Product Code: RP-ID-10060104 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10060104
Market Overview:
Global Surgical Instruments Market Size and Forecast to 2030
By the end of 2021, the global surgical equipment market is projected to be worth more than USD 10 billion and is expected to grow at a compound annual growth rate (CAGR) of ~11% from 2022 to 2030. A large number of unsatisfied surgical needs, increasing medical care costs, an increase in the elderly population and an increase in the number of operations are the key factors that are expected to drive market growth during the forecast period. Comparative studies on the long-term cost of medication and surgery have shown that early surgery is considered more cost-effective than continuous medication. By providing effective consultations during medical visits, patients’ awareness of the costs and benefits of early surgical intervention is increasing. In addition, as the burden of health care expenditures in many countries increases, the demand for products is expected to increase during the forecast period. The growing elderly population around the world is one of the key factors that are expected to drive market growth. According to the CDC, approximately 60% of surgical operations are performed on people 45 years of age or older.
According to the 2019 UN report, by 2050, about 16% of the world;s total population will be 65 years of age or older. The low surgical health care coverage in low- and middle-income countries, the shortage of surgical labor and the difficulty in obtaining surgical demand are expected to slow down the market growth to a certain extent. It is estimated that 9 out of 10 people living in low- and middle-income countries have no access to safe and affordable surgical care when they need it.
PRODUCT INFORMATION:
Surgical sutures and staplers have the largest market share in 2020, exceeding 40%. This is mainly because these devices are mainly used for wound closure surgery. However, due to its advantages over sutures, such as low risk of infection and rapid wound healing, staplers are expected to become an emerging field.
Due to the high demand for these devices in minimally invasive surgery, electrosurgical devices are expected to become the fastest growing part of the product during the forecast period. Major market players such as Medtronic PLC are involved in the development of advanced electrosurgical equipment such as the Aquamantys system and bipolar sealants to promote hemostasis during surgery.
The portable surgical equipment segment is expected to grow at a healthy rate during the forecast period. This part is further divided into forceps and spatulas, retractors, dilators, forceps, auxiliary instruments, cutting instruments, etc. Due to advantages such as cost-effectiveness and low cross-contamination risk, one of the main trends observed in this segment includes the increasing use of disposable devices, especially in outpatient surgery centers.
APPLICATION INSIGHT:
The application segment of obstetrics and gynecology dominates the global surgical equipment market with a market share of more than 20% in 2020. The increase in the number of deliveries and the increasing prevalence of female reproductive organ diseases has led to an increase in the number of gynecological operations, thus supporting the growth of this market segment. According to a report from the Centers for Disease Control and Prevention, there were an estimated 1,223,200 cesarean sections in the United States in 2018.
It is expected that during the forecast period, the plastic and reconstructive surgery department will witness the fastest compound annual growth rate. This can be attributed to technological progress and rising levels of disposable income in countries such as India, China, and Australia. The growing demand for cosmetic surgery to enhance aesthetics also supports the growth of this market segment.
Orthopedic applications occupy an important market share. In terms of surgical volume, orthopedic surgery such as knee and hip replacement, anterior cruciate ligament surgery and arthroscopy ranks among the top 15 surgeries in Europe. According to Eurostats 2018 report, in nearly 20 of the 21 EU countries, the number of knee replacement surgeries has almost doubled within 5 years, which has increased the procurement rate of surgical instruments.
REGIONAL INFORMATION:
Due to the high health care expenditures in the United States, North America will obtain the largest revenue share of more than 30% in 2021, thus forming a complete hospital infrastructure. Due to the technological advancement of minimally invasive surgery and the availability of qualified surgeons in the United States, the regional market will grow further at a stable compound annual growth rate. According to the World Comprehensive Trade Solutions Report released in 2018, Europe is one of the world;s largest suppliers of medical products & surgical instruments.
The Netherlands, Germany, and Belgium are some notable markets that show profitable growth potential in the region. It is expected that factors such as the local presence of major market players, geographical proximity to the Asian market, and the increasing burden of chronic diseases will drive the development of the regional market. The Asia-Pacific region is expected to show the fastest compound annual growth rate during the forecast period.
The cancellation and postponement of elective surgeries by hospitals during the global pandemic will adversely affect the market in the Asia-Pacific region in 2020. Due to the lack of resources such as personal protective equipment, occupational therapy, and medical staff, many surgical centers in ASEAN countries have been closed. With the slow and long delays in the reopening of surgical centers hindering service providers, it is expected that the demand for disposable surgical equipment will reach unprecedented demand in the next few years.
KEY COMPANIES AND MARKET SHARE INFORMATION:
Key companies have high R&D expenditure capabilities and have been observed to invest heavily in the development of artificial intelligence-based surgical systems to gain market competitive advantages.
For example, in September 2019, Medtronic PLC launched a new robot-assisted surgery system called Hugo RAS.
The two companies also focus on other strategic initiatives, such as new product development, mergers, acquisitions, joint ventures, cooperation, and geographic expansion. For example, in November 2020, Aspen Surgical acquired Protek Medical Products, Inc. in order to strengthen its distribution network and R&D capabilities. Some prominent players in the global surgical equipment market include: Micron Biomedical, Inc., Stryker Corp.. , Ethicon, Inc. Aspen Surgical Products, Inc. Alcon Laboratories, Inc.
MARKET SEGMENT COVERED BY THE REPORT :
This report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each market segment from 2021 to 2030.
For the purpose of this research, Kenneth Research has studied the global surgical instrument market based on product, application and region reports: Product outlook (quantity, unit, revenue, million dollars, 2016-2028) Surgical suture and stapler portable surgery Instrument forceps and spatula retractor expander polishing forceps auxiliary instrument cutting instrument other electrosurgical instrument application fluoroscopy (quantity, unit; revenue, million dollars, 2016-2028) Neurosurgery plastic and reconstructive surgery wound closure gynecology and obstetrics heart Vascular Orthopedics Other.
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