Surgical Equipment Market Size, Share & Trends Analysis Report 2022-2030
Surgical Equipment Industry Overview
The global surgical equipment market size was valued at USD 14.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 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 stay 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.
Gather more insights about the market drivers, restrains and growth of the Global Surgical Equipment market
Several ambulatory surgical centers had to be shut down due to the huge losses that they had to incur as a result 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.
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Surgical Equipment Market Segmentation
Grand View Research has segmented the global surgical equipment market based on product, application, and region:
Surgical Equipment Product Outlook (Revenue, USD Million, 2017 - 2030)
- Surgical Sutures & Staplers
- Handheld Surgical Devices
- Forceps & Spatulas
- Retractors
- Dilators
- Graspers
- Auxiliary Instruments
- Cutter Instruments
- Others
- Electrosurgical Devices
Surgical Equipment Application Outlook (Revenue, USD Million, 2017 - 2030)
- Neurosurgery
- Plastic & Reconstructive Surgery
- Wound Closure
- Obstetrics & Gynecology
- Cardiovascular
- Orthopedic
- Others
Surgical Equipment Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- December 2020: Zimmer Biomet announced the acquisition of A&E Medical Corp, a surgical device maker.
Key Companies profiled:
Some prominent players in the global surgical equipment market include:
- 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
Order a free sample PDF of the Surgical Equipment Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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