Surgical Equipment Market

Surgical Equipment Market Size (2023 to 2028):

The surgical equipment market size was valued at USD 15.5 Billion in 2022 and is expected to reach USD 26.57 Billion by 2028. The market size is projected to grow at a CAGR of 9.4% during the forecast period 2023-2028.

Impact of Covid-19 on the Surgical Equipment Market:

Surgical instruments are hand-held tools or implements used by clinicians for the performance of surgical tasks. An operating suite has a wide range of instruments. There is a lot of use of clamps, retractors, scissors, scalers, and forceps. Some surgical procedures necessitate a more specialized collection of tools due to their nature. Bone saws, files, drills, and mallets, for instance, are frequently used in orthopedic surgery. Surgical instruments often come in a variety of sizes and are composed of carbon steel, stainless steel, aluminum, or titanium. Using surgical instruments, doctors can cut through soft tissue, remove bone, dissect and isolate lesions, and eliminate or remove aberrant structures as a kind of treatment. Larger instruments are utilized during the initial exposure, and once the fragile structures are discovered, finer ones are used.

The COVID-19 pandemic had a significant negative impact on the market. The market observed a sharp fall in the sales of surgical equipment. The lockdowns and restrictions led by the government led to a major disruption in the supply chain. On the other hand, due to a change in healthcare priorities and as a precautionary measure to constrain the spread of the virus, several surgeries and procedures were postponed. This led to a major backlog in the number of surgical procedures performed, thereby affecting the market negatively. Several ambulatory surgical centers had to be shut down due to the huge losses that they had to incur because of the pandemic. However, with the introduction of vaccines and increased focus by the governments on strategized plans for further outbreaks, the market has recovered in the past year. Moreover, the backlogs that were created due to the pandemic are now being taken care of, and hence the market is further projected to grow at a significant rate over the forecast period. One of the main drivers of the market's expansion is the rising geriatric population. Compared to the younger population, people 60 and older have a larger risk of acquiring conditions that call for surgery. The Centres for Disease Control and Prevention estimate that 310,800 persons aged 45 and above had hip replacements in 2019.

Market Drivers:

The market for surgical equipment is expected to grow as a result of the increasing prevalence of chronic diseases including cancer, cardiovascular diseases, etc., which are the primary drivers of the surgical equipment sector. The increasing prevalence of disorders requiring surgical treatment and the growing preference for minimally invasive procedures are expected to be the main drivers of surgical equipment demand. Other factors that might potentially change the market growth trajectory throughout the forecast period include increased healthcare spending, a growing emphasis on health and fitness, unmet surgical demands in developing nations, and rising investments in the R&D of novel surgical supplies.

Future exports of surgical equipment around the world are predicted to be significantly influenced by the rise in the world's geriatric population. Sales of surgical instruments are also anticipated to benefit in the future from an increase in ambulatory surgical centers, positive government initiatives, and the prevalence of ailments like cardiovascular disorders, thyroid problems, and other chronic diseases that require precise medical attention. The United Nations estimates that there were 382 million individuals worldwide who were 60 years of age or older in 2017 and expects that figure to increase to 2.1 billion by 2050. Old-age people are prone to chronic diseases which may boost the demand for various surgery treatments, thereby boosting the demand for surgical equipment.

Moreover, the increasing awareness regarding non-invasive surgeries among the population is boosting the demand for surgeries, which is boosting the growth of the global surgical equipment market. One of the major factors influencing the demand for procedures among patients is the growing awareness of the financial advantages of early surgical intervention. Growth prospects are anticipated shortly because of technical developments in surgical equipment and increased market investments. In the healthcare industry as a whole, there is an increasing demand for cutting-edge and creative surgical equipment. The growth of surgical equipment is being boosted by increased government investments in the construction of healthcare facilities and welcoming policies to draw FDI to developing regions. The demand for surgical equipment is being driven by an increase in injuries such as those sustained in sports, auto accidents, and heart procedures. The World Health Organisation estimates that in 2019, cardiovascular illnesses were directly responsible for about 32% of all fatalities worldwide. Therefore, it is anticipated that the global market for surgical equipment will rise due to the increasing prevalence of cardiovascular illnesses. The Orthopaedic Journal of Sports Medicine found that Chinese athletes had more injuries than American competitors did. Consequently, the market for surgical equipment is experiencing growth due to the increase in sports injuries.

Market Restraints:

One of the major restrictions that decrease the growth of the Surgical Equipment Market is the high cost of procedures. The Surgical Equipment Market's growth rate will be restricted by the high cost of the associated surgical procedures. An unfavourable reimbursement scenario will also function as a significant market restraint and slow the market's growth rate. The unfavourable taxation policy restrains the surgical equipment market growth.

Report Coverage:

This research report on the Surgical Equipment Market has been segmented and sub-segmented based on the Product, Application, and region.

By product:

• Surgical sutures & Staplers
• Handheld Surgical Equipment
• Electrosurgical Devices
• Other Surgical Equipment

Among these, the Surgical sutures and staplers segment dominated the market with a revenue share of more than 45% in 2022. This is because sutures and staplers are widely used in wound closure treatments and have a high adoption rate. Due to staplers' benefits over sutures, the staplers section is anticipated to be the fastest-growing. This includes quick wound recovery and less chance of infection. The market is divided into electrosurgical devices, handheld surgical devices, and surgical sutures and staplers based on the product. However, technological advancements and government initiatives will fuel the growth of the suture segment during the forecast period. For instance, in June 2021, Ethicon, Inc. announced that the National Institute for Health and Excellence issued new medical technology guidance that recommends the use of plus sutures developed by the company in surgeries within the National Health Service. This is to avoid the rising occurrence of surgical site infections and sutures are the only sutures that offer antibacterial protection. The electrosurgical devices segment is expected to be the fastest-growing segment during the forecast period. This is due to the increasing demand for these devices in minimally invasive surgeries. Major market players such as Medtronic are involved in developing advanced electrosurgical devices. The handheld surgical devices segment held a significant revenue share in 2022 and is expected to grow at a healthy rate during the projection period. The handheld surgical devices segment is further fragmented into forceps and spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, and others. One of the major trends observed in this segment is a shift towards disposable instruments owing to benefits such as cost-effectiveness and reduced risk of cross-contamination.

By Application:

• Neurosurgery
• Plastic & Reconstructive Surgery
• Wound Closure
• Obstetrics & Gynaecology
• Cardiovascular
• Orthopaedic
• Others

Among these, the others segment held the largest revenue share of over 27.9% in 2022. In 2022, the obstetrics and gynecology category had the second-largest revenue share due to the rising rates of childbirth around the world and the unexpected rise in the prevalence of conditions affecting the female reproductive system, which has increased the need for gynecological surgeries. Research from the CDC estimates that in 2020, 1,148,692 Cesarina procedures were carried out in the United States. The market is divided into various application categories, including neurosurgery, plastic, and reconstructive surgery, wound closure, obstetrics & gynecology, cardiovascular, orthopedic, and others.

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Regionally, North America dominates the Surgical Equipment market. North America held the largest revenue share of over 39.5% in 2022. Factors such as high healthcare expenditure and the presence of well-established hospitals and major players operating in the U.S. are contributing to the growth of the market in the region. Furthermore, it is predicted that throughout the forecast period, technological developments and increased demand for minimally invasive surgeries will propel the regional market.

Throughout the projected period, the Asia Pacific region is anticipated to have the quickest growth. The growth of the plastic and reconstructive surgery market is anticipated to be boosted by rising disposable income in nations like China and India, which will also support the expansion of the regional industry. The number of orthopedic and cardiovascular procedure volumes is predicted to increase in the area due to the growing senior population.

Key Market Players:

Some market players in the Surgical Equipment Market are Johnson & Johnson, Boston Scientific, Novartis International AG, Integra life science holdings corporation, Medtronic PLC, Ethicon, Zimmer Biomet Holdings INC., Alcon Laboratories, Stryker Corporation, Smith & Nephew PLC.

Recent Happenings in this Market:

• In June 2022, Xenco Medical expanded its Ambulatory Surgical Centers surgical device portfolio through the United States Food and Drug Administration clearance and launch of its Multilevel CerviKit. It is single-use cervical spine technology to include a comprehensive suite of implants and single-use instruments for 2, 3, and 4-level anterior cervical spine procedures.
• In June 2022, Ethicon, part of Johnson & Johnson MedTech, launched the ECHELON 3000 Stapler in the United States. It is a digitally enabled device that provides surgeons with simple, one-handed powered articulation to help address the unique needs of their patients.