The global surgical equipment market size was valued at USD 9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028. Large unmet surgical needs, growing healthcare costs, rising geriatric population, and increasing surgical volume are the key factor projected to drive the market growth during the forecast period. The long-term cost comparison study of medicine therapy with surgery revealed that early surgery is considered more cost-effective as compared to continuous medication. Patient awareness about the cost benefits of early surgical intervention is increasing with efficient patient counseling during physician visits.
In addition, with the growing burden of healthcare expenditure in many countries, the product demand is expected to increase over the forecast period. The growing geriatric population across the globe is one of the key factors expected to propel market growth. According to the CDC statistics, around 60% of all surgical procedures were performed on people aged 45 years and above.
As per the United Nations 2019 report, around 16% of the total world population will be aged 65 years and above by 2050. Poor healthcare coverage over surgeries, shortage of surgical workforce, and low accessibility to surgical need in the low-middle income countries are anticipated to restrain the market growth to some extent. It is estimated that 9 out of 10 people living in low-middle income countries do not have access to affordable and safe surgical care when needed.
The surgical sutures & staplers product segment held the maximum market share of over 45% in 2020. This is mainly because these equipment are largely used in wound closure procedures. However, staplers are expected to be an emerging segment owing to their advantages over sutures, such as the low risk of infection and rapid wound healing.
Electrosurgical equipment is expected to be the fastest-growing product segment over the forecast period due to the high demand for these devices in minimally invasive surgeries. Major market players, such as Medtronic PLC, are involved in the development of advanced electrosurgical devices, such as the Aquamantys System and Bipolar Sealers to facilitate hemostasis during surgery.
The handheld surgical devices segment is anticipated to grow at a healthy rate during the forecast period. The segment is further classified into forceps & spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, and others. One of the major trends observed in this segment includes the growing usage of disposables instruments, especially in ambulatory surgical centers, owing to benefits, such as cost-effectiveness and low risk of cross-contamination.
The obstetrics & gynecology application segment dominated the global surgical equipment market in 2020 with a market share of 22.2%. The rising number of childbirths and increasing prevalence of female reproductive organ disorders have contributed to the increasing number of gynecologic surgeries, thereby supporting the segment growth. According to the CDC report, it is estimated that approximately 1,223,200 cesarean deliveries were performed in the U.S. in 2018.
The plastic and reconstructive surgeries segment is anticipated to witness the fastest CAGR over the forecast period. This can be attributed to the technological advancements and rising disposable income levels in countries, such as India, China, and Australia. Growing demand for cosmetic surgeries to improve esthetic appeal has also supported the growth of this segment.
The orthopedic application segment held a significant market share. Orthopedic procedures, such as knee & hip replacement, ACL surgery, and arthroscopy, were among the top 15 surgeries performed in Europe, in terms of volume. According to Eurostat’s 2018 report, the number of knee replacement surgeries performed almost doubled within 5 years in almost 2o of the 21 European Union countries boosting the procurement rate of surgical devices.
North America captured the largest revenue share of over 40% in 2020 due to high healthcare expenditure in the U.S. resulting in well-established hospital infrastructure. The regional market will grow further at a steady CAGR due to the technological advancements in minimally invasive surgical procedures and the availability of skilled surgeons in the U.S.
According to the World Integrated Trade Solution report published in 2018, Europe is among the major global suppliers of medical & surgical instruments. The Netherlands, Germany, and Belgium are a few of the notable markets showing lucrative growth potential in this region. Factors, such as the domicile presence of major market players, geographical proximity to the Asian market, and the rising burden of chronic disorders, are anticipated to drive the regional market.
Asia Pacific is anticipated to exhibit the fastest CAGR over the forecast period. The cancelation and postponement of elective surgeries by hospitals during the global pandemic have negatively affected the market in APAC in 2020. Many surgical centers in ASEAN countries were shut down due to the lack of resources, such as PPE, OT, and healthcare workforce. With surgical centers reopening slowly and the presence of huge backlogs bottlenecking the service providers, the demand for single-use surgical equipment is expected to witness an unprecedented demand in coming years.
The key companies have high R&D spending capacity and are observed to invest heavily in the development of AI-based surgical systems to gain a competitive edge in the market. For instance, in September 2019 Medtronic PLC unveiled its new robot-assisted surgery system called Hugo RAS.
Companies are also focusing on other strategic initiatives, such as new product development, mergers, acquisitions, joint ventures, partnerships, and geographical expansions. For instance, in November 2020, Aspen Surgical acquired Protek Medical Products, Inc. with an intent to strengthen its distribution network and R&D capability. Some of the prominent players in the global surgical equipment market include:
Micron Biomedical, Inc.
Stryker Corp.
Ethicon, Inc.
Aspen Surgical Products, Inc.
Alcon Laboratories, Inc.
Report Attribute |
Details |
Market size value in 2021 |
USD 12.79 billion |
Revenue forecast in 2028 |
USD 24.55 billion |
Growth Rate |
CAGR of 9.8% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Volume in units, revenue in USD million/billion, and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Brazil; Mexico; South Africa |
Key companies profiled |
Smith & Nephew plc; Zimmer Biomet Holdings, Inc.; B.Braun Melsungen AG; Medtronic PLC; Stryker Corporation; Ethicon, Inc.; Aspen Surgical Products, Inc.; Alcon Laboratories, Inc. |
Customization scope |
Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global surgical equipment market report on the basis of product, application, and region:
Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Surgical Sutures & Staplers
Handheld Surgical Devices
Forceps & Spatulas
Retractors
Dilators
Graspers
Auxiliary Instruments
Cutter Instruments
Others
Electrosurgical Devices
Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Neurosurgery
Plastic & Reconstructive Surgery
Wound Closure
Obstetrics & Gynecology
Cardiovascular
Orthopedic
Others
Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
b. The global surgical equipment market size was estimated at USD 9.32 billion in 2020 and is expected to reach USD 12.79 billion in 2021.
b. The global surgical equipment market is expected to grow at a compound annual growth rate of 9.8% from 2021 to 2028 to reach USD 24.55 billion by 2028.
b. North America dominated the surgical equipment market with a share of 28.9% in 2019. This is attributable to rising healthcare expenditure in the U.S. resulting in well-established hospital infrastructure and the availability of high skilled surgeons.
b. Some key players operating in the surgical equipment market include Zimmer Biomet Holdings, Inc.; Becton, Dickinson and Company; B. Braun Melsungen AG; Smith & Nephew plc; Stryker Corporation; Aspen Surgical Products, Inc.; Ethicon, Inc.; Medtronic; and Alcon Laboratories, Inc.
b. Key factors that are driving the surgical equipment market growth include the Increasing prevalence of chronic diseases, growing geriatric population base, rise in the number of surgical procedures, and introduction of technologically advanced products.
b. The surgical sutures & staplers product segment held the maximum market share of over 45% in 2020 in the surgical equipment market, due to large usage in wound closure procedures.
b. The plastic and reconstructive surgeries segment in the surgical equipment market is anticipated to witness the fastest CAGR over the forecast period.
b. On the basis of region, Asia Pacific is anticipated to exhibit the fastest CAGR in the surgical equipment market over the forecast period.
b. Recently, in November 2020, Aspen Surgical acquired Protek Medical Products, Inc. with an intent to strengthen its distribution network and R&D capability.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.