Global Surgical Equipment Market Overview
The surgical equipment market is exhibiting steady growth, especially backed by higher inclination towards minimally-invasive procedures. Coupled with this, rising incidence of chronic ailments and cases of accidents have been creating growth prospects for the market.
Advancements witnessed in the last couple of years in conducting minimally-invasive procedures are indicative of impressive developments in surgical equipment. Research & development activities conducted in the last few years have enabled surgeons to leverage their capabilities to offer improved precision in complex surgeries.
While the market may have hit a bit of a snag amid the ongoing COVID-19 pandemic, growth will recover as market players shift focus towards automation. While surgical automation is yet to be data-driven or intelligent, surging R&D initiatives will ensure improvement in clinical outcome over the coming years.
Against the backdrop of these factors, Fact.MR has projected the global surgical equipment market size to expand at a steady 4% CAGR from 2020 and 2030.
Surgical Equipment Market Insights by Product
Based on product, the global surgical equipment market covers handheld instruments, surgical sutures & staples, and electrosurgical devices. Of these, surgical sutures & staples are widely used across the healthcare sector.
With some of the most prominent names in the industry such as Ethicon, Inc., B. Braun Melsungen AG, and Covidien plc into the manufacturing of surgical sutures & staples, the segment is likely to remain dominant throughout the forecast period.
These are some of the leading brands within the medical equipment sector, and are into actively promoting their labels via a wide range of marketing activities. In the last couple of years, these companies have been engaged in launches of advanced cutting staplers, and also offer price discounts.
Efforts adopted by surgical equipment market players to strengthen their footprints will give significant impetus to the segment, and consequently the overall market.
Surgical Equipment Market Insights by Application
In terms of application, the surgical equipment market covers general surgery, gynecology, ophthalmology, bariatric surgery, and plastic surgery.
Of these, the general surgery segment currently holds dominance in the market. Rising cases of chronic ailments across the world has been a key driver of growth witnessed in the segment.
General surgery encompasses abdominal surgeries, including esophagus, appendix, stomach, large intestine, small intestine, liver, gallbladder, pancreas, and bile ducts. Also, rising cases of thyroid disorders around the world have been fuelling demand for advanced surgical equipment for better precision in treatment.
Surgical Equipment Market Insights by End User
Hospitals, clinics, and ambulatory surgical centers are key end users in the surgical equipment market. Of these, hospitals hold dominance due to significantly higher number of operations conducted on a day-to-day basis. Also, with surging number of hospitals around the world, demand for surgical equipment is expected to increase over the coming years.
Hospitals have greater spending power, and patient footfall is also significantly high. As hospitals look at offering state-of-the-art medical facilities and improved patient care, investments towards advanced surgical equipment is expected to surge.
Avail customized purchase options for your needs
Regional Outlook of Surgical Equipment Market
Regionally, the global surgical equipment market covers North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of these, North America holds dominance as far as global surgical equipment market share is concerned. Europe has emerged as the second-leading market for surgical equipment, backed by the presence of sophisticated healthcare infrastructure.
In North America the market will continue to gain from favorable reimbursement policies, which are driving willingness among patients to spend on advanced healthcare. This, in turn, has been aiding the expansion of the North America surgical equipment market.
Surgical Equipment Market: Key Players
Companies operating in the top tier are posing significant competition to emerging players. Since smaller companies often lack technical expertise and capital to invest in state-of-the-art technologies, their established counterparts enjoy a visible advantage.
Consequently, established companies account for the lion’s share of the market. Overall, players are likely to focus on research & development initiatives to keep pace with real-world changes. They are also investing in facilities to better accommodate advanced equipment such as surgical robots and intricate cameras.
An Adaptive Approach to Modern-day Research Needs
The Analyst’s Viewpoint
“With more companies focusing on research & development, a plethora of developments are in line. While the market is continuing to grow at a moderate pace, demand is expected to surge over the coming years. The advent of modern technologies such as robotics and automation to ensure better accuracy and precision during surgeries will bode well for the market.”
COVID-19 Impact on Surgical Equipment Market
Amid the COVID-19 outbreak, medical facilities are likely to increasingly focus on sterilizing surgical equipment. With governments and leading international organizations keeping them under strong vigil, investments towards sterilization of surgical equipment re poised to surge, particularly to prevent the spread of COVID-19.
With the novel coronavirus tightening its noose around the world, healthcare centers and medical facilities are under immense pressure to adopt necessary precautionary measures.
This also holds true in case of manufacturers of surgical equipment, who are taking utmost care to efficiently clean and sterilize their equipment before they are shipped to medical centers. This could mean greater investment towards care and maintenance of these equipment.
Interested to Procure The Data
Surgical Equipment Market: About the Report
Fact.MR has published an exclusive forecast report on the surgical equipment market for 2020 and 2030. The foremost objective of this report is to offer spearhead insights on the market scenario, demand generators, and technological advancements in the market.
Also, the study addresses key dynamics that are expected to diversify the sales and future prospects of surgical equipment.
The report on the surgical equipment market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the surgical equipment market, elaborating on key segments.
Also, the report outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key factors favoring investments within the market.
Supply chain analysis and pricing analysis of the market, along with the difference between surgical equipment used as per application, have also been included in the report, to help readers clearly understand the product framework map in the surgical equipment market.
Surgical Equipment Market: Segmentation
Fact.MR has studied the surgical equipment market with detailed segmentation on the basis of product, application, end-user, and region.
- Surgical Sutures & Staples
- Surgical Handheld Instruments
- Grasping Instruments
- Retractors and Dilators
- Cutting Instruments
- General Surgery
- Bariatric Surgery
- Plastic Surgery
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.