Surgical Equipment Market, By Product Type, By Category, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Surgical Equipment Market size was valued at USD 16,029.43 million in 2023, expanding at a CAGR of 9.62% from 2024 to 2032.
Surgical equipment encompasses a wide array of instruments and devices utilized in surgical procedures to ensure operations are conducted safely and efficiently. These tools are specifically designed to assist surgeons in numerous tasks, ranging from cutting and dissecting tissues to suturing wounds and monitoring the vital signs of patients. The use of surgical equipment is crucial across multiple surgical specialties, such as general surgery, orthopedic surgery, cardiovascular surgery, neurosurgery, and others.
Surgical Equipment Market- Market Dynamics
The increasing incidence of chronic diseases is anticipated to propel market expansion. The rise in conditions such as diabetes, cardiovascular diseases, and obesity is contributing to a higher frequency of surgical procedures. These health issues frequently necessitate surgical interventions for effective management and treatment, thereby increasing the demand for surgical instruments. A substantial portion, specifically ninety percent, of the nation's annual healthcare spending, which amounts to USD 4.5 trillion, is allocated to individuals suffering from chronic and mental health disorders. Nevertheless, the rapid economic development and enhancement of healthcare infrastructure in emerging markets offer considerable prospects for market growth. Conversely, the high costs associated with advanced medical equipment may pose challenges to this growth.
Surgical Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.62% over the forecast period (2024-2032)
Based on product type segmentation, Surgical Sutures & Staplers was predicted to show maximum market share in the year 2023
Based on Category segmentation, Disposable Surgical Equipment was the leading segment in 2023
Based on Application segmentation, Laparoscopy was the leading segment in 2023
Based on region, North America was the leading revenue generator in 2023
Surgical Equipment Market- Segmentation Analysis:
The Global Surgical Equipment Market is segmented on the basis of Product Type, Category, Application, and Region.
The market is segmented into three distinct categories according to product type: Surgical Sutures & Staplers, Handheld Surgical Devices, and Electrosurgical Devices. Among these, Surgical Sutures & Staplers hold a dominant position in the market. These devices are essential for wound closure following surgical interventions, significantly contributing to reduced recovery times, lower infection risks, and enhanced surgical outcomes.
The market is classified into two segments: Reusable Surgical Equipment and Disposable Surgical Equipment. The latter holds a dominant position in the market. The rising demand for disposable surgical instruments can be attributed to an enhanced emphasis on infection control, the convenience associated with single-use items, and the increasing volume of surgical procedures conducted globally.
The market is segmented into seven categories according to their applications: Neurosurgery, Plastic and Reconstructive Surgery, Wound Closure, Obstetrics and Gynecology, Cardiovascular, Laparoscopy, Orthopedic, and Others. Laparoscopy is the leading contributor to market growth, as it is employed in a range of surgical procedures, such as gallbladder removal, hernia repair, appendectomy, and operations related to the stomach, intestines, and reproductive systems.
Surgical Equipment Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads the market, driven by the demand for cutting-edge medical equipment. This region is a leader in healthcare technological advancements. Hospitals and surgical facilities are progressively integrating advanced surgical technologies, such as robotic-assisted systems, minimally invasive instruments, and high-definition imaging devices, to enhance surgical results and ensure patient safety. In 2020, the Medical Devices sector employed more than 329,000 individuals, with an annual payroll nearing USD 25.8 billion in the United States. The Biopharmaceuticals sector employed over 224,000 people, with an annual payroll of approximately USD 21.2 billion. Among the subsectors of the Medical Devices industry, Surgical and Medical Instrument Manufacturing recorded the highest sales, with a shipment value or revenue of around $36.3 billion in 2020, as reported by the U.S. Department of Commerce International Trade Administration. Europe ranks as the second-largest region for market growth, attributed to the increasing demand for minimally invasive procedures.
Surgical Equipment Market- Competitive Landscape:
Leading companies are prioritizing innovation, quality, and strategic alliances to sustain their market presence. There is a concerted effort to enhance surgical accuracy through the use of robotic technology, advanced instruments, and the integration of artificial intelligence, all of which contribute to improved outcomes and operational efficiency. With the increasing demand for surgical procedures, particularly in developing regions, competition is expected to escalate, fostering additional advancements and enhancements in surgical care.
Recent Developments:
On December 14, 2023, B. Braun Medical Inc. (B. Braun), a prominent figure in the fields of smart infusion therapy and pain management, revealed the introduction of its latest product, the CARESITE Micro Luer Access Device. This innovative device aims to minimize exposure to hazardous chemicals and lower the risk of infections, thereby enhancing the safety of intravenous access for both patients and healthcare professionals.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SURGICAL EQUIPMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
B. Braun SE
Smith+Nephew
Zimmer Biomet
Stryker
Alcon Vision LLC
Aspen Surgical
Medtronic
Ethicon Inc.
BD
Boston Scientific Corporation
CONMED Corporation
Entrhal Medical GmbH
Fuhrmann GmbH
KLS Martin Group
MEDICON eG
KARL STORZ
Olympus Corporation
Erbe Elektromedizin GmbH
Integra LifeSciences
Getinge AB
Others
GLOBAL SURGICAL EQUIPMENT MARKET, BY PRODUCT TYPE- MARKET ANALYSIS, 2019 - 2032
Surgical Sutures & Staplers
Handheld Surgical Devices
Forceps & Spatulas
Retractors
Dilators
Graspers
Auxiliary Instruments
Cutter Instruments
Others
Electrosurgical Devices
GLOBAL SURGICAL EQUIPMENT MARKET, BY CATEGORY- MARKET ANALYSIS, 2019 - 2032
Reusable Surgical Equipment
Disposable Surgical Equipment
GLOBAL SURGICAL EQUIPMENT MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032
Neurosurgery
Plastic & Reconstructive Surgery
Wound Closure
Obstetrics & Gynecology
Cardiovascular
Laparoscopy
Orthopedic
Others
GLOBAL SURGICAL EQUIPMENT MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Surgical Equipment Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Surgical Equipment Market Snippet by Product Type
2.1.2. Surgical Equipment Market Snippet by Category
2.1.3. Surgical Equipment Market Snippet by Application
2.1.4. Surgical Equipment Market Snippet by Country
2.1.5. Surgical Equipment Market Snippet by Region