Surgical Equipment Market Size to Reach $44.44 Bn, Globally, by 2027 at 6.3% CAGR, Says Allied Market Research

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Mar 15, 2021, 09:15 ET

PORTLAND, Ore., March 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Surgical Equipment Market by Product (Sutures & Staplers, Handheld Surgical Instruments, Electrosurgical Devices, Others), Category (Reusable Surgical Equipment and Disposable Surgical Equipment), and Application (Neurosurgery, Plastic & Reconstructive Surgeries, Wound Closure, Urology, Obstetrics & Gynecology, Thoracic Surgery, Microvascular, Cardiovascular, Orthopedic Surgery, Laparoscopy, Ophthalmic Application, Veterinary Application, Dental Application, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global surgical equipment market garnered $31.72 billion in 2019 and is expected to reach $44.44 billion by 2027, registering a CAGR of 6.3% from 2020 to 2027.

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Key determinants of the market-

Surge in geriatric population, rise in chronic diseases, growth in demand for minimally invasive surgeries, and increase in number of surgical procedures across the globe drive the global surgical equipment market. However, high price competition and unfavorable taxation policy hinder the market growth. On the other hand, growth prospects in the emerging economies and advancement in technology are expected to pave the way for numerous opportunities in the near future.

Covid-19 Scenario-

To meet the increasing demand for appropriately trained medical staff to take care of the patients affected by Coronavirus, huge mass of medical facility has been deployed to Covid-19 care branches. This has disrupted the surgical activities to certain extent.
The shortage of raw materials due to restrictions has impacted equipment manufacturing activities. At the same time, the manufacturers have focused on production of other essential requirements such as masks, personal protection equipment, and more to meet the rising demand.
Nevertheless, the worldwide situation is getting better and the industry is therefore revitalizing.

The handheld surgical instruments segment to dominate throughout the forecast period-

Based on product, the handheld surgical instruments segment accounted for nearly two-fifths of the global surgical equipment market in 2019 and would continue its dominance through 2027. User friendly designs, incorporation of ergonomic features, high demand for anti-magnetic, corrosion resistant, and biocompatible devices are some of the factors that drive the growth of the segment. However, the electrosurgical devices segment would register the fastest CAGR of 7.8% from 2020 to 2027. This is attributed to rising demand for advanced surgical techniques and significant need for minimally invasive surgical procedures.

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The reusable surgical equipment to lead the trail by 2027-

Based on category, the reusable surgical equipment segment contributed to more than three-fifths of the global surgical market in 2019 and would maintain its dominance share throughout 2027. Surge in adoption of reusable surgical equipment to reduce overhead costs, especially by surgeons operating in small medical set-ups or ambulatory surgical center (ASC) have driven the growth of the segment. In addition, the increase in focus of the manufacturers on introducing high-quality reusable surgical equipment further fuels the growth. However, the disposable surgical equipment segment is expected to grow at the fastest CAGR of 6.7% from 2020 to 2027, owing to increasing demand for these equipment as they offer an array of benefits including ease of workflow of surgical operations and enhanced safety of the patients undergoing surgery along with safety of staff in the medical set-up.

North America to rule the roost throughout the forecast period-

Based on region, the global surgical equipment market across North America contributed to the highest market share with more than two-fifths of total market share in 2019. The region is anticipated to continue its dominance throughout the forecast period. This is attributed to increase in demand for advance surgical methodologies such as incision-less surgery, improved focus of healthcare organizations toward quality, and accurate surgical procedures to maximize the patient health. However, Asia-Pacific would grow at the fastest CAGR of 8.2% from 2020 to 2027. Asia-Pacific has the highest population of individuals suffering from chronic disorders, which is leading to a significant surge in demand for surgical procedures. In addition, the growth in geriatric population in countries like Japan, China, and others has further fueled the market growth in this province.

Key market players-

Medtronic Plc.
Peters Surgical SASU
Johnsons & Johnsons
Conmed Corporation
Novartis International AG
Smith & Nephew PLC
Boston Scientific Corporation
B. Braun Melsungen AG
Cousin-Biotech
Enthral Medical GMBH
Fuhrmann GMBH
Integral Lifesciences Holdings Corporation
KLS martin Group

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