Surgical Equipment Market to Surpass US$ 15,741.7 Million by 2030, Says Coherent Market Insights (CMI)

Burlingame, May 31, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Surgical Equipment Market is estimated to be valued at US$ 11,069.3 million in 2022 and is expected to exhibit a CAGR of 4.5 % during the forecast period (2022-2030).

Analysts’ Views on Global Surgical Equipment Market: The global surgical equipment market is anticipated to generate around US$ 15,741.7 million revenue by 2030, and is projected to exhibit a CAGR of 4.5 % during the forecast period. The major factors responsible for the growth of the global surgical equipment market include increase in the preference of robot assisted surgery and rising geriatric population. Moreover, the technological advancements in the surgical equipment and rising investments in the research & development by the major players are anticipated to create several opportunities in the growth of the surgical equipment market.

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Key Trends and Analysis of the Global Surgical Equipment Market:

Global Surgical Equipment Market - Driver:

Rising Surgeries Associated with Sports and Road Accident Injuries

Rising number of injuries, such as sports and road accident injuries, is expected to fuel the demand for surgical equipment. For instance, in 2021, according to the National Safety Council (NSC), exercise equipment activity accounted for about 409,000 injuries in the U.S. There are various other incidence associated with the sports injury such as boxing which accounted for around 15,559 cases, horseback riding accounted for up to 41,923 cases, and others in 2021. Moreover, according to the National Highway Transportation Safety Administration (NHTSA), 938 pedal cyclists were killed due to the accidents caused because of the negligence in 2020, which is anticipated to be increased by 9% as compared to 2019. Moreover, in 2020, Alcohol was involved in 34% of all the total fatal crashes that took place.

Rising Cardiac Surgeries Owing to the Increasing Cardiac Disorders

Rising cardiac surgeries such as Coronary Artery Bypass Grafting (CABG), heart transplant, aneurysm repair, and others has also resulted in the growing demand for surgical equipment. For instance, according to New Jersey Department of Health (NJDH), 42.8% (7,398) of the 17,291 total open- heart surgeries performed in New Jersey in the period 2019-2020 were bypass surgeries. Moreover, NJDH also stated that 4,094 surgeries out of 9,489 total open- heart surgeries in 2019 and 3,304 surgeries out of 7,802 total open- heart surgeries in 2020, were bypass surgeries. This is further expected to drive demand for surgical equipment.

Surgical Equipment Market Report Coverage

Global Surgical Equipment Market - Trends:

Rising Number of Surgical Procedures Using Electrosurgical Devices

Growing number of surgical procedures using electrosurgical devices is currently trending across the healthcare industry. Electrosurgical device is majorly used to incise tissue, destroy tissue through desiccation, and control bleeding by causing coagulation of blood. This device is majorly used in cholecystectomy procedures. For instance, according to Organization for Economic Co-operation and Development (OECD), in 2020, 54,836 laparoscopic cholecystectomy procedures were performed in Denmark, and around 30,031 procedures were performed in Costa Rica. Moreover, in June 2021, Ethicon (Johnson and Johnson) launched the ENSEAL X1 Curved Jaw Tissue Sealer. This is an advanced bipolar energy device that increases efficiency of the procedure and offers robust sealing. This device is indicated for colorectal, gynecological, bariatric, and thoracic procedures.

Global Surgical Equipment Market Cross - Sectional Analysis:

North America is expected to dominate the global surgical equipment market in 2022, owing to the rising healthcare expenditure across the region. Moreover, in 2022, surgical sutures & staplers segment under product is expected to dominate the overall North America surgical equipment market. The segment is estimated to be driven on the account of various acquisitions made by the major players for the expansion of their product portfolio and their hold across the region. For instance, in September 2022, Teleflex Incorporated, a provider of medical technologies, announced the completion of the acquisition of Standard Bariatrics, Inc., a manufacturer and distributor of an innovative powered stapling technology for bariatric surgery. A month back, in August 2022, Teleflex had announced its definitive agreement with Standard Bariatrics, Inc. The agreement included closing of the acquisition at US$ 170 million, as well as an additional US$130 million payable upon the achievement of certain commercial milestones.

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Key Market Takeaways:

The global surgical equipment market is expected to exhibit a CAGR of 4.5% during the forecast period. Increasing adoption of organic strategies by major players, such as product launches in the global surgical equipment market to increase their product portfolio and presence in the market, has resulted in fueling the overall market growth. For instance, on September 28, 2022, Olympus Corporation, a global medical technology company, announced the commercialization of the THUNDERBEAT Open Fine Jaw Type X surgical energy devices for open surgery. The product is designed to support safer procedures and is currently available in Japan. The commercial launch of the product in Europe, the U.S., and South Korea is anticipated in October 2022. Thus, rapid approval for electrosurgical equipment systems is fueling the overall surgical equipment market.

On the basis of application, orthopedics segment is expected to hold a dominant position in the market over the forecast period, owing to the rising sports injuries. For instance, according to the Johns Hopkins University 2021 report, in the U.S., around 30 million children and teens participated in some of the organized sports, and more than 3.5 million injuries are registered annually.

On the basis of end user, hospitals segment is expected to hold a dominant position in the market over the forecast period, as most of the surgical procedures are performed in hospitals. For instance, according to American Hospital Association (AHA) 2022 report, there are around 920,531 staffed beds in all the U.S. community hospitals out of which approximately 7,887 beds are reserved for intensive care. The intensive care department is focused on observation, care, and treatment of patients with life-threatening illness, injuries, or complications from which recovery could be possible.

On the basis of region, North America is expected to hold a dominant position in the market over the forecast period due to increasing product launches. For instance, in September 14 2022, at the 2022 Annual Meeting of the American Orthopedic Foot & Ankle Society, Stryker, a medical technology company, introduced a Pulse Intelligent Delivery Platform. The product is designed to aid foot and ankle procedures that are performed in ambulatory surgery centers (ASC) facilities. The company also featured its Prophecy Footprint Surgical Planning, which will be the first surgical planning tool to provide clinical guidance on the whole foot in connection with total ankle arthroplasty.

Competitive Landscape:

Key players operating in the global surgical equipment market include Medtronic plc., Peters Surgical SASU, Ethicon (Johnsons & Johnsons), Conmed Corporation, Novartis International AG, Smith & Nephew PLC, Boston Scientific Corporation, B. Braun Melsungen AG, Cousin-Biotech, Enthral Medical GMBH, Fuhrmann GMBH, Integral Lifesciences Holdings Corporation, KLS martin Group, Stryker Corporation, Zimmer Biomet, Dextera Surgical, Hospira, and SIM Surgical.

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Market Segmentation:

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