Surgical Equipment Market to Reach $15,737.1 Million by 2023 | AMR
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Surgical equipment are tools that are designed to view internal body organs or modify biological tissues. They are used for various surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. Surge in prevalence of chronic disorders among geriatric population, increase in number of surgical procedures, and increase in demand for surgical procedures such as minimally invasive surgeries and laparoscopic surgeries act as the major drivers of the global surgical equipment market. However, uncertainty in reimbursements and highly competitive environment regarding price of surgical equipment restrict the market growth.
The global surgical equipment market is segmented based on product, category application, and geography. Depending on product, the market is categorized into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The handheld surgical instruments segment accounted for the one-third of the total market share. Increasing demand for handheld surgical instrument is attributed to frequent incorporation of the same in various surgeries including cardiovascular surgeries, microvascular surgeries, and laparoscopic surgeries among others.
The applications covered in the study include neurosurgery, plastic & regenerative surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, laparoscopy, and others. The laparoscopy surgery segment held the largest market share in 2016, accounting for one-fifths of the total market. However, plastic & reconstructive surgery is estimated to grow at the fastest pace during the forecast period, owing to rise in number of aesthetic/cosmetic surgical procedures across the globe.
Key Findings of the Surgical Equipment Market:
• The reusable surgical equipment segment dominated the global market in 2016 and is expected to maintain this trend throughout the forecast period.
• Closure devices was the major contributor to the revenue of surgical auxiliary instruments in 2016 and is anticipated to maintain this trend throughout the forecast period.
• Lancets/Scalpels registered highest growth in the surgical cutter instruments market during the forecast period.
• Retractors is anticipated to grow at the fastest pace in the handheld surgical instruments market during the forecast period.
• Europe accounted for one-third of total market share in 2016 and is expected to maintain this trend throughout the forecast period.
•UK is anticipated to grow at the fastest pace in the European surgical equipment market during the forecast period.
Significant investments on R&D in the medical sector and modernization of healthcare facilities have positively impacted the market. However, Asia-Pacific and LAMEA are expected to possess the maximum growth potential. The robust growth rate displayed by Asia-Pacific region in surgical equipment market is attributed to substantial increase in expenditure to improve healthcare infrastructure and surge in demand for improved healthcare services.
The major key players profiled in the global surgical equipment market include Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG and KLS Martin Group, Johnsons & Johnsons, and Smith & Nephew. Acquisition was the key strategy adopted by the leading players to expand their product offerings and gain a substantial share in the global market.
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