Market Overview:

According to a new report by IMIR Market Research on Global Surgical Equipment Market was valued at approximately USD 16.88 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 9.4%, reaching a value of USD 33.78 Billion by 2031.

The market is mostly being driven by factors like a rise in the frequency of lifestyle-related illnesses that eventually necessitate surgery, growing healthcare expenses, and a significant unmet surgical demand. Moreover, less hospital stays following surgery and a rise in ambulatory surgical centers are anticipated to drive market expansion over the course of the projection year. In addition, as older individuals are more likely to sustain injuries and chronic illnesses, the aging population can help the market grow. As per the India Ageing Report 2023, it is projected that by 2050, there would be 2.1 billion older individuals worldwide. Asia is thought to include 1.3 billion of the world's elderly population.

Furthermore, it is expected that the business would grow due to the rise in the incidence of diseases like cancer and cardiovascular conditions, which call for surgery. Nearly 400,000 open heart surgeries are performed annually in the United States, making it the most prevalent procedure, according to an item published by WebMD LLC in January 2024. Therefore, it is expected that the high number of surgical procedures performed in both developed and emerging nations will drive up demand for surgical equipment.

Additionally, producers along with other industry players are concentrating on creating cutting-edge products for the market. For example, in August 2023, the large medical technology company Healthium Medtech unveiled a line of sutures called TRUMASTM, designed to solve suturing difficulties in limited access procedures. Over the course of the forecast period, it is expected that these product introductions will assist the industry's growth. The aging population is one of the key factors propelling the market's growth. Individuals 60 years of age & older are more likely to develop surgically necessary conditions than younger people. According to estimates from the Centers for Prevention and Control of Diseases, 310,800 hip replacements for persons 45 years of age and over were carried out in 2021.

Market Dynamics:

Market Drivers-

Increase in the Prevalence of Chronic Illness

• The global market for surgical tools and machinery is driven by a rise in road traffic accidents, an increase in chronic illness prevalence, and an aging population worldwide. Globally, there were an estimated 703 million persons 65 years of age and older in 2021. This population has undergone an increasing number of treatments because to the rising incidence of chronic illnesses such as cancer, arthritis, & cardiovascular disease. Over 40% of inpatient operations and 33% of outpatient surgeries involve elderly individuals, according to the American Association of Retired Persons. Thus, throughout the coming years, the market will grow as a result of the aging population & the rise in the prevalence of chronic diseases. The global surgical equipment market share is anticipated to grow even more quickly as people get greater awareness of minimally invasive procedures. The rising demand for operations among patients can be attributed in large part to their growing awareness of the financial advantages of early surgical intervention.

Growing Public Investment Is Anticipated to Invigorate​

• Increasing public spending on healthcare infrastructure and policies that support foreign direct investment (FDI) in developing nations are driving the growth of surgical equipment. The need for surgical equipment is being driven by the rise in injuries, including sports-related injuries, auto accidents, and heart surgeries. According to estimates from the World Health Organization, 32% of deaths worldwide in 2019 were attributable to cardiovascular disorders. The prevalence of cardiovascular disease is rising, which is driving growth in the global surgical equipment market. Injuries are more common among Chinese athletes than among American athletes, according to the Orthopaedic Journal of Sports Medicine. Consequently, the number of sports injuries is rising, which is driving up the demand for surgical equipment. The near future is expected to bring growth potential due to advances in surgical equipment and increased industry spending. The need for state-of-the-art surgical instruments is growing among healthcare professionals.

Market Trends-

Technological Advancements and Innovation

• The constant innovation and technological improvements in surgical tools and equipment are what drive the surgical equipment market. The advent of less invasive surgical methods, the use of robots and artificial intelligence (AI) in surgeries, and improvements in material & manufacturing processes are just a few of the advances that are included in this movement. The use of minimally invasive procedures is still quite popular since it causes less trauma, better patient results, and faster recovery times. Laparoscopy and robotically assisted surgery are two examples of these treatments. With the goal of minimizing intrusive operations, manufacturers are creating sophisticated surgical instruments like endoscopes, power devices, graspers, and trocars. Due to machine learning (ML) and artificial intelligence (AI) technologies allow surgeons to conduct difficult procedures with better control, dexterity, and precision, their integration into surgical systems also improves surgical outcomes and patient safety. With the goal of minimizing intrusive operations, manufacturers are creating sophisticated surgical instruments like endoscopes, energy gadgets, graspers, and trocars. Due to patients and healthcare professionals want more efficient, secure, and less invasive surgical solutions, the trend toward technological advancements and innovation is projected to drive market expansion and have an impact on the surgical equipment market going forward.

Shift towards Ambulatory and Outpatient Surgery​

• The shift toward ambulatory & outpatient surgery, which is driving the surgical equipment market, is brought about by a number of causes, including increased healthcare expenses, developments in anesthetic and pain management, and shifting consumer tastes for convenience and less time in the hospital. Surgical treatments that don't require an overnight hospital stay and are carried out in specialized ambulatory surgery centers (ASCs) or outpatient clinics are referred to as ambulatory surgery, often known as same-day or outpatient surgery. Developments in anesthesia, surgical methods, and post-operative care guidelines that facilitate quicker healing and shorter recovery periods—allowing patients to go home the same day as their procedure—are driving this trend. Healthcare providers are investing more in ASCs and outpatient facilities with state-of-the-art surgical equipment and infrastructure as the demand for ambulatory surgery services rises. Ambulatory surgical equipment market adoption is also being aided by regulatory measures and reimbursement policies that support the transition to value-based medicine and outpatient surgery.

