Global Surgical Equipment Market, By Product [Handheld Surgical Equipment(Forceps & Spatulas, Retractors, Dilators, Clamps, Trocars, Others), Surgical Sutures & Staplers, Electrosurgical Devices, and Others], By Application (Neurosurgery, Plastic Surgery, Orthopedics, Cardiovascular Surgery, Obstetrics & Gynecology, and Others), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), And by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 11.07 Billion in 2022 and is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increase in the preference of robot assisted surgery, rising geriatric population, and surgeries associated with injuries and cardiology are expected to foster the overall surgical equipment market growth over the forecast period. For instance, on May 26, 2022, Medical Microinstruments (MMI) SpA, a medical technology company, announced the launch of its Symani Surgical System Simulator developed by VirtaMed, a developer and distributor of surgical simulators for medical education.
Global Surgical Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global surgical equipment market, owing to the cancellation or postpone of elective procedures to minimize the spread of the virus and to relocate the resources to COVID-19 patients. Moreover, the surgical equipment market posed growth until COVID-19 pandemic was declared in mid-march 2020. Elective procedures were postponed during this time to prevent further spread of the SARS-CoV-2 virus. Moreover, patients avoided hospitals due to fear of contracting the virus. According to Verdict Media Limited, in April 2020, the market for various general surgery devices reduced by 70-80%. However, most companies including Johnson & Johnson and Intuitive Surgical reported loses during this quarter. Furthermore, according to an article published in British Journal of Surgery, in 2020, 705 elective surgeries were cancelled during the 12 weeks of peak COVID-19 disruption. The author of the article published by British Journal of Surgery, analyzed data from 190 countries and found that the overall cancellation rates for elective surgeries were similar across all geographic regions. Moreover, British Journal also stated that in second quarter of 2020, the volume procedures using intuitive Surgical’s Da Vinci robotic systems has begun to recover, and system placements are also increased.
Global Surgical Equipment Market: Key Developments
On January 1, 2022, Futura Surgicare Pvt Ltd., a manufacturer and distributor of wound closure devices, announced its collaboration with Advanced Medical Solutions, a developer and manufacturer of wound care dressing technologies for management of chronic and acute wounds, for the launch of Liquiband range of products in India, under the new product portfolio Dolphine Adhesives. This product portfolio will help in the commercialization of various brands of topical skin adhesives such as Exceed, Exceed XS, and Optima. The product portfolo have been developed to provide innovative solutions to close wounds and minimize adverse surgical outcomes.
On October 10, 2022, Carl Zeiss Meditec AG., a medical technology company, announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Michael T. Lawton’s bipolar forceps, who is a neurosurgeon. These new disposable bipolar forceps are made from a special copper-base alloy and potentially reduce tissue adhesion and subsequent charring during dissection of tissue. These disposable bipolar forceps are a real advance in electrosurgery over aluminum forceps.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Surgical Equipment Market”- Forecast to 2030. Global Surgical Equipment Market, by Product (Handheld Surgical Equipment, Surgical Sutures & Staplers, Electrosurgical Devices, and Others), by Application (Neurosurgery, Plastic Surgery, Orthopaedics, Cardiovascular Surgery, Obstetrics & Gynecology, and Others), by End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing number of regional product launches is boosting the market’s growth. For instance, in July 2021, Healthmark Industries, a provider of medical and surgical equipment such as trays, carts, and others, acquired McGan Technology LLC, a provider of insulation testing device designed to electrically test electrosurgical instruments.
Key Takeaways of the Global Surgical Equipment Market:
- The global surgical equipment market is expected to exhibit a CAGR of 5.2% during the forecast period due to increasing adoption of collaborations and partnerships by the key players across the globe. For instance, on December 16, 2022, AA Medical, a provider of sustainable solutions to both new and resale medical device equipment, collaborated with Certified Endoscopy Products, a U.S. based medical device reprocessing company majorly specialized in endoscopic instruments. This partnership will further help the companies in serving the endoscopy, orthopedic, and other surgical device end markets.
- Among product, handheld surgical equipment segment is expected to hold a dominant position over the forecast period, owing to increasing research and development activities for developing medical devices. For instance, in 2022, Dutch Ophthalmic Research Center (DORC), a supplier and manufacturer of instruments and equipment for ophthalmic surgery, announced the launch of its new EVA Nexus surgical platform. The product is used in the ophthalmic surgeries to keep the surgeon, system, and patient synchronized.
- Among application, orthopedics segment is expected to hold a dominant position over the forecast period, owing to increasing orthopedics surgeries such as joint surgery, osteotomy, knee replacement surgery, hip replacement surgery, and others. For instance, according to according to the Personalized Orthopedics of the Palm Beaches report published in November 19 2021, almost 800,000 knee replacements are performed every year in the U.S.
- Among end user, hospital segment is expected to hold a dominant position over the forecast period, owing to increasing admissions of cases associated with road accident injuries and sports injuries. For instance, according to a survey conducted by Car&Bike, a provider of second hand cars and bikes, in 2022, there were around 155,622 registered deaths due to road accidents in India. Out of 155,622, around 59.7% of fatalities occurred due to over speeding.
- Among regions, North America is estimated to account for the largest market share in the global surgical equipment market over the forecast period, owing to increasing surgeries associated with gynecology and obstetrics in that particular region. For instance, according to the American Cancer Society (ACS), in 2020, about 13,800 new cases of cervical cancer were diagnosed in the U.S.
Major players operating in the global surgical equipment market include 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, and SIM Surgical.