
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Some of the leading players in surgical equipment market include Smith & Nephew Plc, KLS Martin Group, Zimmer Holdings, Inc., Johnson & Johnson, Stryker Corporation, Medtronic Plc, Olympus Corporation, Karl Storz GmbH & Co. Kg, B. Braun Melsungen AG, Conmed Corporation, and others.
Global Surgical Equipment Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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