Market Restraining Factors-

The Development Is Restricted by the Surgical Instrument Contamination

• The cross-contamination of surgical equipment is a major problem or barrier that the surgical tool market must deal with. Infection rates can rise in response to low levels of germs on surgical tools. The supply chain was disrupted and the frequency of accidents and surgery decreased because there were no running cars on the road at the time the lockdowns were put into place. Surgical instrument infection is the only factor that has the potential to halt the market's expansion. The likelihood of surgical instrument infection increases in the absence of sterilization. This kind of exposure can lead to an infection at the surgery site. The second factor impeding the expansion of the surgical equipment market is the sale of fake devices.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Surgical Equipment Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Surgical Equipment Market Players Analysis:

• Johnson & Johnson (Ethicon Inc.)
• Zimmer Biomet
• Braun SE
• GPC Medical
• IndoSurgicals Private Limited
• Smith + Nephew
• Stryker
• Aspen Surgical
• Medtronic
• BD

Key Industry Developments:

• In September 2023, The American company PainTEQ unveiled a brand-new set of Surgery-Ready Instruments, giving interventional pain specialists an affordable and secure alternative.
• In June 2023, A health care company called SURE Retractors Inc. introduced single-use, sterile retractors for spinal, orthopedic, and trauma surgery.

Surgical Equipment Market Segmentation Analysis:

By Product

• Surgical Sutures & Staplers
• Handheld Surgical Devices
• Electrosurgical Devices

By Type

• Reusable
• Disposable

By Application

• Neurosurgery
• Plastic & Reconstructive Surgery
• Wound Closure
• Obstetrics & Gynecology
• Cardiovascular
• Orthopedic
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

The report also helps in understanding Global Surgical Equipment Market dynamics, structure by analyzing the market segments, and project the Global Surgical Equipment  Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Surgical Equipment Market make the report investor’s guide.

Global Surgical Equipment Market Segmentation Insights:

The market is divided into segments based on By Product, By Type, By Application.

By Product

Based on the Product of the market is segmented into Surgical Sutures & Staplers, Handheld Surgical Devices, Electrosurgical Devices.

In 2023, the surgical sutures and staplers segment held the biggest market share of 44.9%, dominating the industry. Due to their increasing use in wound closure procedures, staplers and sutures have a high adoption rate, which may account for their dominance in this market. Additionally, because staplers are more advantageous than sutures, it is anticipated that their use would grow. These benefits include a decreased risk of infection and quick wound healing. Additionally, the businesses are introducing new items in this market. For example, a significant competitor in the market, Johnson & Johnson's Ethicon, introduced a next-generation Echelon 3000 stapler in June 2022.

Electrosurgical instruments are the segment with the fastest compound annual growth rate (CAGR) over the predicted period. The reason for the segment's growth is the increasing demand for these devices in less invasive procedures. Moreover, Medtronic and Stryker are important rivals in the market for electrosurgical instruments. As a result, it is anticipated that the availability of products from top manufacturers will encourage the segment's growth.

By Application

Based on the Application of the market is categorised into Neurosurgery, Plastic & Reconstructive Surgery, Wound Closure, Obstetrics & Gynecology, Cardiovascular, Orthopedic, Others.

The additional segment held the largest share in 2023, with a revenue share of more than 28.15%. The remaining categories are radiosurgery, urology, and general surgery. It is anticipated that rising cancer rates worldwide would increase demand for radiosurgery and surgical devices. The American Cancer Society released research in January 2023 estimating that 609,820 Americans would die from cancer in 2023.

Plastic & reconstructive surgery is the segment with the fastest compound annual growth rate (CAGR) for the projection period. This may be explained by the increase in cosmetic procedures performed as well as the accessibility of a large variety of surgical devices for these procedures. A little over 1,017,003 reconstructive procedures were performed in 2022, according to the Plastic Surgery Statistics Report 2022.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America held a dominant market share of 39.06% in the global surgical equipment market in 2023. This is due to the fact that the rising incidence of chronic diseases including cancer, heart disease, and orthopedic disorders drives the need for state-of-the-art medical equipment. In addition, it is projected that the existence of notable product suppliers in the region, like STERIS and KLS Martin Group, would improve product accessibility.

The Asia Pacific surgical equipment market is expected to grow at the fastest rate during the course of the forecast period. The population's aging, the rise in chronic sickness rates, and advancements in healthcare infrastructure are the primary forces behind this development. Furthermore, it is expected that the regional sector will be driven by developing countries like China and India as well as the increasing focus of industry participants in these areas.The surgical equipment market in Japan is anticipated to increase significantly over the next several years. Japan's aging population is expected to contribute to increased market growth. As per the September 2023 World Economic Forum article, more over 10% of the population in Japan is 80 years of age or older. Furthermore, 33.33% of the nation's population is 65 years of age or older. Therefore, it is anticipated that the existence of a sizable prospective patient base will fuel the need for surgical equipment.

Surgical Equipment Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada
• Mexico

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Surgical Equipment Market valued?
• Which region has the largest share in 2024 for the global Surgical Equipment Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Surgical Equipment Market:

• Historic year: 2018-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Surgical Equipment Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: