Surgical Equipment Market
Hand instruments are used in the immediate operative field during general surgery. Examples of hand instruments include forceps, knives, saws, retractors, clamps, bone drills, and other products. Hand-held surgical instruments are designed to lift, position, elevate. It is made of high-grade stainless steel and is available in a wide variety of sizes, designs, and shapes.
Statistics:
The global surgical equipment market is estimated to account for US$ 13,802.4 Mn in terms of value by the end of 2027.
Global Surgical Equipment Market: Drivers
Increasing number of emergency surgeries is expected to propel growth of the global surgical equipment market over the forecast period. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.
Global Surgical Equipment Market: Opportunities
Development and approval of Augmented Reality (AR) for use in surgery is expected to offer lucrative growth opportunities for players in the global surgical equipment market. For instance, in May 2020, Taiwan Main Orthopaedic Biotechnology Co., Ltd. received CE and U.S. Food and Drug Administration approval for its AR Smart Surgical Glasses Foresee-X.
Global Surgical Equipment Market: Restraints
Recall of products is expected to hinder growth of the market. For instance, in January 2020, Cardinal Health issued a voluntary recall of 9.1 million surgical gowns due to potential quality issues with the Level 3 gowns and the Presource procedure packs that contain them.
Key Takeaways:
The global surgical equipment market was valued at US$ 8,435.2 Mn in 2019 and is forecast to reach a value of US$ 13,802.4 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027. Increasing prevalence of chronic disorders during the forecast period is expected to assist the growth of the market
Surgical Sutures segment held dominant position in the global surgical equipment market in 2019, accounting for 60.1% share in terms of value. Increasing number of surgical procedures in developed and developing economies during the forecast period.
Market Trends
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in December 2019, Johnson & Johnson announced an agreement to acquire the remaining stake in Verb Surgical Inc. following a strategic collaboration with Verily, an Alphabet company.
Major players in the market are also focused on developing products for mitigating the risk of hospital-acquired infections. For instance, in July 2019, B. Braun Melsungen AG partnered with GWA Hygiene for prevention of hospital-acquired infections through integration of B. Braun’s new disinfectant dispenser with GWA Hygiene’s NosoEx sensor technology.
Regulations
U.S
The Safe Medical Devices Act of 1990 (SMDA) (Public Law 102-629) requires ambulatory surgery centers, hospitals, outpatient diagnostic centers, and other user facilities to report all incidents in which a medical device or user error may have caused or contributed to the death, serious injury or serious illness of a patient
Global Surgical Equipment Market: Competitive Landscape
Major players operating in the global surgical equipment market include, Ethicon, Inc. (Johnson & Johnson), Covidien Plc,(Medtronic Plc.), B. Braun Melsungen AG, Medicon EG, Erbe Elektromedizin GmbH, Conmed Corporation, Carefusion, and Cardinal Health.
Global Surgical Equipment Market: Key Developments
June 2019: Erbe USA, a part of Erbe Elektromedizin GmbH, launched APCapplicator, a multimodal instrument with Argon Plasma Coagulation and additional electrosurgical functions
February 2019: CONMED Corporation acquired Buffalo Filter LLC, a provider of surgical smoke evacuation technologies including smoke evacuation pencils, smoke evacuators, and laparoscopic solutions
Segmentation
Scope of the report
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