Surgical Equipment Market Estimated to Reach Approximately US$15.71 Billion by the End of 2023: Global Players Cook Medical, Microline Surgicals & Olympus
The growing demand for surgical procedures such as the spread of chronic diseases among the elderly population, increased surgical procedures, minimally invasive surgery and laparoscopic surgery play a key driver of the global surgical equipment market. However, market growth is limited due to refunds on the prices of surgical instruments and uncertainties in highly competitive environments.
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The global surgical equipment market valued at $9,783.8 million in 2016, and is estimated to reach $15,737.1 million by 2023, at a CAGR of 7.0% during the forecast period. The surgical sutures & staplers segment accounted for two-fifths of the total market share in 2016.
• Cook Medical Incorporated
• Microline Surgicals Inc.
• Olympus Corporation
• Karl Storz GmbH & Co. Kg
• Aspen Surgical Products Inc
• Dickinson and Company
• Intuitive Surgical
• Teleflex Incorporated.
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The global surgical equipment market is categorized by product, category application and region. Depending on the product, the market is classified as surgical sutures and staplers, handheld surgical devices and electrosurgical devices. The handheld surgical equipment sector accounted for one-third of the total market share. Increased demand for handheld surgical instruments is due to frequent mergers in a variety of surgeries, including cardiovascular surgery, microvascular surgery and laparoscopic surgery.
KEY FINDINGS OF SURGICAL EQUIPMENT MARKET:
• Lancets / Scalpels had the highest growth in the surgical cutter device market during the forecast period.
• Europe accounts for one-third of the total market share in 2016 and is expected to maintain this trend throughout the forecast period.
• Closure devices have contributed significantly to sales of surgical aids in 2016 and are expected to maintain this trend throughout the forecast period.
• Retractors are expected to grow at the fastest pace in the handheld surgical tools market during the forecast period.
• The UK is expected to grow at the fastest pace in the European surgical equipment market during the forecast period.
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