IMARC Group, a leading market research company, has recently releases report titled “Surgical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global surgical equipment market size reached US$ 18.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.37% during 2024-2032.
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Factors Affecting the Growth of the Surgical Equipment Industry:
- Increase in Ambulatory Surgical Centers:
The increasing emergence of ambulatory surgical centers (ASCs) represents one of the crucial factors impelling the market growth. ASCs offer a convenient and cost-effective alternative to hospital-based surgeries for many procedures. The rising number of these centers, driven by factors like shorter wait times, lower infection rates, and reduced healthcare costs for patients, is strengthening the market growth. Besides this, the growing demand for specialized surgical equipment tailored for procedures that are performed in ASCs is offering a favorable market outlook. This is particularly prominent in areas like ophthalmology, orthopedics, and gastroenterology. The proliferation of ASCs is not only changing the landscape of surgical care but also driving the development and distribution of diverse surgical equipment suited for these environments.
- Rise in Surgical Procedures:
The growing number of surgical operations being performed around the world, attributed to various factors, including the growth in population, advancements in medical diagnostics, and the broader availability of healthcare services, is positively influencing the market. The expansion of healthcare infrastructure, coupled with increasing healthcare expenditure, enables more people to access surgical treatments. Furthermore, the rising awareness about the availability and benefits of various surgical interventions for numerous medical conditions is supporting the market growth. This increase in the number of surgeries directly impacts the demand for surgical equipment as healthcare providers seek to equip their facilities with the latest and most efficient tools.
- Technological Advancements:
Rising advancements in technologies like robotic surgery, laser technology, and minimally invasive (MI) surgical instruments are contributing to the market growth. These innovations offer greater precision, reduced trauma to the patient, quicker recovery times, and improved overall surgical outcomes. Additionally, robotic surgical systems allow surgeons to execute complex procedures with enhanced control and flexibility. Moreover, the growing integration of artificial intelligence (AI) and machine learning (ML) in surgical equipment to enhance their capabilities, leading to more personalized and effective treatments, is offering a favorable market outlook.
Leading Companies Operating in the Global Surgical Equipment Industry:
- Alcon
- B. Braun Melsungen AG
- Becton Dickinson and Company
- Boston Scientific Corporation
- CONMED Corporation
- Integra LifeSciences
- Intuitive Surgical Inc.
- Johnson & Johnson
- Medtronic plc
- Olympus Corporation
- Smith & Nephew plc
- Stryker Corporation
- Zimmer Biomet
Surgical Equipment Market Report Segmentation:
By Product:
- Surgical Sutures and Staplers
- Handheld Surgical Equipment
- Forceps and Spatulas
- Retractors
- Dilators
- Graspers
- Auxiliary Instruments
- Cutter Instruments
- Electrosurgical Devices
- Others
Surgical sutures and staplers represent the largest segment attributed to their widespread use and critical role in various surgical procedures.
By Category:
- Reusable Surgical Equipment
- Disposable Surgical Equipment
Reusable surgical equipment holds the biggest market share due to the cost-effectiveness and sustainability associated with these products.
By Application:
- Neurosurgery
- Plastic and Reconstructive Surgery
- Wound Closure
- Obstetrics and Gynecology
- Cardiovascular
- Orthopedic
- Others
Based on application, the market has been divided into neurosurgery, plastic and reconstructive surgery, wound closure, obstetrics and gynecology, cardiovascular, orthopedic, and others.
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Others
Hospitals account for the majority of the market share, attributed to their consistent need for surgical equipment and procedures.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market on account of its advanced healthcare infrastructure and a rising number of surgical procedures performed in the region.
Global Surgical Equipment Market Trends:
The growing application of 3D printing technology in the surgical equipment field to create customized surgical tools and patient-specific anatomical models for pre-surgical planning is positively influencing the market. This customization allows for a higher degree of precision in surgeries, particularly in complex cases. Additionally, 3D printing technology is being explored for producing cost-effective, tailor-made implants and prosthetics. The ability to rapidly prototype and produce surgical tools and implants on demand is not only revolutionizing surgical procedures but also significantly reducing costs and time involved in the manufacturing process. This trend underscores a move towards more personalized and efficient surgical care.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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