The global surgical equipment market is likely to cross $11 billion, growing at a CAGR of 7% during 2016–2022. The demand is majorly driven due to increased chronic disorders requiring surgery. Also increased usage of advanced surgical stapling devices in surgery is likely to attribute to the market growth.
Key highlights of surgical equipment market:
- The increase in surgical procedures like cardiovascular, orthopaedic and neurological diseases will cause the increase in demand for surgical equipment market.
- Increasing popularity of minimally invasive techniques and growing need for power tools in the surgeries are driving the demand for surgical equipments.
- Continuous focus of innovation will certainly bring substantial growth opportunities in the market. Vendors are increasingly pursuing new product development strategies in surgical equipment market.
- Growing demand for advanced surgical stapling devices and increasing number of robotic surgeries is likely to enable the demand for surgical equipment market.
The report provides a holistic view of the global surgical equipment market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the surgical equipment market. Further the report also provides complete value chain analysis of the global market.
SURGICAL EQUIPMENT MARKET: KEY VENDOR ANALYSIS
Medtronic, Stryker, CONMED, Johnson & Johnson, Zimmer Biomet top the vendor list
This report provides an exhaustive list of vendors that are active in providing surgical equipment. It includes vendors across all geographical locations. The vendors in the surgical instrument market are identified based on the revenue and market dominance in terms of presence in the market, geographical reach, product portfolio, and R&D investments. Major vendors profiles in the report are Medtronic, Stryker, CONMED, Johnson & Johnson, Zimmer Biomet.
Other prominent surgical instrument vendors are 3M, Adeor Surgical Instruments, Arthrex, Aygun, B. Braun Melsungen, Ceterix Orthopaedics, Changzhou Haida Medical Equipment, Collin Medical, DACH Medical, De Soutter Medical, Dextera Surgical, Golden Stapler Surgical, Grena, In’Tech Medical, Karl Storz, Incisive Surgical, KLS Martin, Lotus Surgical, MEDACTA, MedicMicro, MicroAire, Nouvag, OsteoMed, Purple Surgical, Reach Surgical, Siemens Healthcare, Smith & Nephew, Stars Medical Devices, Surgical Holdings, Teleflex Medical, Waston Medical, and Xion Medical
SURGICAL EQUIPMENT MARKET DYNAMICS
Introduction of robotic surgery driving the demand
The growing demand for aesthetic and cosmetic surgery equipment, increasing mergers and acquisitions, and product innovations are the emerging trends that are going to boost the surgical equipment market growth during the forecast period. Further, the increased need for robotic surgery will drive the demand for surgical instruments.
Along with the increasing volume of surgical procedures, increasing popularity of minimally invasive procedures and growing need for surgical power tools are expected to fuel the market growth.
Increasing complications associated with the use of surgical equipment may hinder the growth prospects in the market.
SURGICAL EQUIPMENT MARKET: SEGMENTAL OVERVIEW
Electrosurgical equipment to grow at a rate of 8.06%
The sutures and staples segment will continue to dominate the market in 2022. The electrosurgical equipment and hand-held surgical devices segments are expected to grow at a rate of 8.06% and 7.60%, respectively during the forecast period. Hospitals are key end-users that greatly influence market growth. The increasing incidence of gynecology disorders is expected to fuel the market growth, as the adoption is more in obstetrics. The plastic and reconstructive segment is expected to grow at a faster pace due to increasing demand for aesthetic and cosmetic surgeries worldwide.
SURGICAL EQUIPMENT MARKET: GEOGRAPHICAL ANALYSIS
North America to be the largest surgical equipment market globally
The surgical equipment market in North America is projected to grow at a steady pace during the forecast period due to increased adoption of technologically advanced surgical systems. The US and Canada, being the two strong economies globally, is currently witnessing the maximum number of product launches. North America is followed by Europe. APAC and Latin America stand next to the European market.
The surgical equipment market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Surgical sutures and stapling devices
- Forceps and spatulas
- Auxiliary instruments and graspers
- Electrosurgical equipment
- Obstetrics and gynecology
- Plastic and reconstructive
- Wound closure
- Latin America
- North America