Global Surgical Equipment Market by Application (Cardiovascular, Plastic & Reconstructive Surgery), by Product (Electrosurgical Devices, Surgical Sutures & Staplers) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global surgical equipment market was valued at USD 9.32 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 9.8%) between 2021 and 2028. The key factors expected to drive market growth are large unmet surgical requirements, rising healthcare costs, a growing geriatric population and an increasing surgical volume. Long-term cost comparisons of medicine therapy and surgery showed that surgery is more cost-effective than continuous medication. Effective patient counseling at physician visits is helping to increase patient awareness about the cost-benefits of early surgical intervention.

The growing healthcare costs in many countries will also mean that product demand is likely to rise over the forecast period. Market growth is expected to be driven by the growing number of geriatrics in the world. The CDC statistics show that around 60% of all surgeries were performed on patients aged 45 and over.

According to the United Nations 2019, around 16% of the world's population will be 65 or older by 2050, according to the report. Market growth will be limited by poor healthcare coverage, a shortage of skilled workers, and low access to surgery in low-middle-income countries. According to estimates, 9/10 people in low-middle income nations don't have the ability to access safe and affordable surgical care when they need it.

Product Insights

In 2020, the surgical stitches and staplers product segments held the largest market share at over 45%. These equipment are used in wound closing procedures. Stitchers will be a growing segment due to their superiority over sutures in terms of wound healing speed and low risk of infection.

Impact of COVID19: Market fell by 20% the first year after pandemic. From 2021 to 2028, the growth rate of electrosurgical devices will exceed 11%

Because of the demand for electrosurgical equipment in minimally invasive surgery, it is likely to be the fastest-growing segment. Medtronic PLC and other major market players are involved in the design of electrosurgical devices such as the Aquamantys System or Bipolar Sealers, which facilitate hemostasis during surgery.

The segment of handheld surgical devices is expected to grow at an impressive rate over the forecast period. This segment can be further divided into graspers, graspers and dilators as well as forceps & spatulas, grippers, dilators, retractors, grabers, auxiliary tools, cutter instruments, etc. A major trend in this segment is the increasing use of disposable instruments, particularly in ambulatory surgery centers. This is due to their cost-effectiveness as well as the low risk of cross-contamination.

Application Insights

With a 22.2% market share, the obstetrics and gynecology segment dominated global surgical equipment markets in 2020. Gynecologic surgery has seen a rise in demand due to rising childbirth rates and the prevalence of female reproductive disorders. This supports the segment's growth. According to the CDC report in 2018, there were approximately 1,223,200 cesarean delivery in the United States.

Over the forecast period, the segment of plastic and reconstructive surgery is expected to see the highest CAGR. This is due to technological advances and the rising disposable income levels of countries like Australia, China, and India. This segment has seen a rise in demand for cosmetic surgery to enhance esthetic appeal.

A significant market share was held by the orthopedic application segment. The top 15 most common surgeries in Europe were orthopedics, including ACL surgery, knee and hip replacement, ACL surgery, and arthritis. Eurostat's 2018 report shows that the number of knee replacement surgeries has almost doubled in 5 years, with almost 2o of 21 EU countries reporting this. This boosted the rate of surgical device procurement.

Regional Insights

North America accounted for the largest share of revenue at over 40% in 2020. This is due to the high healthcare spending in the U.S., which has established hospital infrastructure. Due to technological advances in minimally invasive surgery and the availability skilled surgeons in the U.S., the regional market will continue to grow at a steady CAGR.

The 2018 World Integrated Trade Solution report revealed that Europe was one of the top global suppliers for surgical and medical instruments. The Netherlands, Germany and Belgium are just a few of many markets that have the potential for lucrative growth in this region. The market will be driven by factors such as the presence of major market players in their domiciles, geographic proximity to Asia, and rising prevalence of chronic diseases.

Asia Pacific is expected to show the fastest CAGR during the forecast period. APAC's market for elective surgery has been negatively affected by the cancellation and postponement by hospitals of elective procedures during the global pandemic. Due to a lack of resources such as OT and PPE, many ASEAN surgical centers were closed. The slow reopening of surgical centers and the large backlogs that are obstructing service providers has led to a significant increase in demand for single-use surgical gear.

Market Share Insights & Key Companies

These companies are known to have large R&D budgets and invest heavily in developing AI-based surgical methods to be competitive in the market. Medtronic PLC, for example, unveiled Hugo RAS in September 2019.

Other strategic initiatives are also being pursued by companies, including new product development and mergers, acquisitions. Aspen Surgical purchased Protek Medical Products, Inc. in November 2020 to expand its distribution and R&D capabilities. The following are some of the most prominent players in the global market for surgical equipment:

• Micron Biomedical, Inc.

• Stryker Corp.

• Ethicon, Inc.

• Aspen Surgical Products, Inc.

• Alcon Laboratories, Inc.

Up Market Research published a new report titled “Surgical Equipment Market research report which is segmented by Application (Cardiovascular, Plastic & Reconstructive Surgery), by Product (Electrosurgical Devices, Surgical Sutures & Staplers), By Players/Companies Micron Biomedical Inc, Stryker Corp, Alcon Laboratories Inc, Aspen Surgical Products Inc, Ethicon Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Surgical Equipment Market Report Segments:

The market is segmented by Application (Cardiovascular, Plastic & Reconstructive Surgery), by Product (Electrosurgical Devices, Surgical Sutures & Staplers).

Surgical Equipment Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Surgical Equipment Market

Overview of the regional outlook of the Surgical Equipment Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Surgical Equipment Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Surgical Equipment Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Cardiovascular

                2. Plastic & Reconstructive Surgery

                1. Electrosurgical Devices

                2. Surgical Sutures & Staplers

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Surgical Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
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• Product & Brand Management
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Reasons to Purchase the Surgical Equipment Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.