Surgical Equipment Market Forecast to Grow at Steady Pace During 2023-2030 | Medtronic plc., Peters Surgical SASU, Johnsons & Johnsons

The surgical equipment market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Surgical equipment are devices used for performing surgical procedures which includes surgical scissors, forceps, retractors, needle holders and other devices. They are used across various procedures like cardiovascular, neurological, laparoscopic and cosmetic surgeries.

Market Dynamics:

The surgical equipment market is expected to witness significant growth over the forecast period, owing to increasing prevalence of chronic and lifestyle diseases which is translating to rising number of surgical procedures performed globally every year. As per recent data, around 312 million surgeries are performed worldwide annually. Additionally, growing geriatric population which is more prone to develop medical conditions requiring surgical treatment is also contributing to market growth. Furthermore, advancements in minimally invasive surgical technology and procedures is gaining popularity over traditional open surgeries due to benefits like lesser pain, fewer complications, and shorter recovery times. This is positively impacting the demand for surgical equipment across the world.

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** Note - This Report Sample Includes:

‣ Brief Overview to the research study.

‣ Table of Contents The scope of the study's coverage

‣ Leading market participants

‣ Structure of the report's research framework

‣ Coherent Market Insights' research approach

Major companies in Surgical Equipment Market are:

✤ 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
✤ SIM Surgical.

Note: Major Players are sorted in no particular order.

Growing Demand for Minimally Invasive Surgeries

The demand for minimally invasive surgeries has been steadily increasing over the past few years. Minimally invasive techniques such as laparoscopy provide significant benefits to patients such as reduced pain, scarring and shorter recovery times. As patients become more aware of these benefits, they are opting for minimally invasive surgeries for a wider range of procedures. This has led to increased demand for surgical equipment specifically designed for minimally invasive procedures such as laparoscopes, electrosurgical instruments and other associated devices. Hospitals and surgery centers are also encouraging the use of minimally invasive techniques to reduce operation costs and improve clinical outcomes for patients. The growing preference for minimally invasive options among both patients and healthcare providers is expected to drive strong growth in the surgical equipment market.

Technological Advancements Facilitating Complex Surgeries

Manufacturers in the surgical equipment market have been consistently focusing on developing technologically advanced solutions to enable complex surgeries. This includes surgical robots, new imaging systems, smart surgical tools with enhanced abilities. For example, da Vinci surgical robot systems have enabled microsurgery capabilities and minimally invasive options for urologic, gynecologic and general soft tissue procedures. Advancements such as robotic assisted surgery, 3D high definition imaging and smart surgical instruments allow surgeons to perform intricate procedures with more control and precision. This expands the potential of complex surgeries and minimizes chances of error. The technological innovations are improving clinical outcomes for patients and expanding the breadth of surgeries that can be performed. This is also facilitating the treatment of conditions which were not operable before, resulting in increased demand for advanced surgical equipment.

Stringent Regulations Impeding New Product Approvals

The medical device industry including surgical equipment manufacturers operate in a highly regulated environment. Stringent rules and guidelines regarding new product development and approvals aim to ensure the safety and effectiveness of medical technologies. However, navigating the regulatory landscape has become increasingly complex with differing requirements across countries and regions. For surgical equipment, the approval process examines factors such as biocompatibility, shelf life testing and sterilization validation. Any changes or upgrades to existing devices may also require additional approvals and clinical trials. The regulatory compliance process is often lengthy, costly and involves significant hassles. For innovative new products, achieving regulatory clearances in key markets is a major challenge which can delay their commercial launch. The stringent regulations have resulted in higher compliance burden, uncertain timelines for approvals and increased costs for surgical equipment developers, adversely impacting the market's growth prospects to some extent.

Growing Medical Tourism in Developing Nations

International medical travel or 'medical tourism' has steadily risen over the past decade driven by affordable costs in certain emerging countries. Many patients from developed countries travel abroad for elective surgeries such as orthopedic, cardiac, cosmetic and dental procedures. Popular medical tourism destinations include countries like India, Thailand, South Korea and Mexico with well-established healthcare infrastructure and quality services at a fraction of costs in Western nations. However, to cater to growing medical travelers, these developing countries require modernizing and expanding their hospital infrastructure including surgical and diagnostic equipment. Considerable investments are being made to upgrade operating rooms, procure advanced equipment and create world-class multi-specialty medical facilities. This growing medical tourism phenomenon presents significant opportunities for surgical equipment manufacturers to tap new demand from countriesseeing increasing medical value travel.

Robot Assisted Surgery Gaining Momentum

Robot assisted surgery is gaining more traction driven by their demonstrated clinical advantages over traditional open surgeries. The use of surgical robotic platforms for complex procedures allows for improved precision, tremor filtration and magnification of the surgical field. This enables minimally invasive approaches even for challenging surgeries. Robotic systems offer surgeons enhanced control and endowristed instrumentation, translating hand movements accurately in small spaces inside the body. Procedures using robotic technology have shown benefits such as shorter hospital stay and faster recovery times for patients. More hospitals are investing in robotic surgical suites to offer advanced care options. Considering their improved outcomes compared to alternative techniques, the adoption of robotic assisted surgeries is expected to accelerate. This will substantially benefit robotic system manufacturers and drive the surgical equipment market towards an increased use of robotic technologies.

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Highlights of the global Surgical Equipment Market report:

→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Surgical Equipment Market in-depth.

→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.

→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.

→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Surgical Equipment Market.

→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.

→ A wide spectrum of industry stakeholders are covered by the global Surgical Equipment Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.

→ The many strategy matrices used in researching the global Surgical Equipment Market will aid stakeholders in making decisions.

The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Surgical Equipment Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries' unmet potential in terms of product pricing and revenue collection.

Key Questions Answered In The Report:

• Which regional market will experience the greatest and most rapid growth?

• Who are the top five Surgical Equipment Market players?

• How will the Surgical Equipment Market evolve over the next six years?

• What application and product will dominate the Surgical Equipment Market?

• What are the market drivers and constraints for Surgical Equipment Market?

• What will be the Surgical Equipment Market's CAGR and size during the forecast period?

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About Coherent Market Insights

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This release was published on openPR.