The global Surgical Equipment market size is expected to be worth around US$ 34.5 billion by 2030, according to a new report by Vision Research Reports.
The global Surgical Equipment market size was valued at US$ 19.32 billion in 2020 and is anticipated to grow at a CAGR of 19.8% during forecast period 2021 to 2030.
Developing surgical care infrastructure, the advent of minimally invasive surgical techniques, and increasing cases of cesarean deliveries are the factors contributing significantly to the growth of this market. An increasing number of hospital visits for surgeries, such as hip and knee replacement, hernia repair, gall bladder removal, and other urology ailments, is also anticipated to propel the market growth during the forecast period.
According to the National Joint Registry report published in 2018, the number of knee replacement procedures performed in the U.K. reached 102,177 in 2017 from 81,590 in 2014. Lump-sum payment pertaining to specialty surgical services paired with out-of-pocket-based healthcare in many middle-income countries is expected to restrain the market growth during the forecast period. According to the global surgery 2030 report, each year over 33 million individuals have to face catastrophic expenditure. In addition, due to the limitation of resources, such as , surgical staff, OR rooms, inpatient beds, and blood products, the surgery appointment for many non-emergent patients was postponed during the pandemic.
This has negatively impacted the sales of surgical equipment in 2020. According to the Healthcare Financial Management Association report, in the U.S. the cancellation and rescheduling rate of elective surgeries in the period of April-July 2020 was approximately 50%. However, currently, with several countries lifting bans on elective surgeries and clinics resuming their surgical services, the demand for surgical equipment, especially single-use devices, is expected to rise driving the market growth.
The & staplers product segment held the maximum market share of over 45% in 2020. This is mainly because these equipment are largely used in wound closure procedures. However, staplers are expected to be an emerging segment owing to their advantages over sutures, such as the low risk of infection and rapid wound healing.
Electrosurgical equipment is expected to be the fastest-growing product segment over the forecast period due to the high demand for these devices in minimally invasive surgeries. Major market players, such as Medtronic PLC, are involved in the development of advanced electrosurgical devices, such as the Aquamantys System and Bipolar Sealers to facilitate hemostasis during surgery.
The handheld surgical devices segment is anticipated to grow at a healthy rate during the forecast period. The segment is further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, and others. One of the major trends observed in this segment includes the growing usage of disposables instruments, especially in ambulatory surgical centers, owing to benefits, such as cost-effectiveness and low risk of cross-contamination.
The obstetrics & gynecology application segment dominated the global surgical equipment market in 2020 with a market share of 22.2%. The rising number of childbirths and increasing prevalence of female reproductive organ disorders have contributed to the increasing number of gynecologic surgeries, thereby supporting the segment growth. According to the CDC report, it is estimated that approximately 1,223,200 cesarean deliveries were performed in the U.S. in 2018.
The plastic and reconstructive surgeries segment is anticipated to witness the fastest CAGR over the forecast period. This can be attributed to the technological advancements and rising disposable income levels in countries, such as India, China, and Australia. Growing demand for cosmetic surgeries to improve esthetic appeal has also supported the growth of this segment.
The orthopedic application segment held a significant market share. Orthopedic procedures, such as knee & hip replacement, ACL surgery, and arthroscopy, were among the top 15 surgeries performed in Europe, in terms of volume. According to Eurostat’s 2018 report, the number of knee replacement surgeries performed almost doubled within 5 years in almost 2o of the 21 European Union countries boosting the procurement rate of surgical devices.
North America captured the largest revenue share of over 40% in 2020 due to high healthcare expenditure in the U.S. resulting in well-established hospital infrastructure. The regional market will grow further at a steady CAGR due to the technological advancements in minimally invasive surgical procedures and the availability of skilled surgeons in the U.S.
According to the World Integrated Trade Solution report published in 2018, Europe is among the major global suppliers of medical & surgical instruments. The Netherlands, Germany, and Belgium are a few of the notable markets showing lucrative growth potential in this region. Factors, such as the domicile presence of major market players, geographical proximity to the Asian market, and the rising burden of chronic disorders, are anticipated to drive the regional market.
Asia Pacific is anticipated to exhibit the fastest CAGR over the forecast period. The cancelation and postponement of elective surgeries by hospitals during the global pandemic have negatively affected the market in APAC in 2020. Many surgical centers in ASEAN countries were shut down due to the lack of resources, such as PPE, OT, and healthcare workforce. With surgical centers reopening slowly and the presence of huge backlogs bottlenecking the service providers, the demand for single-use surgical equipment is expected to witness an unprecedented demand in coming years.
Micron Biomedical, Inc.
Aspen Surgical Products, Inc.
Alcon Laboratories, Inc.
Surgical Sutures & Staplers
Handheld Surgical Devices
Forceps & Spatulas
Plastic & Reconstructive Surgery
Obstetrics & Gynecology
Middle East & Africa
The Surgical Equipment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Surgical Equipment market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Surgical Equipment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Surgical Equipment market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Surgical Equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Surgical Equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Surgical Equipment by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Surgical Equipment market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Surgical Equipment market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Surgical Equipment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Surgical Equipment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Surgical Equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Surgical Equipment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Surgical Equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Surgical Equipment market. These factors have benefited the growth of the global market for Surgical Equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Surgical Equipment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Surgical Equipment are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: