Surgical Equipment Market Size, Share & Trends Report

Surgical Equipment Market Size, Share & Trends Analysis Report By Product (Surgical Sutures & Staplers, Electrosurgical Devices), By Application (Plastic & Reconstructive Surgery, Cardiovascular), And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-240-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 130

Report Overview

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.

Germany surgical equipment market size, by product, 2016 - 2028 (USD Million)

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.

Product Insights

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.

COVID19 impact: Market declined by 20% in the first year of pandemic. The growth rate for electrosurgical devices is expected to reach beyond 11% from 2021 to 2028

Pandemic Impact

Post COVID Outlook

The number of elective surgeries has slowly started after a complete stop during the first wave of COVID-19

Considering the impact magnitude of the second wave in major markets, the number of elective surgeries is expected to normalize in the first two quarters of 2022.

The market declined to around 73% during the first year of the pandemic as compared to the market size in 2019

Hospitals are clearing the backlog of elective surgeries with stricter guidelines.

 

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.

Application Insights

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.

Global surgical equipment market share, by application, 2020 (%)

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.

Regional Insights

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.

Key Companies & Market Share Insights

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.

Surgical Equipment Market Report Scope

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.

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Segments Covered in the Report

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

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