Surgical Equipment Market Overview:
Global Surgical Equipment Market was valued at $9,783.8 million in 2016 and is expected to reach $15,737.1 million by 2023 supported by a CAGR of 7.0% during the forecast period 2017 to 2023. Surgical equipment are the medical devices used to cut, coagulate, desiccate, and fulgurate the body tissues during the surgical procedures.
The growth in surgical equipment market is majorly driven by the factors such as rising demand for surgical tools due to rising number of surgical procedures with rising prevalence & incidence of various chronic diseases and increasing ageing population. Moreover, increasing healthcare expenditure, increasing demand of plastic and reconstructive surgery and rising demand for technologically advanced minimal invasive surgical procedures are further expected to boost the market growth during the forecast period. Stringent government regulations and lack of proper reimbursement for surgical equipment may hamper the market growth during the forecast period.
Product Segment Review
Global surgical equipment market by product type is further classified into three segments namely surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The surgical sutures & staplers segment dominated the overall market in 2016 and is also estimated to continue its dominance over the forecast period. This is attributed to its huge demand for wound closure and the closure of surgical incision site. However, electrosurgical devices segments is anticipated to grow at the fastest pace during the forecast period, and such devices are incorporated in the surgical treatment of benign and malignant skin conditions, cardiovascular surgery, and microvascular surgery among others. The handheld surgical devices market is further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments (clamps, cannulas, and closure devices), cutter instruments (trocars, lancets, and scissors), and others (suction tubes, rasps, dissectors, and needle holders). The cutter instruments segment dominated the market in 2016, owing to the high adoption of cutter instruments to cut the body tissues in major surgical procedures.
Category Segment Review
On the basis of category, the surgical equipment market is fragmented into disposable surgical equipment and reusable surgical equipment. The reusable surgical equipment segment was the highest revenue contributor in 2016 and is expected to continue this trend throughout the forecast period. Reusable surgical equipment is majorly adopted by the surgeons across the globes to reduce overhead costs, especially surgeons operating in small medical set-ups or ambulatory surgical center (ASC) setting. This has significantly contributed to growth of the segment. Whereas, the disposable surgical equipment segment is anticipated to register the highest growth rate from 2017 to 2023, owing to the increasing penetration of disposable equipment during surgeries. In addition, use of reliable and high-strength medical grade engineered polymers or plastics for constructing disposable surgical equipment is expected to offer lucrative opportunities for the market.
Geography Segment Review
Regionally, the surgical equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the global surgical equipment market followed by Europe and Asia-Pacific. The growth in North America and Europe was primarily driven by advent of new technologies, growing ageing population, favorable regulatory framework, and high per capita income in the above-mentioned regions. However, Asia-pacific is expected to witness substantial growth owing to advancing medical tourism industry, rising need to fulfill unmet healthcare needs, improving healthcare infrastructure in the region, and increase in prevalence of chronic diseases that require surgical procedures.
The report provides a comprehensive analysis of the key players operating in the global surgical equipment market such as Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew Plc, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, and KLS Martin Group. The other companies profiled in this report include Abbott Laboratories, Applied Medical Resources Corporation, Microline Surgicals, Inc. (Subsidiary of Hoya Corporation), Olympus Corporation, Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, Aspen Surgical Products, Inc, Becton, Dickinson and Company, Intuitive Surgical, and Teleflex Incorporated.
Key Benefits for Stakeholders
- The study provides an in-depth analysis with the current trends and future estimations of the global surgical equipment market to elucidate the imminent investment pockets.
- Comprehensive analysis of the factors that drive and restrict the market growth is provided.
- The quantitative analysis of the industry from 2016 to 2023 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of key segments of the industry is provided to understand the types of surgical equipment used globally.
- Key players and their strategies are analyzed to understand the competitive outlook of the market.
Surgical Equipment Market Key Segments:
By Product
- Surgical Sutures and Staples
- Surgical Sutures
- Surgical Staples
- Handheld Surgical equipment
- Forceps and Spatulas
- Retractors
- Dilators
- Graspers
- Auxiliary Instruments
- Clamps
- Cannulas
- Closure Devices
- Cutter Instruments
- Trocars
- Lancets
- Scissors
- Others (Suction Tubes, Rasps, Dissectors, and Needle Holders)
- Electrosurgical Devices
By Category
- Reusable Surgical Equipment
- Disposable Surgical Equipment
By Application
- Neurosurgery
- Plastic and Reconstructive Surgeries
- Wound Closure
- Urology
- Obstetrics and Gynecology
- Thoracic Surgery
- Microvascular Surgery
- Cardiovascular Surgery
- Orthopedic Surgery
- Laparoscopy
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Spain
- Italy
- Switzerland
- Austria
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa