Surgical Equipment Market 2024 | Trends, Demand and Forecast Till 2032

Global Surgical Equipment Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global surgical equipment market size reached USD 18.7 Billion in 2023.
• The market is expected to reach USD 33.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.37% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest surgical equipment market share.
• Reusable surgical equipment holds the biggest market share due to the cost-effectiveness and sustainability associated with these products.
• Hospitals account for the majority of the market share, attributed to their consistent need for surgical equipment and procedures.
• The increasing emergence of ambulatory surgical centers (ASCs) represents one of the crucial factors impelling the market growth.
• Rising advancements in technologies like robotic surgery, laser technology, and minimally invasive (MI) surgical instruments are contributing to the market growth.

Industry Trends and Drivers:

Factors Affecting the Growth of the Surgical Equipment Industry:

• Increase in Ambulatory Surgical Centers:

The increasing emergence of ambulatory surgical centers (ASCs) represents one of the crucial factors impelling the market growth. ASCs offer a convenient and cost-effective alternative to hospital-based surgeries for many procedures. The rising number of these centers, driven by factors like shorter wait times, lower infection rates, and reduced healthcare costs for patients, is strengthening the market growth. Besides this, the growing demand for specialized surgical equipment tailored for procedures that are performed in ASCs is offering a favorable market outlook. This is particularly prominent in areas like ophthalmology, orthopedics, and gastroenterology. The proliferation of ASCs is not only changing the landscape of surgical care but also driving the development and distribution of diverse surgical equipment suited for these environments.

• Rise in Surgical Procedures:

The growing number of surgical operations being performed around the world, attributed to various factors, including the growth in population, advancements in medical diagnostics, and the broader availability of healthcare services, is positively influencing the market. The expansion of healthcare infrastructure, coupled with increasing healthcare expenditure, enables more people to access surgical treatments. Furthermore, the rising awareness about the availability and benefits of various surgical interventions for numerous medical conditions is supporting the market growth. This increase in the number of surgeries directly impacts the demand for surgical equipment as healthcare providers seek to equip their facilities with the latest and most efficient tools.

• Technological Advancements:

Rising advancements in technologies like robotic surgery, laser technology, and minimally invasive (MI) surgical instruments are contributing to the market growth. These innovations offer greater precision, reduced trauma to the patient, quicker recovery times, and improved overall surgical outcomes. Additionally, robotic surgical systems allow surgeons to execute complex procedures with enhanced control and flexibility. Moreover, the growing integration of artificial intelligence (AI) and machine learning (ML) in surgical equipment to enhance their capabilities, leading to more personalized and effective treatments, is offering a favorable market outlook.

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Surgical Equipment Market Report Segmentation:

By Product:

• Surgical Sutures and Staplers
• Handheld Surgical Equipment
  • Forceps and Spatulas
  • Retractors
  • Dilators
  • Graspers
  • Auxiliary Instruments
  • Cutter Instruments
• Electrosurgical Devices
• Others

Surgical sutures and staplers represent the largest segment attributed to their widespread use and critical role in various surgical procedures.

By Category:

• Reusable Surgical Equipment
• Disposable Surgical Equipment

Reusable surgical equipment holds the biggest market share due to the cost-effectiveness and sustainability associated with these products.

By Application:

• Neurosurgery
• Plastic and Reconstructive Surgery
• Wound Closure
• Obstetrics and Gynecology
• Cardiovascular
• Orthopedic
• Others

Based on application, the market has been divided into neurosurgery, plastic and reconstructive surgery, wound closure, obstetrics and gynecology, cardiovascular, orthopedic, and others.

By End User:

• Hospitals
• Ambulatory Surgical Centers
• Others

Hospitals account for the majority of the market share, attributed to their consistent need for surgical equipment and procedures.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America dominates the market on account of its advanced healthcare infrastructure and a rising number of surgical procedures performed in the region.

Top Surgical Equipment Market Leaders: The surgical equipment market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Alcon
• B. Braun Melsungen AG
• Becton Dickinson and Company
• Boston Scientific Corporation
• CONMED Corporation
• Integra LifeSciences
• Intuitive Surgical Inc.
• Johnson & Johnson
• Medtronic plc
• Olympus Corporation
• Smith & Nephew plc
• Stryker Corporation
• Zimmer Biomet

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