The global Surgical Equipment market size is expected to be worth around US$ 24.8 billion by 2030 from US$ 9.40 billion in 2020 and is expected to grow at a CAGR of 9.10% during forecast period 2021 to 2030.
Surgical equipment consists of endo mechanical and electrosurgical devices that are used in minimal invasive surgeries as well as open or invasive surgeries. Most common endomechanical devices are staplers, trocars, ligation kits, and forceps. These devices use mechanical stress or power to perform procedures such as ligation, hemostasis, and access to surgical area. Electrosurgical devices utilize high frequency electrical current to cut, coagulate, and desiccate tissues. Electrical devices comprise generators and accessories or consumables. Based on their mode of action, the accessories can be categorized into monopolar accessories, bipolar accessories, and vessel sealer instruments. North America dominated the global surgical equipment market in 2019. The trend is anticipated to continue during the forecast period. Rise in healthcare spending and rapid adoption of advanced surgical equipment are expected to drive the market in the region.
Surge in Demand for Minimally Invasive Procedures to Drive Global Surgical Equipment Market
Minimally invasive procedures are witnessing increased demand across all medical specialties due to advantages associated with these surgeries. The advantages include precise incision, minimal blood loss, reduced post-surgery complications & side effects, faster recovery span, and shorter duration of hospital stay. Electrosurgical devices play a key role during minimally invasive procedures. Rise in demand for these procedures is expected to drive the market, especially the electrosurgical devices segment
Surgical Sutures and Staples to Dominate Global Market
In terms of product, the global surgical equipment market has been classified into surgical sutures & staples, handheld instruments, and electrosurgical devices. Surgical sutures & staples are widely utilized surgical equipment. Ethicon, Inc., B. Braun Melsungen AG, and Covidien plc are major manufacturers of surgical sutures and staples, and actively promote their brands through various marketing strategies such as launches of advanced cutting staplers, and price discount in the market. This drives the demand for the product.
Surgical Equipment to be Majorly Used in General Surgeries
Based on application, the global surgical equipment market has been categorized into ophthalmology, gynecology, general surgery, bariatric surgery, and plastic surgery. The general surgery segment held a major share of the global market in 2019, as abdominal surgeries including esophagus, stomach, small intestine, large intestine, liver, pancreas, gallbladder, appendix and bile ducts, and often the thyroid gland are rising across the globe.
Hospitals to be Highly Lucrative End User
In terms of end user, the global surgical equipment market has been divided into hospitals, ambulatory surgical centers, and clinics. Higher number of operation theaters in hospitals is fueling the demand for surgical instruments. Moreover, the number of hospitals is increasing the regions, such as Asia Pacific and the Middle East, which is boosting the demand for new shipment of surgical equipment.
North America to Dominate Global Surgical Equipment Market
In terms of region, the global surgical equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical equipment market in 2019, followed by Europe. North America accounted for a major share of the global surgical equipment market in 2019, primarily due to significant favorable reimbursement for surgeries, which drives preference among patients to undergo surgery and adoption of advanced surgical equipment in healthcare institutes.
Strategic Collaborations Bolster Innovations in Single-handed Surgical Suturing Devices
The demand for single-handed surgical suturing devices is growing in the healthcare landscape. Mellon Medical- a Dutch medtech company has announced the launch of Switch®- a single patient use precision suturing device, which is being used for abdominal wall closure and facilitates the small bites technique. Companies in the surgical equipment market are setting their collaboration wheels in motion by entering into strategic agreements to create enough availability of single-handed surgical suturing devices in various healthcare facilities.
The small bites technique for abdominal wall closure is helping to minimize the risks of post-surgery incisional hernia, thus improving patient quality of life. Single-handed surgical suturing devices are gaining popularity for improving patient outcomes and achieving a substantial reduction in healthcare costs.
Leading Players Gain Competitive Edge over Emerging Players for Expensive Instrument Handling
Top-tier surgical equipment manufacturers are posing as a tough competition to emerging market players. Since small players lack the technical expertise and capital to invest in state-of-the-art manufacturing facilities, established market players account for a lion’s share of the revenue of the surgical equipment market. Medtech companies are often concerned about sterilization, cleaning, and protection of surgical equipment. Hence, OEMs are educating them about their techniques in handling expensive instruments.
