Surgical Equipment Market – Know Latest Trends & Forecast for Long-Term Business Planning Up to 2030
Wilmington, Delaware, United States, Transparency Market Research Inc. – According to the report, the global surgical equipment market was valued at US$ 9.7 Bn in 2019. It is projected to expand at a CAGR of ~4% from 2020 to 2030. Surgical equipment consists of endo mechanical and electrosurgical devices that are used in minimal invasive surgeries as well as open or invasive surgeries. Most common endomechanical devices are staplers, trocars, ligation kits, and forceps. These devices use mechanical stress or power to perform procedures such as ligation, hemostasis, and access to surgical area.
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Electrosurgical devices utilize high frequency electrical current to cut, coagulate, and desiccate tissues. Electrical devices comprise generators and accessories or consumables. Based on their mode of action, the accessories can be categorized into monopolar accessories, bipolar accessories, and vessel sealer instruments. North America dominated the global surgical equipment market in 2019. The trend is anticipated to continue during the forecast period. Rise in healthcare spending and rapid adoption of advanced surgical equipment are expected to drive the market in the region.
Surge in Demand for Minimally Invasive Procedures to Drive Global Surgical Equipment Market
Minimally invasive procedures are witnessing increased demand across all medical specialties due to advantages associated with these surgeries. The advantages include precise incision, minimal blood loss, reduced post-surgery complications & side effects, faster recovery span, and shorter duration of hospital stay. Electrosurgical devices play a key role during minimally invasive procedures. Rise in demand for these procedures is expected to drive the market, especially the electrosurgical devices segment.
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Surgical Sutures and Staples to Dominate Global Market
In terms of product, the global surgical equipment market has been classified into surgical sutures & staples, handheld instruments, and electrosurgical devices. Surgical sutures & staples are widely utilized surgical equipment. Ethicon, Inc., B. Braun Melsungen AG, and Covidien plc are major manufacturers of surgical sutures and staples, and actively promote their brands through various marketing strategies such as launches of advanced cutting staplers, and price discount in the market. This drives the demand for the product.
Surgical Equipment to be Majorly Used in General Surgeries
Based on application, the global surgical equipment market has been categorized into ophthalmology, gynecology, general surgery, bariatric surgery, and plastic surgery. The general surgery segment held a major share of the global market in 2019, as abdominal surgeries including esophagus, stomach, small intestine, large intestine, liver, pancreas, gallbladder, appendix and bile ducts, and often the thyroid gland are rising across the globe.
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Hospitals to be Highly Lucrative End User
In terms of end user, the global surgical equipment market has been divided into hospitals, ambulatory surgical centers, and clinics. Higher number of operation theaters in hospitals is fueling the demand for surgical instruments. Moreover, the number of hospitals is increasing the regions, such as Asia Pacific and the Middle East, which is boosting the demand for new shipment of surgical equipment.
North America to Dominate Global Surgical Equipment Market
In terms of region, the global surgical equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical equipment market in 2019, followed by Europe. North America accounted for a major share of the global surgical equipment market in 2019, primarily due to significant favorable reimbursement for surgeries, which drives preference among patients to undergo surgery and adoption of advanced surgical equipment in healthcare institutes.
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Competition Landscape of Surgical Equipment Market
The global surgical equipment market is fragmented in terms of number of players. Key players in the global surgical equipment market include Medtronic plc, CONMED Corporation, Olympus Corporation, BD, Stryker, Meril Life Science Pvt. Ltd., Integra Lifescience Corporation, Ethicon, Inc., and Healthium Ltd.
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