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.
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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.
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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.
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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.
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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.”
Surgical Equipment Market - Scope of the Report
A recent study by Fact.MR on the surgical equipment market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the surgical equipment market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of surgical equipment. The study also provides the dynamics that are responsible for influencing the future status of the surgical equipment market over the forecast period.
A detailed assessment of surgical equipment value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the surgical equipment market along with their product portfolios enhances the reliability of this comprehensive research study.
Surgical Equipment Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the surgical equipment market across the globe.
A comprehensive estimate on the surgical equipment market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of surgical equipment during the forecast period. Price point comparison by region with global average price is also considered in the study.
Surgical Equipment Market: Analysis on Market Size Evaluation
The surgical equipment market has been analyzed for each market segment in terms of value (US$ Bn).
Market estimates at global and regional levels for surgical equipment are available in terms of “US$ Bn” for value. A Y-o-Y growth contrast on prominent surgical equipment market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global surgical equipment market.
Surgical Equipment Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the surgical equipment market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the surgical equipment market during the forecast period.
Country-specific valuation on demand for surgical equipment has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Surgical Equipment Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the surgical equipment market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of surgical equipment has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
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