Companies in the surgical equipment market are increasing their R&D efforts to invest in facilities that endure the real-world challenges of their valued customers. They are investing in facilities that can accommodate new instruments pertaining to robotics and intricate cameras in devices. OEMs are increasing efforts to comply with each company’s exact cleaning and sterilization instructions to avoid discrepancies in the contractual agreement.
Robotics Leverage Performance Capabilities of Surgeons in Open Surgical Procedures
Robotic surgery holds promising potentials in conducting minimally invasive procedures. Research and development activities suggest that surgeons will be able to use very small instruments attached to a robotic arm to conduct surgeries, thus leveraging the capabilities of surgeons in open surgeries in the near future. Traditional surgical equipment used in minimally invasive procedures are likely to be more rigid as compared to the tools being used in robotics. Moreover, companies in the surgical equipment market are being criticized for their one-size-fits-all solutions that are affecting patient outcomes. Hence, manufacturers are focusing their R&D in robotics to improve clinical outcomes in open surgeries.
Since patients have varied anatomies, medtech companies in the surgical equipment market should collaborate with researchers such as in the Australian Centre for Robotic Vision to develop custom robotic surgical instruments.
Illumination Technology in Retractors Provide Optimum Visibility in Abdominal Procedures
Illumination technologies are being used in retractors to improve outcomes in surgical procedures. For instance, TeDan Surgical Innovations- a surgical equipment supplier based in Texas has introduced the illumination technology in its Phantom XL™ Lateral Surgical Retractor System using LED (Light Emitting Diode) light for optimum visualization during surgeries. Companies in the surgical equipment market are designing retractors that easily attach through a quick-connect rack clamp whilst delivering set-up stability throughout the discectomy and implant trial phase.
Predictable and reliable retraction of the panniculus during surgical procedures. Since it is challenging for surgeons to locate and access the surgical site with conventional retractors, companies in the surgical equipment market are increasing their production capabilities to develop retractors that hold the panniculus throughout the operation, thus freeing the surgeon’s hands during procedures. Reliable retraction instruments are increasingly replacing tapes and straps, thus reducing prep-time for operations.
Ergonomically Sound Cutting Tools Help Improve Patient Outcomes
High-grade steel is highly preferred in cutting instruments. Hence, STILLE- a manufacturer of high-quality surgical instruments and C-arm tables is broadening its product portfolio in high-grade steel cutting tools that provide unique feel and reliability to surgeons in various surgical specialties. Companies in the surgical equipment market are increasing efforts to develop ergonomically sound dissecting scissors with beveled blades that are being used in hand surgeries. The demand for micro instruments such as forceps and needle holders is high in the healthcare landscape.
Manufacturers are developing handcrafted surgical equipment by collaborating with highly skilled artisans to innovate in scissors and micro instruments. Multi-stage development of surgical instruments is becoming important for manufacturers in order to gain global recognition in the market landscape. They are developing double-action bone ronguers, clamps, and curettes made from the finest stainless and titanium materials that serve the performance of surgeons in complex operations.
Competition Landscape of Surgical Equipment Market
The global surgical equipment market is fragmented in terms of number of players. Key players in the global surgical equipment market include Medtronic plc, CONMED Corporation, Olympus Corporation, BD, Stryker, Meril Life Science Pvt. Ltd., Integra Lifescience Corporation, Ethicon, Inc., and Healthium Ltd.
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Scope of the Report
VRR’s report on the global surgical equipment market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2030. The report provides revenue of the global surgical equipment market for the period 2020-2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global surgical equipment market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global surgical equipment market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global surgical equipment market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global surgical equipment market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global surgical equipment market.
The report delves into the competition landscape of the global surgical equipment market. Key players operating in the global surgical equipment market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global surgical equipment market that have been profiled in this report.
Key Questions Answered in Surgical Equipment Market Report
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global surgical equipment market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary researches, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global surgical equipment market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, and market intelligence managers, who contributed to the production of VRR’s study on the surgical equipment market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the surgical equipment market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global surgical equipment market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global surgical equipment market more reliably and accurately.
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