Market Overview:
The Surgical Equipment Market size is expected to grow from USD 9.5 Billion in 2022 to USD 27.1 Billion by 2030, at a CAGR of 14.1 % during the forecast period.
A surgical instrument that is used during operations or surgery is Surgical Equipment. It is a tool or device for performing physical modification of biological tissue or helping to provide access to the internal body. With the variety and complexity of surgical techniques, surgeons use different equipment to optimize their performance. An increasing number of childbirths worldwide and also an increase in the prevalence of female reproductive organ disorders, which has led to an increase in the number of gynecological surgeries.
Top Key Players in Surgical Equipment Market:
Olympus Corporation (Japan), B. Braun SE (Germany), Erbe Elektromedizin GmbH (Germany), CONMED Corporation (US), Meril Life Sciences Pvt. Ltd. (India), Frankenman International Ltd (China), Boston Scientific Corporation (US), Medtronic (Ireland), Zimmer Biomet (US), Aspen Surgical (US), Integra LifeSciences (US), Stryker (US), Medical Device Business Services, Inc. (US), Fuhrmann GmbH (Germany), GEISTER MEDIZINTECHNIK GMBH (US) and other major players.
Market Dynamics and Factors for Surgical Equipment Market:
Drivers:
Increase in The Geriatric Population
As the global population ages, there is a higher prevalence of age-related medical conditions and chronic diseases, leading to an increase in the number of surgical procedures performed on elderly patients.
The elderly population experiences a higher incidence of medical conditions that often require surgical intervention. Conditions such as cardiovascular diseases, orthopedic issues, and cancer are more prevalent in older individuals, leading to an increased demand for surgical procedures and, consequently, surgical equipment.As the elderly population continues to grow, the demand for advanced and specialized surgical equipment is expected to increase, presenting significant opportunities for manufacturers and suppliers in the market.
Opportunities:
Increase in The Investment by Market Players
As companies invest more resources into research, development, and innovation, they can introduce advanced and technologically sophisticated surgical equipment to meet the evolving needs of healthcare professionals and patients.
The higher investment allows market players to focus on developing cutting-edge technologies for surgical equipment. This includes advancements in imaging, robotics, minimally invasive techniques, and enhanced precision, leading to improved surgical outcomes and safety.Also,market players can expand their product portfolios by acquiring or partnering with other companies, allowing them to offer a comprehensive suite of surgical equipment solutions. This portfolio expansion enhances their competitiveness in the market.
Segmentation Analysis of the Surgical Equipment Market:
- By Product, the Handheld Devices segment is expected to register a significant market share. Handheld devices are instrumental in performing minimally invasive procedures. Laparoscopic cameras, handheld robotic surgical instruments, and endoscopic devices enable surgeons to access and operate on internal organs with smaller incisions, reducing patient trauma, pain, and recovery time.
- By Application, Cardiovascular is likely to dominate in this area. Cardiovascular diseases, including coronary artery disease, heart failure, and arrhythmias, are among the leading causes of mortality worldwide. The increasing prevalence of these conditions drives the demand for advanced cardiovascular surgical equipment to perform interventions and procedures.
Regional Analysis of the Surgical Equipment Market:
North America is excepted to dominate the market of Surgical Equipment. Due to advanced medical infrastructure and the increase in the disposable income of consumers increase the growth in plastic surgery can drive the market growth. For instance, according to the International Society of Aesthetic Plastic Surgeons (ISAPS), the United States claims the highest total number of plastic surgery procedures in the world.
Key Industry Development:
In May 2022, Surgical instrument manufacturer Surgical Holdings launched a new company-wide green initiative to reduce both its and the NHS’s carbon footprint. This initiative includes launching a new Ethical Duty Smart Repair service, which actively promotes the repair and refurbishment of surgical instruments and other medical devices to tackle global steel wastage.
In October 2020, MMI SpA Launched World’s Smallest Wristed Surgical Instruments- MMI SpA, announced the CE Mark, and launched, the first human use of its Symani® Surgical System in Europe for open microsurgical procedures.
