Surgical Equipment Market Size, Share & Trends Analysis Report By Product (Surgical Sutures & Staplers, Handheld Surgical Devices, Electrosurgical Devices), By Application, By Region, And Segment Forecasts, 2023 - 2030

Surgical Equipment Market Size & Trends

The global surgical equipment market size was valued at USD 15.5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2023 to 2030. Factors such rising geriatric population, rise in the incidence of lifestyle diseases that eventually require surgery, growing healthcare costs, and large unmet surgical needs are primarily driving the market. Furthermore, increasing technological advancement in minimally invasive surgeries, reduced hospital stays post-surgery, and a rise in the number of ambulatory surgical centers are expected to fuel the growth of the market during the forecast period.

The COVID-19 pandemic had a significant negative impact on the market. The market observed a sharp fall in the sales of surgical equipment. The lockdowns and restrictions led by the government led to a major disruption in the supply chain. On the other hand, due to a change in healthcare priorities and as a precautionary measure to constrain the spread of the virus, several surgeries and procedures were postponed. This led to a major backlog in the number of surgical procedures performed, thereby affecting the market negatively.

Several ambulatory surgical centers had to be shut down due to the huge losses that they had to incur because of the pandemic. However, with the introduction of vaccines and increased focus by the governments on strategized plans for further outbreaks, the market has recovered in the past year. Moreover, the backlogs that were created due to the pandemic are now being taken care of, and hence the market is further projected to grow at a significant rate over the forecast period.

The increasing geriatric population is a key factor contributing to the growth of the market. Individuals that are aged 60 and above are at a higher risk of developing disorders that require surgery compared to the younger population. According to the Centers for Disease Control and Prevention, the number of hip replacements among people 45 and over was 310,800 in 2019.

Product Insights

The surgical sutures and staplers segment dominated the market with a revenue share of more than 45.0% in 2022. This can be attributed to the high adoption rate of sutures and staplers owing to their increasing use in wound closure procedures. The staplers’ segment is expected to be the emerging segment due to the advantages of staplers in comparison to sutures. This includes rapid wound healing and a low risk of infection. Based on product, the market is classified into surgical sutures and staplers, handheld surgical devices, and electrosurgical devices.

However, technological advancements and government initiatives will fuel the growth of the suture segment during the forecast period. For instance, in June 2021, Ethicon, Inc. announced that the National Institute for Health and Excellence (NICE) issued new medical technology guidance that recommends the use of plus sutures developed by the company in surgeries within the National Health Service. This is to avoid the rising occurrence of surgical site infections and plus sutures are the only sutures that offer antibacterial protection. The electrosurgical devices segment is expected to be the fastest-growing segment during the forecast period. This is due to the increasing demand for these devices in minimally invasive surgeries. Major market players such as Medtronic are involved in developing advanced electrosurgical devices.

The handheld surgical devices segment held a significant revenue share in 2022 and is expected to grow at a healthy rate during the projection period. The handheld surgical devices segment is further fragmented into forceps and spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments, and others. One of the major trends observed in this segment is a shift towards disposable instruments owing to benefits such as cost-effectiveness and reduced risk of cross-contamination.

Application Insights

The others segment held the largest revenue share of over 27.9% in 2022. The obstetrics and gynecology segment held the second-largest revenue share in 2022 owing to the increasing number of childbirths worldwide and the sudden rise in the prevalence of female reproductive organ disorders, which has led to an increase in the number of gynecological surgeries. According to CDC’s report, in 2020, an estimated 1,148,692 cesarian surgeries were performed in the U.S. On the basis of application, the market is segmented into neurosurgery, plastic and reconstructive surgery, wound closure, obstetrics and gynecology, cardiovascular, orthopedic, and others.

The plastic and reconstructive surgery segment is anticipated to witness the fastest growth during the forecast period. Factors such as growing disposable income, technological advancements, and growing demand to improve esthetic appeal are expected to boost the growth of the segment over the forecast period. The rising number of individuals choosing careers in the entertainment industry, which requires them to focus more on their appearance, is also significantly contributing to the growth of this segment. 

Regional Insights

North America held the largest revenue share of over 39.5% in 2022. Factors such as high healthcare expenditure and the presence of well-established hospitals and major players operating in the U.S. are contributing to the growth of the market in the region. In addition, technological advancements and rising demand for minimally invasive surgeries are anticipated to drive the regional market over the forecast period.

Asia Pacific is anticipated to become the fastest-growing regional market over the forecast period. Rising disposable income in countries such as India and China is expected to boost the growth of the plastic and reconstructive surgeries segment, thereby contributing to the regional market growth. The rising geriatric population in the region is expected to lead to a rise in the number of orthopedic and cardiovascular procedure volumes.

While the COVID-19 pandemic had a significant negative impact on the Asian countries in 2020 and the first half of 2021, the market already began to recover in the second half. The presence of huge backlogs and postponement of certain treatments due to the pandemic has resulted in the ever-rising demand for surgical equipment in this region.

Key Companies & Market Share Insights

Key players operating in the market are manufacturing perfusion systems and focusing on various strategic initiatives to boost their market presence. They are also strengthening their product portfolio through the acquisition of companies that represent great potential, partnerships & collaborations, and increased focus on research and development activities to develop technologically advanced products. For instance, in December 2020, Zimmer Biomet announced the acquisition of A&E Medical Corp, a surgical device maker. Some prominent players in the global surgical equipment market include:

• B. Braun Melsungen Ag

• Smith & Nephew plc

• Zimmer Biomet Holdings Inc.

• Stryker Corporation

• Alcon Laboratories Inc.

• Aspen Surgical Products, Inc.

• Medtronic Inc.

• Ethicon Inc.

• Becton, Dickinson and Company

Surgical Equipment Market Report Scope

Global Surgical Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, & country levels as well as provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global surgical equipment market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Surgical Sutures & Staplers

  • Handheld Surgical Devices

    • Forceps & Spatulas

    • Retractors

    • Dilators

    • Graspers

    • Auxiliary Instruments

    • Cutter Instruments

    • Others

  • Electrosurgical Devices

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurosurgery

  • Plastic & Reconstructive Surgery

  • Wound Closure

  • Obstetrics & Gynecology

  • Cardiovascular

  • Orthopedic

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait